ID: MRFR/CnM/4701-HCR | February 2021 | Region: Global | 100 pages
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). Glass flake coatings consist of resin matrix reinforced with properly graded and micron thick glass flakes that can overlap in multiple layers creating a barrier to permeation and extend the service life of the coating. The laminar arrangement of glass flakes in the coating provides an excellent barrier against external weather conditions. For instance, corrosive ions follow a tortuous path through the glass flakes to attack the base substrate. Glass flake coatings find wide applications in end-user industries as marine, oil & gas, chemical & petrochemical, construction industry, and others. They can be applied to steel or concrete base substrate.
Various types of resins used in glass flakes coatings are epoxy, polyester, and vinyl ester depending upon the application. The polyester glass flake coatings find application in immersion & splash environments where resistance to light chemical attack is required. Vinyl ester glass flake coatings provide high chemical & abrasion resistance to tank linings. Epoxy glass flakes coatings are the most preferred type of glass flakes coatings. They provide outstanding corrosion, abrasion, and impact resistance, which makes them useful in humid, saline, chemical, extreme wear and tear, and harshest offshore environment. Epoxy glass flake coatings have good drying properties even at low temperature, which makes it useful in cold stores applications. Polyamine/polyamide cured epoxy coatings has good wetting properties, low water, oil & chemical permeability, excellent corrosion resistance, abrasion resistance, and impact resistance. Polyamine/polyamide cured epoxy glass flakes coatings finds wide applications in floors of car parking decks & manufacturing units, aircraft hangers, parking bays, pedestrian walkways, industrial floors, cold stores, laboratories, food & beverage manufacturing plants, and restaurant kitchens among others.
Increasing need for improving performance and lifespan of equipment & devices are likely to boost demand for glass flake coatings in oil & gas, marine, chemical, and construction industries over the forecast period. Growing offshore oil & gas industry due to rising demand for energy is expected to drive strong demand for glass flake coatings in new pipeline construction projects over the forecast period. Additionally, growing marine industry due to rising global trade on account of trans-free trade agreements is expected to boost the demand for glass flake coatings to a large extent for shipbuilding & maintenance projects during the forecast period 2018-2023.
However, fluctuation in glass flake coatings prices is likely to hamper the market growth to some extent during the forecast period. Furthermore, the rise in the protection by some regions may encourage local production and consumption, which may hamper the marine industry and might restrict the glass flake coatings growth during the forecast period.
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|
Frequently Asked Questions (FAQ) :
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.