Insulation Coating Materials Market Leading Player 2022-28
The global insulation coating materials market size was valued at USD 8.7 billion in 2021 and is poised to grow at a CAGR of 6.0% during the forecast period 2022-28. Glance our 200 slides market research and competitive intelligence research report, 25 Tables and 65 Figures and other qualitative sections with an in-depth TOC on the research report “Insulation Coating Materials Market: By Type (Acrylic, Polyurethane, Epoxy, YSZ, Mullite), End User (Aerospace, Automotive, Marine, Insulation, Building & Construction), and Geography- Global/Region/Country Forecast to 2028.
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Need for insulation coating for energy proficiency is bolstering the Global Insulation Coating Materials Market
Insulation coatings are very costly as surface preparation is needed before application for preventing corrosion. Curing and priming can also be involved in such procedure. Using thermal spray technology, high-temperature ceramic coatings are coated. Thermal spraying is more costly. Process downtime is needed for some coatings that can add to the cost. All these factors are fuelling the demand for it as traditional insulation is cost-effective. Insulation coating materials help to enhance the corrosion resistance under insulation, reduce condensation and contribute to energy savings. Oil and gas refineries make up the leading segment of the petroleum industry where insulation fireproofing and resistance to corrosion are indispensable to avoid costly equipment damage and facility downtime. The growing demand during the future period and the expansion plans of current refineries hugely benefit in the market expansion. For example, Indian oil has set a budget of US$ XX Bn for expanding its refineries and expanding businesses in upcoming days. It may even affect positively the expansion of their Paradip and Panipat refineries.
In different industries, insulation coatings are used including marine, building & construction, automotive, aerospace, insulation, among others. There are a few leading aspects promoting the insulation coating material market growth such as the need for insulation coating for energy proficiency, substrate protection and growing demand from different industries. However, the high cost associated with such materials coupled with lower thermal efficiency constraints the market growth.
Asia Pacific accounted for major revenue share in the Global Insulation Coating Materials Market
Global market report gives complete outlook on Insulation coating materials across the globe by covering leading regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Asia Pacific market is the dominating insulation coatings materials market. Rising countries such as India and China provides a profitable growth in the region. A few factors driving the market growth in APAC region are growing demand for insulation coatings from power, chemical and oil & gas industries. Growing development and innovation and increasing demand in insulation segment for best quality product is directly upsetting the use of insulation coating materials.
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A few major players working in the global insulation coating materials market are AkzoNobel (Netherlands), PPG Industries (US), The Sherwin-Williams Company (US), Kansai Paint CO., LTD. (Japan) and Jotun Group (Norway).
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