Thermal Insulation Coatings Market Overview
The Thermal Insulation Coatings Market Size is expected to grow USD 8.01 billion at a CAGR of 7.1% during the forecast period. Insulation (thermal) Coatings are paint-like coatings that are applied to a substrate. Acrylic, epoxy, polyurethane, and yttria-stabilized zirconia are the different types of coatings. Low heat transfer, chemical resistance, inertness when exposed to outside environments, and energy savings in industrial applications are all properties of these coatings. Their primary function is to extend the life or durability of a material or other substrate. They have been used in the aviation, automotive, oil and gas, and construction industries, among others. Thermal Insulation Coatings have a wide range of applications: they can lower temperatures in both directions across a medium. That is, they can act as insulation to keep heat in.
Acrylic-based Insulation Coatings are aqueous coatings that make up the majority of the Insulation Coatings market. Acrylic-based insulation coatings are a great alternative to traditional insulation materials because of their low maintenance and ability to avoid condensation. These coatings may be applied using simple spray equipment and can withstand temperatures up to 150 degrees Celsius. Water-based acrylic insulation coatings can withstand temperatures of up to 177 degrees Fahrenheit.
Thermal Insulation Coating is expected to grow significantly over the assessment period. During the forecast period, rising construction activities around the world are expected to be a major driver for the Thermal Insulation Coating Market. The market is expected to develop due to rising automotive production and sales, as well as rising interior coatings consumption.
The Global Thermal Insulation Coating Market Share by End Use Industry, (2016) (%):
The Global Thermal Insulation Coating Market consists of five regions: Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa. Among these, North America is predicted to grow with the highest CAGR during the review period, 2017 to 2023 on account of expanding aviation industry. The demand for Thermal Insulation Coating in petrochemical plants is predicted to surge in countries of the North America such as the U.S., Canada and Mexico due to high adoption rate by the petrochemical producers. Moreover, the presence of tremendous oil & gas reserves in this region is predicted to propel the growth of the market.
The North America has emerged as the leading market region for Thermal Insulation Coating followed by Asia Pacific and the Middle East & Africa. North American thermal insulation coating market is predicted to witness a tremendous growth on account of high consumption potential, increasing production capacities, and rising economic growth rate. In North American region, the U.S. is predicted to be the major contributor in the regional growth of Thermal Insulation Coating Market and is expected to see a significant demand for Thermal Insulation Coating during the forecast period, 2017 to 2023. As of 2016, the U.S accounted for the largest market share and is followed by Canada in terms of value & volume and is estimated to grow with a moderate CAGR on account of growth in the production of crude oil. In Europe, the demand for Thermal Insulation Coating is predicted to grow in various countries such as Italy, Germany, Spain, the U.K, France, and Russia on account of increasing expenditure in innovation and growing purchasing power of consumers. Moreover, presence of major automobile manufacturers specifically in Germany is expected to give a new impetus to the market growth. Latin American countries such as Argentina, Colombia, and Brazil are also predicted to witness a substantial growth owing to increasing consumer spending on passenger cars as well as involvement of new technologies and inventions in Thermal Insulation Coating. Asia Pacific thermal insulation coating market is predicted to grow with the moderate CAGR due to developing crude oil processing and expanding petroleum refineries in India and China. Moreover, continuous growth of automotive sector in various economies of Asia Pacific such as China, India, Malaysia, Thailand, and Japan is expected to raise the demand for synthetic lubricants which in turn is predicted to fuel the demand for Thermal Insulation Coating over the forecast period, 2017 to 2023.
The Global Thermal Insulation Coating Market is categorized on the basis of type, end use industry, and region. On the basis of type, the market is bifurcated into acrylic, epoxy, polyurethane, yttria stabilized zirconia and others. Based on end use, this product finds its application in aviation, transportation, construction, and other industrial purposes. On the basis of region, the market is categorized into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
Some of the prominent players operating in the Global Thermal Insulation Coating Market are PPG Industries, Inc. (U.S.), The Sherwin-Williams Company (U.S.), The Dow Chemical Company (U.S.), Akzo Nobel N.V. (the Netherlands), Kansai Paint Co., Ltd. (Japan), Jotun (Norway), Nippon Paint Holdings Co., Ltd. (Japan), Carboline Company (U.S.), Sharpshell Industrial Solutions (South Africa), and Mascoat (U.S.), among others.
|Market Size||2030: Significant value|
|CAGR||2022–2030: 7.20% CAGR|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, End-Use Industry and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||PPG Industries, Inc. (U.S.), The Sherwin-Williams Company (U.S.), The Dow Chemical Company (U.S.), Akzo Nobel N.V. (the Netherlands), Kansai Paint Co., Ltd. (Japan), Jotun (Norway), Nippon Paint Holdings Co., Ltd. (Japan), Carboline Company (U.S.), Sharpshell Industrial Solutions (South Africa), and Mascoat (U.S.), among others.|
|Key Market Opportunities||Rapid urbanization, rising demand for aircraft carriers, and increasing expenditure on research activities.|
|Key Market Drivers||Rapidly developing construction industry.|
Thermal Insulation Coating Market is predicted to grow at 7.20% CAGR through forecast period of 2020-2030.
The forecast period for Thermal Insulation Coating Market research report is 2020-2030.
Global Thermal Insulation Coating Market is dominated by North America region
Rapidly developing construction industry
PPG Industries, Inc. (U.S.), The Sherwin-Williams Company (U.S.), The Dow Chemical Company (U.S.), Akzo Nobel N.V. (the Netherlands), Kansai Paint Co., Ltd. (Japan), Jotun (Norway), Nippon Paint Holdings Co., Ltd. (Japan), Carboline Company (U.S.), Sharpshell Industrial Solutions (South Africa), and Mascoat