The global thermal insulation coating market is anticipated to reach USD 11.75 billion by 2025, according to a new report by Grand View Research, Inc. Developments in manufacturing & industrial sector are projected to impact demand positively. Thermal insulation coatings lessen the heat loss in various equipment, thus improving their performance and reducing the overall maintenance cost.
Favorable government regulations and initiatives to strengthen the manufacturing industry, such as the provisions for subsidy, increasing foreign investments and trade promotion are projected to augment product demand over the forecast period. Some of the initiatives are Belt and Road initiative in China, Make in India initiative by the Indian government, and Buy American Hire American initiative in the U.S, etc.
Increased demand for the products which are capable of working in high-temperatures in both cyclic and isothermal models is anticipated to foster usage in the manufacturing sector. New product launches have enabled consumers to pick application specific product from a wide range of options. The widening of product distribution channels has also made these products readily available to the users, thus acting as a driving force for the growth of this market.
Further key findings from the report suggest:
- The global thermal insulation coating market was valued at USD 6.66 billion in 2016 and is expected to grow at a CAGR of 6.5% from 2017 to 2025
- Yttria Stabilized Zirconia (YSZ) occupied the largest revenue share on account of its higher price and increasing usage in power generation systems, diesel and gas turbine engines
- Epoxy emerged as the fastest growing product segment in Europe and North America as it is free from volatile organic compounds (VOC)
- Rising demand for environment-friendly and energy saving products & solutions is expected to drive this market
- The automotive & transportation segment accounted for 25.3% of the global market in 2016 and is projected to grow at the second highest CAGR over forecast period
- Stringent environmental rules & regulations and focus on indoor air quality is anticipated to drive the epoxy based segment
- Increasing investment from government & private institutions in the aerospace & defense sector is projected to contribute to the demand for these coatings
- Key players include PPG Industries, Nippon Paint Holdings Co., Mascoat, AkzoNobel N.V., Carboline Company, Sherwin-Williams Company
- R&D activities, new product launches, acquisition & mergers and technological collaborations are some of the strategic initiatives taken up by leading companies