Pune, India, May 2019, MRFR Press Release/- Market Research Future has Published a Half-Cooked Research Report on the Global Glass Flake Coatings Market.
The Market Research Future (MRFR) report is of the view that the global glass flake coatings market is all set to be a highly profitable venture by the end of 2023, registering a striking growth rate during the forecast period (2018-2023).
Growth Factors and Key Restraints
Glass flake coatings are known for their exceptional qualities including high tensile strength, excellent moisture resistance as well as high temperature resistance among others. Such types of coatings generally find widespread applications across various industries that are complex and critical. These are predominantly used in industries like oil & gas, shipbuilding, wastewater treatment and power generation.
The boost in the use of glass flake coatings in complicated applications in industries including oil & gas, power generation and marine is fueling the demand for these coatings across the globe. Glass flake coatings are known for offering reinforcement to substrates from thermal, chemical and mechanical abrasion, rendering them the perfect choice for coating of different objects. Such coatings also find usage in industries such as pharmaceuticals, thermal power stations, dyes, food and beverages, heavy chemicals, wastewater treatment plants, and also in internal and external tanks that are employed in the marine sector.
Simply put, the growth of the market is mainly due to the rise in the demand for glass flake coatings for coat substrates like concrete and steel in the marine, chemical & petrochemical as well as oil & gas end-use industries. However, the worldwide glass flake coatings market might take a hit owing to the sluggish growth of the chemical & petrochemical as well as marine sectors in the region of Europe.
The types of resin mentioned in the report include epoxy, polyester, vinyl ester, and others. Furthermore, the polyester segment has been broken down into isophthalic polyester and bisphenol polyester, whereas the epoxy segment has been considered for pure epoxy and hybrid epoxy. In addition, the vinyl ester is further segmented on the basis of standard vinyl ester and brominated vinyl ester. Among all these, in 2017, epoxy resin controlled the substantial share of the global glass flake coatings market as a result of its unprecedented properties including excellent resistance to abrasion, impact as well as corrosion, along with high moisture and wettability retention characteristics.
Depending on the substrate type, the global glass flake coatings market can be fragmented into steel and concrete. Out of these, the steel substrate makes use of glass flake coatings to a large extent on account of the rising use of steel in offshore & onshore platforms, shipbuilding, pipelines and chemical storage tanks. Therefore, in 2017 and in the coming years, the steel substrate has been established as the top performing market at a global level.
In terms of the application methods, the global glass flake coatings market is considered for brush/roller, conventional spray, and airless spray. Here, the airless spray grabbed the major chunk of the overall glass flake coatings market based on the large-scale and precision centric application in industries including oil & gas, chemical and constructions as well as marine.
The various end-use industries in the worldwide glass flake coatings market are oil & gas, marine, chemical, construction and others. The oil & gas and marine industries, collectively are responsible for the largest consumption of the global glass flake coatings market as a result of its increasing application in offshore & onshore infrastructure, oil & gas tanks and pipelines, along with shipbuilding.
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The leading companies in the global glass flake coatings market include BASF SE (Germany), Shalimar Paints Limited (India), PPG Industries, Inc. (U.S.), The Sherwin-Williams Company (U.S.), Clean Coats. (India), Berger Paints India Limited (India), Corrosioneering Group (UK), Winn & Coales (Denso) Limited (England), Nippon Sheet Glass Co. Ltd. (Japan), KCC CORPORATION. (South Korea), Akzo Nobel N.V. (Netherlands), Hempel A/S (Denmark), Samhwar Paints Industrial Co. Ltd (South Korea), CHEMIPROTECT ENGINEERS (India), and so on.
The global glass flake coatings market has been analyzed in the key regions of Asia Pacific, Europe, Latin America, North America, as well as the Middle East and Africa.
Asia Pacific has been identified as the supreme region in the global glass flake coatings market, with predictions of it retaining its position even during the review period. The lavish growth of the regional market has been possible with the credit going to factors like the booming shipbuilding industry in the emerging countries like India, China, and Singapore. Moving forward, the expansion of the chemical industry has also done wonders for the growth of the glass flake coatings market within the region. the region is expected to grow at a rapid pace in the years ahead, marking its establishment in the overall market among other regions.
Following Asia Pacific are the regions of North America and Europe, in terms of revenue and the market size. These regions are anticipated to depict a steady growth during the evaluation time frame with considerable developments in marine as well as chemical & petrochemical projects, which are expected to drive the expansion of the glass flake coatings market in these regions. The presence of well-established chemical and shipbuilding industries will strive to lay a strong foundation for the markets in these regions in the coming years. Furthermore, the Middle East & Africa along with Latin America is set to grow at a healthy rate as well, showcasing a surging demand for glass flakes coatings from 2018 to 2023.
February 2018 Two new ships at Turkish shipyards have been provide with glass-flake hull protection, making use of specialist coatings from the coatings company, Subsea Industries. The vessel had been in need of an extensive hull protection required for the operations that would be undertaken by the ship in the future. thus, the glass flake coating with its enhanced resistance to corrosion and abrasion as well as excellent barrier properties has been the ideal choice for these vessels.