New York, United States, Nov. 07, 2023 (GLOBE NEWSWIRE) -- The Global Insulation Coatings Market Size to grow from USD 10.29 Billion in 2022 to USD 19.10 Billion by 2032, at a Compound Annual Growth Rate CAGR of 8.6% during the forecast period.
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Insulation coatings, often known as thermal barrier coatings or insulating paints, are products designed to give surfaces thermal insulation and energy-saving properties. These coatings are often applied to walls, roofs, pipes, and other surfaces in residential, commercial, and industrial buildings. Insulation coatings work by creating a thermal barrier that reduces the amount of heat that may be transferred through conduction, convection, and radiation. Oftentimes, they contain special substances or ceramic microspheres that help with heat reflection or dissipation. Foam insulation, metal, wood, and concrete are just a few of the different substrates that the coatings can be applied on. Insulation coatings can contribute to the development of a more environmentally responsible and sustainable environment by increasing energy efficiency and reducing greenhouse gas emissions connected to heating and cooling.
COVID 19 Impact
The pandemic disrupted global supply networks because of lockdown protocols, travel restrictions, and temporary shutdown of production facilities. This resulted in a delay in the production of insulating coatings and a shortage of raw materials. The building industry, a prominent user of insulating coatings, experienced a slowdown during the pandemic. The market for insulating coatings shrank as a result of the volume of finished or postponed construction projects. Due to the pandemic's budgetary constraints and economic ambiguity, improvements to increase the energy efficiency of homes and businesses were postponed. Insulation coatings, which are widely used to improve energy efficiency, are impacted by this drop in restoration work.
Energy efficiency is currently a major global concern due to rising energy prices and environmental regulations. Insulation coatings can significantly increase a building's and industrial machinery's energy efficiency. As businesses and governments try to reduce energy use and carbon emissions, there has been an increase in the demand for insulation coatings. In the building business, insulation coatings are widely used. Restoration efforts in developed countries, as well as the rapid urbanisation and infrastructure expansion in emerging economies, have fueled the demand for insulating coatings. The growth of the market is also aided by the creation of green buildings and sustainable infrastructure. Technological advancements in the insulation coatings industry have aided in the creation of unique products.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Insulation Coatings Market Size, Share, and COVID-19 Impact, By Type (Acrylic, Epoxy, Polyurethane, Yttria Stabilized Zirconia); By End-Use (Manufacturing, Automotive & Transportation, Aerospace and Defence, Building and Construction, Others), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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Type Insights
Acrylic segment to dominate the market over the forecast period
On the basis of type, the global insulation coatings market is segmented into acrylic, Epoxy, Polyurethane, Yttria Stabilized Zirconia. Among these, the acrylic segment to dominate the market with the largest market share over the forecast period. Acrylic coatings can contribute to a reduction in heat transfer and an increase in energy efficiency because of their potent thermal insulation qualities. They effectively stop the passage of heat, helping to keep buildings and industrial gear at ideal temperatures. The need for acrylic-based insulation coatings has surged as a result of this insulation capacity. Acrylic coatings can be applied to a variety of substrates, including concrete, metal, wood, and plastic. They can be used on a variety of surfaces and can be customised for a number of uses. Because of their versatility and compatibility, acrylic insulating coatings now have more market potential.
End Use Insights
The manufacturing segment accounts the largest market share over the forecast period
Based on the end use, the global insulation coatings market is segmented into manufacturing, automotive & transportation, Aerospace and defence, Building and Construction, and others. Among these, the manufacturing segment accounts for the largest market share. It is common knowledge that energy efficiency has advantages, and words like "energy efficiency" are used to describe it. They can also improve productivity and process efficiency in manufacturing processes. These coatings provide thermal insulation, lowering thermal cycling and preventing equipment failures brought on by high temperatures. Better machinery performance, decreased downtime, and higher output are the outcomes of this. The development of high-performance coatings with improved thermal insulation properties, durability, and ease of application is a result of modern coating technologies. These innovations provide businesses with more effective and efficient insulating alternatives, which contributes to the manufacturing sector's continued expansion.
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Regional Insights
Asia Pacific is dominating the market over the forecast period.
Among these, Asia Pacific is dominating the market over the forecast period. The Asia Pacific region has seen a considerable surge in construction activity, with Southeast Asian countries, China, and India holding the lead. Growing urban populations, infrastructure improvements, and government initiatives for affordable housing have all contributed to a surge in the demand for insulating coatings in residential, commercial, and industrial construction projects. Just a few of the manufacturing and industrial sectors that can be found in the Asia Pacific region include textiles, electronics, chemicals, and the automotive industry. Insulation coatings are crucial to these industries because they provide thermal insulation, corrosion prevention, and fire resistance. The rising manufacturing sectors in countries like China, India, and South Korea have increased demand for insulation coatings.
North America, on the other hand, is witnessing the fastest market share over the forecast period. The North American market is influenced by ongoing technological advancements in coating formulations and application techniques. Manufacturers in the region invest money in research and development to produce high-performance coatings with improved insulating characteristics, durability, and application ease. Due to the increase in insulating coating technology applications, the market has expanded.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. AkzoNobel, Nippon Paint, The Sherwin Williams Company, Jotun Group, PPG Industries, Kansai Paint Co., Ltd., and Mascoat and other key vendors
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Recent Market Developments
- In June 2021, PPG purchased Tikkurila, a well-known maker of paint and coatings in the Nordic region. PPG currently holds 97.1% of the issued and outstanding shares of Tikkurila.
- In September 2020, Stahl Performance Powder Coatings strengthened its powder coating position by acquiring Akzo Nobel. Thermally sensitive powder coatings, which comprise UV and thermally curing powders, have opened up a new market for AkzoNobel.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Insulation Coatings Market based on the below-mentioned segments:
Insulation Coatings Market, Type Analysis
- Activated
- Granular
Insulation Coatings Market, End User Analysis
- Water Treatment
- Air Purification
Insulation Coatings Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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