Global thermal insulation coating market is anticipated to reach around US$ 13,189 million by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
As per the latest research data, some of the significant drivers of the global thermal insulation coating market are the speedy growth in the construction, automotive, and manufacturing sectors worldwide. The burgeoning need to preserve energy, enhance performance, and decrease the operational costs of various equipment, is predicted to boost the growth of this market. With the rise in awareness regarding constructing green & energy-efficient buildings there has been a significant increase in the adoption of thermal insulation coatings around the world. The thermal insulation coating market is slated to observe plenty of growth opportunities in the coming years given the technological enhancements and new developing markets.
Speaking of the product types, the market is fragmented into epoxy, Ytria Stabilized Zirconia, polyurethane, acrylic, and others. As per research data, the acrylic segment led the worldwide market in terms of revenue in 2017, on account of its favorable properties including light weight, high tensile strength, and affordable cost. It is further reported that the epoxy segment is likely to demonstrate the highest CAGR over the predicted period, owing to its useful properties such as high strength & toughness as well as strong resistance to heat & abrasion.
The burgeoning demand for the thermal insulation coatings is slowly taking over an array of end-use industries including automotive, aerospace, manufacturing, defense, and construction among others. Based on the findings of the report, the manufacturing sector accrued the highest share in the thermal insulation coating market worldwide. As per the data gathered by market researchers, these coatings are deployed in the thermal insulation manufacturing industries, and they enhance the energy efficiency of equipment like pipes, reactors, and others. Their growing requirement for boosting the performance of these equipment at high temperatures, and improving overall efficacy, while decreasing maintenance costs, accelerates the growth of the global market.
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Based on regional segmentation, Asia-Pacific is projected to lead the global thermal insulation coatings market throughout the forecast period. There has been significant growth in the automotive, construction, and manufacturing sectors in India, China, and Japan over the last few years, which has positively impacted market growth. The regional growth can be credited to easy availability of raw materials, low labor costs, and the need to augment operational efficiency in various industries. Leading market players are amplifying their presence in the developing nations of India, China, Indonesia, Malaysia and Japan to capitalize on the growth opportunities present there.
The broad competitive gamut of the global thermal insulation coatings market comprises noted companies including The DOW Chemical Company, Evonik Industries AG, Sharpshell Industrial Solution, Nippon Paints, PPG Industries, Inc., Sherwin-Williams Company, Mascoat, Akzonobel N.V., Kansai Paint Co., Ltd., Grand Polycoats Company Pvt. Ltd., and others. In order to innovate and introduce novel products fulfilling the increasing needs of consumers, these companies are in the practice of collaborating with other market giants.