The insulation coating materials market is estimated at USD 8.7 billion in 2018 and is projected to reach USD 12.5 billion by 2023, at a CAGR of 7.5% between 2018 and 2023
NEW YORK, Jan. 30, 2019 /PRNewswire/ -- Increasing stringent policies and demand for energy-efficient products are expected to drive the insulation coating materials market.
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The insulation coating materials market is estimated at USD 8.7 billion in 2018 and is projected to reach USD 12.5 billion by 2023, at a CAGR of 7.5% between 2018 and 2023. The insulation coating materials market is driven by various factors, including increasing demand from end users due to its properties such as energy savings and prevention of corrosion. Lower thermal efficiency as compared with traditional insulation coatings and the high price of coating formulations are the restraints for the market.
The insulation coating materials market is expected to witness the highest growth in the marine end-use industry during the forecast period.
The insulation coating materials market is driven by various factors, such as the need for energy saving, personnel protection, and surface protection in the marine industry.The marine environment is also prone to corrosion due to high moisture content.
Insulation coating materials are used to provide a thermal barrier and anti-condensation capabilities for shipboard construction. Corrosion under insulation has been a crude problem in the marine application, and insulation coating materials provide corrosion protection due to their low porosity as they form a film over the substrate.
The mullite segment is expected to register the highest CAGR in the insulation coating materials market during the forecast period.
The mullite-based insulation coating materials have low density, high thermal stability, and can be used in severe chemical environments.Mullite is an important ceramic material because of its low density, high thermal stability, stability in severe chemical environments, low thermal conductivity and favorable strength, and creep behavior.
Mullite is much more oxygen-resistant than YSZ. In diesel engine applications, where the temperature variations across the coating are large, mullite is an excellent option, and this trend is expected to drive the market.
APAC is expected to register the highest growth rate during the forecast period.
APAC is one of the most promising markets for insulation coating materials, due to the increase in investments in China, India, and other Southeast Asian countries.The demand for insulation coatings is increasing in the oil & gas, chemical, and power industries.
The APAC region is witnessing the industrial growth, which in turn, will fuel the demand for insulation coatings in the region. Growing innovation and development and rising demand in the industrial sector for improved products is directly affecting the increase in the use of insulation coating materials.
Breakup of primary interviews:
• By Company Type - Tier 1 – 40%, Tier 2 – 30%, and Tier 3 – 30%
• By Designation - C level – 30%, Director level – 30%, and Others – 40%
• By Region - North America – 20%, Europe – 20%, APAC – 40%, South America –
10%, Middle East & Africa – 10%
The leading players in the insulation coating materials market are AkzoNobel (Netherlands), PPG Industries (US), The Sherwin-Williams Company (US), Kansai Paint CO., LTD. (Japan), Jotun Group (Norway), Nippon Paint (Japan), and Mascoat (US).
Research Coverage:
This research report categorizes the global insulation coating materials market on the basis of type, end-use industry, and region.The report includes detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, challenges, and opportunities.
Detailed analysis of the key market players provides insights into business overviews, services, key strategies, and recent developments associated with the market.
Reasons to Buy the Report
The report will help market leaders/new entrants in this market in the following ways:
1. This report segments the global insulation coating materials market comprehensively and provides the closest approximations of market sizes for the overall market and subsegments across verticals and regions.
2. The report will help stakeholders understand the pulse of the market and provide them with information on the key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders understand the major competitors and gain insights to enhance their positions in the business. The competitive landscape section includes expansions, acquisitions, and new product development activities.
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