Insulation coating materials provide thermal barrier and anti-condensation capabilities. They reduce heat transfer between critical components in marine, automobile, aviation, energy, and building & construction sectors. Additionally, insulation coating materials prevent corrosion, thermal fatigue, warping, and melting of critical engineering components.
Global Insulation Coating Materials Market: Trends & Developments
Rise in demand for improved and novel products in the industrial sector is directly boosting the insulation coating materials market. High growth and innovation in paints and coating industry, along with industry consolidations, are projected to drive the insulation coating materials market during the forecast period. Solvent-based insulation coatings are a source of Volatile Organic Compounds (VOCs), which are hazardous to the environment. Governments of various countries have enacted stringent regulations on the release of VOCs in the atmosphere. This is a major factor restraining the insulation coating materials market. Insulation coating materials are not as effective in providing thermal insulation as tradition insulation materials such as wood, foam, glass fiber, asbestos, mineral wool, and cork. High cost associated with the formulation of insulation coating materials compared to traditional insulation materials is hampering the global insulation coating materials market.
Global Insulation Coating Materials Market: Segmentation
Based on type, the global insulation coating materials market can be segmented into acrylic, polyurethane, epoxy, mullite, and others. Acrylic coatings are user-friendly and easy to apply. They are suitable for applications in temperatures up to 150ºC. Acrylic-based insulation coating materials are ideal replacements for conventional insulation materials. They are being increasingly used in various industries owing to the ease of maintenance and their ability to prevent corrosion under insulation (CUI). Mullite-based insulation coating materials possess low density, low thermal expansion co-efficiency, low thermal conductivity, and high thermal stability. They can be used in severe chemical environments. Mullite-based insulation coatings are well suited for providing insulation to turbine and diesel engine applications, which are subject to large temperature variations. The mullite segment is expected to expand at a rapid pace during the forecast period.
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Global Insulation Coating Materials Market: Regional Outlook
In terms of region, the global insulation coating materials market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific dominated the insulation coating materials market, led by the rapid growth in marine and aerospace industries in the region. In terms of value and volume, the market in Asia Pacific is projected to expand at a faster pace than that in other regions, owing to the high demand for insulation coating materials from China and India. China is the largest market for insulation coating materials across the globe. In terms of demand, the paints & coatings industry accounts for prominent share of the market in China. The insulation coating materials market in India is projected to expand at a healthy pace during the forecast period. Indonesia, Vietnam, and the Philippines are other key countries of the insulation coating materials market in Asia Pacific. The insulation coating materials market in North America is expected to expand at a rapid pace during the forecast period owing to the high demand for insulation coatings in the energy sector in the region. The insulation coating materials market in Europe is anticipated to expand at a moderate pace in the near future owing to the sluggish economy in the region.
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Global Insulation Coating Materials Market: Key Players
Key players operating in the global insulation coating materials market are Akzo Nobel N.V., Nippon Paint (India) Company Limited, The Sherwin-Williams Company, Mascoat, Kansai Paint Co., Ltd., Jotun, PPG Industries, Inc., Axalta Coating Systems, LLC, Delta T & Protective Products, General Coatings, Coolshield International Pty Ltd., EXCEL ENTERPRISE, and Cabot Corporation.
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