The gLobal glass flake coatings market was valued at USD 2.40 Billion in 2020 and is projected to reach USD 2.82 Billion by 2028, at a CAGR of 4.50% during the forecast period (2021-2028).
Glass Flake Coatings Market Overview The gLobal glass flake coatings market was valued at USD 2.40 Billion in 2020 and is projected to reach USD 2.82 Billion by 2028, at a CAGR of 4.50% during the forecast period (2021-2028). Glass flake coatings are made out of a resin matrix reinforced with micron-thick glass flakes that can overlap in numerous layers to create a permeation barrier and increase the coating's service life. The glass flakes in the coating are arranged in a laminar pattern, providing a good barrier against the elements. Corrosive ions, for example, take a circuitous route through the glass flakes to reach the base substrate. Glass flake coatings are used in a variety of industries, including maritime, oil and gas, chemical and petrochemical, construction, and others. They can be used on a steel or concrete foundation. The oil and gas industry, which is the primary application area for glass flake coatings, is expected to increase rapidly, boosting the market growth. Glass flake epoxy is widely used in the offshore oil and gas industry, particularly for high-aggressive splash zones. Glass flake coatings are expected to have increased demand in the oil and gas, maritime, chemical, and construction industries over the projected period due to the growing need to improve the performance and longevity of equipment and devices. Over the forecast period, the growing offshore oil and gas industry, driven by increased energy demand, is likely to create substantial demand for glass flake coatings in new pipeline building projects. Furthermore, throughout the projection period, the developing maritime sector, as a result of increased worldwide trade as a result of trans-free trade agreements, is likely to raise demand for glass flake coatings for shipbuilding and maintenance projects to a great amount.
Global Glass Flake Coatings Market Share in 2017, by Resin Type
Source: MRFR Analysis
The global glass flake coatings market is segmented by resin type, substrate type, application method, application, end-use industry, and region.
On the basis of the resin type, the global glass flake coatings market is segmented into the epoxy, polyester, vinyl ester, and others. Polyester is sub-segmented to isophthalic polyester and bisphenol polyester. Epoxy is sub-segmented into pure epoxy and hybrid epoxy. Hybrid epoxy glass flake coatings are further segmented into polyamine cured epoxy and polyamide cured epoxy. Vinyl ester is sub-segmented into standard vinyl ester and brominated vinyl ester.
On the basis of the substrate type, the global glass flake coatings market is segmented into steel and concrete.
On the basis of the application method, the global glass flake coatings market is segmented into brush/roller, conventional spray, and airless spray.
On the basis of the end-user industries, the global glass flake coatings market is segmented into oil & gas, marine, chemical, construction, and others. The oil & gas industry is sub-segmented into offshore and onshore.
The global glass flake coatings market is segmented into five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa.
Asia Pacific is expected to hold the largest share of the global glass flake coatings market during the forecast period. End-use industries such as marine, chemical, and construction industry are expected to drive bolstering demand for the glass flakes coatings during the forecast period, 2018–2023.
North America and Europe are expected to show a steady demand for the glass flakes coatings during the forecast period. End-use industries, such as chemical and construction industries, are expected to contribute significantly to the market growth during the forecast period.
The Middle East & Africa and Latin America are expected to show rising demand for glass flake coatings over the forecast period.
|Market Size||2030: Significant value|
|CAGR||2022–2030: Substantial CAGR|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Resin Type, Application, End-Use Industry and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Akzo Nobel N.V. (Netherlands), Nippon Sheet Glass Co., Ltd. (Japan), PPG Industries, Inc. (the U.S.), Jotun (Norway), Hempel A/S (Denmark), CHEMIPROTECT ENGINEERS (India), The Sherwin-Williams Company (the U.S.), KCC CORPORATION. (South Korea), Corrosioneering Group (UK), Winn & Coales (Denso) Limited (England), BASF SE (Germany), Clean Coats. (India), Berger Paints India Limited (India), Shalimar Paints Limited (India), and Samhwar Paints Industrial Co. Ltd (South Korea).|
|Key Market Opportunities||Growing offshore oil & gas industry due to rising demand for energy is expected to drive strong demand|
|Key Market Drivers||Increasing need for improving performance and lifespan of equipment & devices are likely to boost demand|
Demand for better durability of products to drive the market ahead.
End users like oil & gas, marine, chemical, and construction industries can trigger market growth.
Fluctuating end product prices can deter the glass flake coatings market growth.
The Asia Pacific would top the regional market chart.
Applications like brush/roller, conventional spray, and airless spray are involved in the glass flake coatings market.