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The global Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Market size is projected to grow from USD 1.9 billion in 2022 to USD 2.3 billion by 2027, at a CAGR of 4.7%. The global CUI & SOI coatings market is growing due to the end-use industries such as marine; oil & gas, and petrochemical; energy & power; and other industries.
+ Driver: Increasing need for efficient processes and longer life of the equipment
Corrosion protection coatings such as CUI & SOI coating are used for the protection of pipelines, equipment, reactors, and storage tanks in oil & gas and industrial sectors.
+ Restraint: Stringent environmental regulations
According to the standards set by the EU, any product which is to be used for the repair of concrete Regulations was targeted to reduce the volatile organic compounds (VOC) emissions from coatings. LEED GreenSeal GC-03 2nd Ed., 1997 and REACH specify the VOC content in grams per liter (g/l) for CUI & SOI coatings.
+ In June 2021, AkzoNobel announced the acquisition of Colombia-based paints and coatings company Grupo Orbis.
+ In November 2019, AkzoNobel opened a research and innovation hub at its site in Felling, Gateshead, UK, with an investment for product testing in simulations of the world's most extreme environments.
+ In February 2020, PPG collaborated with Dow on Sustainable Future Program to reduce carbon impacts. The partnership focuses on advances in anti-corrosion coating products for steel designed to deliver reduced greenhouse gas (GHG) emissions through increased energy efficiency while helping to lessen the high maintenance costs of steel infrastructure.