Thermal Insulation Coating Market Share, Size, Trends, Industry Analysis Report, By Type (Acrylic, Epoxy, Polyurethane, Yttria Stabilized Zirconia); By End-Use; By Region; Segment Forecast, 2023-2032
- Published Date:Mar-2023
- Pages: 112
- Format: PDF
- Report ID: PM1047
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global thermal insulation coating market was valued at USD 8.82 billion in 2022 and is expected to grow at a CAGR of 8.0% during the forecast period. Increased use of thermal insulation solutions in the aerospace, automotive, manufacturing, and defense sectors is expected to drive the market. Heat is transferred from a room through a surface or substrate less quickly when it is coated with thermal insulation. To keep various containers and buildings from being exposed to moisture and extremely low or high temperatures, it is sprayed on using airless spraying. Protecting pipes, tanks, ovens, processing vessels, and heat exchangers from corrosion and reducing corrosion-under-insulation (CUI), lessens this problem.
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For protection from hurricanes, tropical storms, and depressions, it is employed in refineries, tank farms, and other industrial buildings. Due to the above reasons, thermal insulation coating is widely used in the manufacturing, automotive, building, aerospace, and defense industries worldwide.
In order to meet the escalating market demands, insulation producers are increasing their infrastructure and production capacity. Additionally, a lot of the businesses that make products employ acquisition and partnership techniques to get their raw materials. In this market, mergers and joint ventures play a crucial role in helping businesses to improve their market share.
The market for insulating coatings has experienced tremendous growth as a result of increased demand for energy efficiency, corrosion resistance, and stringent workplace standards.
The thermal insulation coating market size is driven by a broad application scope in the automobile industry. Lowering energy use and heat loss enhances a vehicle's overall performance. They are used on rooftops to regulate the temperature within the cabin, increasing HVAC efficiency, lowering emissions, and improving fuel efficiency.
The use of thermal insulation coatings would be accelerated by increasing knowledge about the development of environmentally friendly and energy-efficient buildings. The market for thermal insulation coatings will have development prospects in the coming years due to new growing technological advancements.
The demand for thermal insulation coatings is increasing due to the need for equipment that performs well at high temperatures and for enhancing overall efficiency while spending less on maintenance.
The market for thermal insulation coating is anticipated to be driven by the rising need for energy-efficient solutions across industry verticals. This is explained by the beneficial characteristics of thermal insulation coating systems. For instance, these technologies offer low heat conductivity, stress resistance, and performance improvements while lowering operational expenses. Additionally, they are utilized in several end-use industries, including manufacturing, automotive, construction, and other building-related operations. Additionally, the market is anticipated to rise in the upcoming years because of increasing demand in the automotive sector and increased product demand in the construction sector for use in residential and commercial construction applications.
The COVID-19 pandemic epidemic has had a significant negative influence on the global market for insulating coating. The COVID-19 pandemic resulted in a slowdown in economic growth in practically all of the major economies, which had an impact on consumer spending habits. The supply-demand disparity has widened as a result of the global lockdown that has impeded both domestic and international transportation. Therefore, it is anticipated that a lack of raw materials will limit the manufacture of insulating coatings, which would be detrimental to the market's growth. The government has been loosening global standards for starting up commercial activities, therefore it is anticipated that the situation would improve.
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Industry Dynamics
Growth Drivers:
Due to tight regulations regulating the use of insulation coating to reduce energy consumption and improve operational efficiency, the automotive and marine industries are anticipated to dominate their respective markets. The advantages of the insulation coating, such as its high thermal coefficient, energy-saving capabilities, and low thermal conductivity, are largely responsible for its widespread use. These features are used by different machine parts and equipment in the automotive industry to shield them from environmental effects. In the automotive industry, insulation coatings are put on roofs to control the temperature inside the vehicle, enhancing fuel efficiency, cutting energy expenses, and reducing emissions. The advantages of insulation coatings make them one of the most preferred choices for automotive applications.
