The market for glass flake coating is expected to grow at a CAGR of less than 5% globally. Major factor driving the market studied is the significant growth in oil and gas industry and increasing need for improving lifespan of equipment’s. On the flip side, volatility in pricing of coatings market and the unfavorable conditions arising due to the COVID-19 outbreak is hindering the growth of the market.
– The oil and gas industry is expected to dominate the end-user segment of global glass flake coating market over the period as it offers high temperature resistance and high tensile strength, among other factors that has driven the adoption of these products.
– Asia Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the consumption from countries such as China, India and Japan.
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Key Market Trends
Significant Growth in Oil and Gas Industry
– Significant growth of the oil and gas industry, which is the major application area of glass flake coatings is anticipated to boost the market growth. Glass flake epoxy is extensively applied in oil and gas offshore market particularly for high aggressive splash zones.
– Expanding offshore oil & gas industry on account of increasing energy demand is expected to surge strong demand for glass flake coatings in new pipeline and upcoming projects over the period.
– The versatility of glass flake epoxy technology allows it to be used not only for oil and gas offshore applications but for buried steel in the downstream applications such as, subsea pipelines and equipment, owing to its superior anti-corrosion properties and longer service lifespan.
– According to the current standards for selection of coating specifications which includes, reduced VOC and elimination of toxic components to comply with stringent environmental regulations, fewer coats to reduce application costs, enhanced performance to deliver longer life to first maintenance compared to conventional coating systems, are all factors that are boosting the demand for glass flake coatings.
Asia Pacific Region to dominate the Market
– Asia Pacific region is projected to be the fastest market for glass flake coating during the period. This growth is attributable to the increasing demand for these coatings from the end-user industries like oil and gas, marine, and shipbuilding in this region.
– The need for glass flake coatings in the marine industry is growing at a rapid pace in the region. These coating solutions are used to keep marine vessels and structures from erosion, fouling, abrasion, saltwater, air, and UV degradation owing to their resistance to high temperature and water and high tensile strength.
– Lower costs of production and ease of cheap labor in the region are other factors contributing to this high growth. China has been leading the glass flake coatings market not only in the Asia Pacific region but also globally owing to the rapid expansion of its chemical manufacturing industry and increasing shipbuilding activities.
– Countries such as India, Indonesia, and Australia are making significant developments in marine and chemical & petrochemical projects, which is further projected to propel the growth of these coatings market in the region.
– Due to the aforementioned factors, the demand for glass flake coatings is expected to increase in the region during the forecast period.