Thermal Insulation Coating Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2258
Thermal Insulation Coating Market size is likely to witness significant gains due to increasing utilization of heat insulation solutions and demand for energy saving in marine, automotive, defence & aerospace, building & construction industries. Increasing number of commercial buildings, skyscrapers construction and development in manufacturing, automobile and marine sectors would further propel heat barrier coatings demand in these applications. Government initiatives and regulations to strengthen manufacturing industry and rising use of energy saving and eco-friendly products may boost thermal insulation coating market size in forecast timeframe.
Thermal insulation coating has low conductivity and high co-efficient properties, which prevent reflect infrared lights and provides personnel protection. It reduces heat loss in various equipment, and improve their performance and minimizes the overall cost, thereby driving industry growth.
Yttria-Stabilized Zirconia (YSZ) market size may witness steady gains over the foreseeable period on account of low heat conductivity, high heat coefficient and excellent shock resistance properties which is widely used as raw materials for protective coatings. Global protective coatings market size was valued at over USD 25 billion in 2016 owing to its wide application usage in construction, automotive, aerospace, and oil & gas industries. YSZ based thermal insulation coating preferably used in various industrial equipment, which includes gas turbines, diesel engines, marine engines, and power generation systems.
Volatility in raw material costs along with higher prices may affect industry profitability and affect thermal insulation coating market price trend. However, new product development along with measures taken by companies towards expansion and collaboration in the value chain may create new avenues in the market.
Acrylic based thermal insulation coating market size may witness significant growth over the forecast timeframe. Increasing demand for environment friendly product owing to its light weight, low cost, high tensile strength and transparency over other counterparts will drive the industry growth. Additionally, it prevents premature degradation to roof membranes, thereby slow down deterioration and provide energy efficiency under any climatic conditions.
Thermal insulation coating market size from marine applications may witness significant gains over the foreseeable timeframe. Increasing need for protecting printed circuit board (PCBs) which function in strong chemical environments would propel product demand. Global marine coatings market size is poised to surpass USD 15 billion by 2024, with gains at over 6%. It is widely used in military and commercial ships and recreational yachts and boats. They are mainly formulated to restore and protect marine craft surfaces from air, UV degradation, and salt water.
Strong application scope in automotive industry should drive thermal insulation coating market size. It helps to improve overall vehicles performance through reducing heat loss and energy consumption. They are used on rooftop to control inside the cabin temperature, thus increases HVAC efficiency, reduce pollution, and enhance fuel efficiency. Global automotive coatings market size was valued at over USD 5 billion in 2016 owing to increasing vehicle production in China, Brazil, India, and South Africa. Rise in disposable income along with increase in automotive refinish market demand owing to vehicle repair and maintenance will stimulate thermal insulation coating market size.
North America led by Canada and the U.S. thermal insulation coating market size may witness a steady growth owing to rising construction industry. High demand from aviation and marine industries along with increasing environmental awareness will propel industry growth in the region.
Asia Pacific led by Japan, India, South Korea and China thermal insulation coating market size may witness steady gains owing to increasing marine and aerospace industries. China is the largest automobiles producer on account of economic labor and affordable workface with various companies such as Audi, Nissan, Honda, Skoda, Fiat, and Toyota. Rising R&D spending along with increasing demand for industrial sector towards novel and improved products will boost industry growth.
Europe driven by UK, France, Italy, Russia, and Germany thermal insulation coating market size will witness significant gains over the foreseeable timeframe. Huge investments in infrastructure development with emphasis on commercial construction sectors is expected to propel product demand. Also, green building initiatives in the region is likely to boost environmental free thermal insulation coating demand.
Global thermal insulation coating market share is competitive and fairly consolidated. Major companies include PPG Industries, Mascoat, AkzoNobel, Nippon Paint Holdings, Carboline Company and Sherwin-Williams Company. Most of the industry participants have integrated their distribution operations and raw material production to expand regional presence and enhance product portfolio. Companies are initiating R&D initiatives to develop new product in the competitive market, and promote thermal insulation coating market demand.
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