The insulation coating is affordable and functional in a range of temperatures, which will further accelerate the market's expansion. Along with increasing investments in infrastructure expansion and remodeling projects, numerous end-use industries' growth and expansion will also contribute to rising market value. The increase of architectural businesses is also anticipated to support the industry.
Report Segmentation
The market is primarily segmented based on type, end-use, and region.
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By Type |
By End-Use |
By Region |
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Acrylic segment accounted for the highest revenue share in 2022
Acrylic became the largest product category in terms of volume and expand market growth. It is excellent for a variety of sectors thanks to qualities including lightweight, high tensile strength, clarity for transparency, and inexpensive cost compared to alternatives. Additionally, acrylic's reduced weight makes it easier to use and transport.
Epoxy accounted to hold a largest market share in 2022
Epoxies are employed in building and construction because of qualities including great resistance to abrasion, heat, and UV light, toughness, and increased dimensional stability. Since it contains no volatile organic compounds (VOCs), it can be used in buildings that are more energy-efficient and to improve indoor air quality. In addition, during the projection period, the growing demand for green buildings is anticipated to provide strong growth potential for this product area.
The manufacturing sector emerged as the largest application and accounted for the significant growth of the market
Manufacturing sector is accounted to grow at a significant CAGR during the forecast period. Heat barrier coatings are necessary for machinery and equipment operating at various temperatures to function at their best. The need for items that can withstand high temperatures is likely to increase, which will help the manufacturing sector grow.
The Asia-Pacific region is estimated to be the largest market
Geographically, the Asia Pacific is expected to dominate in the thermal insulation coating sector and is anticipated to continue expanding over the coming years. This can be due to the rising investments made in coating research & development by the major market competitors. Additionally, it is anticipated that the region's simple access to raw resources will present profitable chances for the market's expansion.
The market for thermal insulation coatings in North America, which is dominated by Canada and the U.S., may continue to expand steadily due to the expanding construction sector. Increased environmental consciousness and high demand from the aviation and marine industries will fuel industry expansion in the area.
Key players covered in the thermal insulation coating market
Some of the key players include Kansai Paint Co., Ltd., The DOW Chemical Company, Grand Polycoats Company Pvt. Ltd.., Evonik Industries AG, Mascoat, Nippon Paints, Sharpshell Industrial Solution, Sherwin-Williams Company, and among others.
Recent Developments
- In June 2021, Tikkurila, a well-known Nordic paint and coatings manufacturer, was acquired by PPG. Presently, PPG owns 97.1% of all shares in Tikkurila, issued and outstanding.
- In September 2020, Akzo Nobel was acquired by Stahl Performance Powder Coatings, strengthening the company's powder coating position. A new market will now be accessible to AkzoNobel thanks to thermally sensitive powder coatings, which include UV and thermally curing powders.
Thermal Insulation Coating Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 9.51 billion |
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Revenue forecast in 2032 |
USD 18.95 billion |
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CAGR |
8.0% from 2023 - 2032 |
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Base year |
2022 |
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Historical data |
2019 - 2021 |
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Forecast period |
2023 - 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2023 to 2032 |
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Segments Covered |
By Type, By End-Use, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
Kansai Paint Co., Ltd., The DOW Chemical Company, Grand Polycoats Company Pvt. Ltd.., Evonik Industries AG, Mascoat, Nippon Paints, Sharpshell Industrial Solution, Sherwin-Williams Company, and among others. |
FAQ's
Key companies in thermal insulation coating market are Kansai Paint Co., Ltd., The DOW Chemical Company, Grand Polycoats Company Pvt. Ltd.., Evonik Industries AG, Mascoat, Nippon Paints, Sharpshell Industrial Solution, Sherwin-Williams Company.
The global thermal insulation coating market expected to grow at a CAGR of 8.0% during the forecast period.
The thermal insulation coating market report covering key segments are type, end-use, and region.
Key driving factors in thermal insulation coating market are rising demand from the industrial & manufacturing market and growing automotive industry
The thermal Insulating coating system market size is predicted to reach USD 18.95 billion by 2032.
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