Kenneth Research recently added a report on ‘Thermal Insulation Coating Market’ which provides an in-depth analysis of the market scenario based on the market size and the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2022-2031. The European Chemical Industry Council, in one of its statistics, stated that, Europe is the second largest producer of chemicals globally and is further predicted to observe a significant growth in the coming years. In the year 2018, out of the top 10 chemical producing countries in the world, two countries belonged to Europe that generated a sales revenue of 19.1% of the total sales revenue globally. Moreover, the sales of chemicals in Europe grew from 2017 by 2.8% in 2018.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Thermal Insulation Coating Market products.
According to a new report published by Polaris Market Research the worldwide Thermal Insulation Coating Market is anticipated to reach around USD 13,189 million by 2026. In 2017, the acrylic segment dominated the global market, in terms of revenue. In 2017, Asia-Pacific accounted for the majority share in the global thermal insulation coating market.
The rapid growth in the manufacturing, construction, and automotive sectors majorly drives the growth of this market. Growing need to save energy, improve performance, and reduce operation costs of equipment supports the growth of the market. The increasing applications and rising demand from industries such as aerospace & defense, automotive & transportation, and industrial are expected to boost the market growth during the forecast period.
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Increasing awareness regarding construction of green and energy efficient buildings would accelerate the adoption of thermal insulation coatings. New emerging markets, and technological advancements would provide growth opportunities for thermal insulation coating market in the coming years.
Asia-pacific is expected to dominate the global thermal insulation coating market during the forecast period. A significant growth in the manufacturing, automotive, and construction sectors has been registered over the past few years in China, India, and Japan, thereby driving the growth of thermal insulation coating market. Low labor costs, easy availability of raw materials, and need to improve operational efficiency in different industries further support the market growth in the region. Leading global players are expanding their presence in developing nations of China, Japan, India, Indonesia, and Malaysia to tap the growth opportunities offered by these countries.
The various types of products included in the report include acrylic, epoxy, polyurethane, Ytria Stabilized Zirconia, and others. The acrylic segment dominated the market in 2017 owing to its favorable properties such as high tensile strength, affordable cost, and light weight. The epoxy segment is expected to grow at the highest CAGR during the forecast period. Epoxy offers properties such as high resistance to heat and abrasion, high strength and toughness. The increasing awareness regarding green and energy-efficient buildings is expected to drive the growth of this market.
Thermal insulation coatings are used in various end-use industries such as manufacturing, automotive, construction, aerospace, and defense among others. The manufacturing sector accounted for the highest share in the global thermal insulation coating market. These coatings are used in the manufacturing industries for thermal insulation and improving energy efficiency of equipment such as reactors, pipes, and others. The growing demand of thermal insulation coatings for efficient performance of equipment at high-temperatures and improving overall efficiency while reducing maintenance costs supports the growth.
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The well-known companies profiled in the report include Nippon Paints, The DOW Chemical Company, Sharpshell Industrial Solution, Evonik Industries AG, Sherwin-Williams Company, PPG Industries, Inc., Kansai Paint Co., Ltd., Mascoat, Akzonobel N.V., and Grand Polycoats Company Pvt. Ltd. among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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