Market Research Future (MRFR) report on the global thermal insulation coatings market (2021-2028) studies the COVID-19 analysis on the key points that influence the growth of the market. The study discusses current competitors and global market trends, providing a thorough overview of both growth drivers and constraints, which may have a positive or negative effect on the outlook for the industry during the forecast period.
Thermal Insulation Coating are coatings applied like paint to a substrate. Such coatings are categorized into zirconia (YSZ) stabilized acrylic, epoxy, polyurethane, and yttria. These coatings have characteristics that demonstrate low heat transfer, chemical resistance, inertness when exposed to outdoor environments, and energy savings in industrial applications. Their primary function is to increase the life cycle or longevity of a material or any other substrate. They have applications for end-use industries such as aviation, automotive, oil & gas, and construction.
Some of the significant participants operating in the global thermal insulation coating market are PPG Industries, Inc. (U.S.), Akzo Nobel N.V. (the Netherlands), The Sherwin-Williams Company (U.S.), The Dow Chemical Company (U.S.), Carboline Company (U.S.), Kansai Paint Co., Ltd. (Japan), Jotun (Norway), Nippon Paint Holdings Co., Ltd. (Japan), Sharpshell Industrial Solutions (South Africa), and Mascoat (U.S.), among others.
According to the MRFR report, some of the leading market factors and developments found in the global thermal insulation coating market involves rapid urbanization, growing demand for aircraft carriers, and increasing expenditure on research activities. In addition, demand for thermal insulation coating is expected to see substantial growth over the assessment period due to the rapid development of the construction industry. Rising construction activities across the globe are expected to be a significant driver for the thermal insulation coating market during the review period. It is projected that growing production and sales of automotive, along with increasing consumption of interior coatings, will drive the growth of the industry. Additionally, rapid urbanization, coupled with rising disposable incomes in emerging economies, is expected to fuel the market growth during the assessment period from 2021 to 2028. The need for protective coatings on tools, equipment, and end decorative parts in the building and construction industry is a significant demand factor in the market. In addition, the use of thermal insulation coating has expanded in several industrial applications in order to protect equipment and machinery that operate in harsh, high-temperature environments. This, in effect, increases the demand for products in the market.
Nevertheless, the enforcement of strict regulations by various government bodies has limited the use of hazardous organic chemicals used in the production of the thermal insulation coating, which is estimated to impede the growth of the industry.
The global market for thermal insulation coating is categorized based on the type and end-use industry
Based on type, the market for thermal insulation coating market is bifurcated into acrylic, epoxy, polyurethane, yttria stabilized zirconia, and others.
Based on end-use, the market for thermal insulation coating market is bifurcated into aviation, transportation, construction, and other industrial purposes.
The global market for thermal insulation coating market consists of five regions: North America, Latin America, the Asia Pacific, Europe and the Middle East & Africa.
Due to the expansion of the aviation industry, North America is projected to rise with the highest CAGR during the review period from 2020 to 2028. The market for thermal insulation coating in petrochemical plants is expected to increase in North American countries, such as the United States, Mexico, and Canada due to a high rate of adoption by petrochemical producers. Moreover, the availability of enormous oil and gas reserves in the region is expected to fuel the growth of the sector.
North America has emerged as a dominant market region for thermal insulation coating, followed by the Asia Pacific and the Middle East and Africa. The North American thermal insulation coating market is estimated to be experiencing substantial growth due to high consumption potential, expanded production capacity, and increasing economic growth. In the North American region, the U.S. is projected to be the major contributor to the regional growth of the thermal insulation coating market. It is expected to see significant demand for thermal insulation coating during the forecast period 2020 to 2028. As of 2019, the U.S. held the largest market share, followed by Canada in terms of value and volume, and is anticipated to grow with a modest CAGR due to the increase in crude oil production.
In Europe, demand for thermal insulation coating is projected to increase in countries like Italy, Germany, Spain, the United Kingdom, France, and Russia, due to increasing expenditure on innovation and rising consumer purchasing power. In addition, the presence of major automotive manufacturers, especially in Germany, is expected to give new momentum to the growth of the market.
Latin American countries such as Argentina, Brazil, and Colombia are expected to see substantial growth due to rising consumer spending on passenger cars, as well as emerging technologies and innovations in thermal insulating coatings.
The Asia Pacific thermal insulation coating market is projected to grow with moderate CAGR due to the development of crude oil processing and the expansion of oil refineries in India and China. Moreover, sustainable growth in the automotive sector in various Asian Pacific economies, such as China, India, Malaysia, Thailand, and Japan, is expected to increase demand for synthetic lubricants, which, in effect, is projected to fuel demand for thermal insulation coating over the forecast period 2020 to 2028.