New York, Aug. 11, 2020 (GLOBE NEWSWIRE) -- The Global Thermal Insulation Coating Market is forecast to reach USD 13.12 Billion by 2027, according to a new report by Reports and Data. Manufacturing & industrial sector trends are expected to affect demand positively. Thermal insulation coatings minimize heat loss in specific appliances while increasing efficiency and reducing total maintenance costs. Thermal insulation coating has low thermal conductivity and high co-efficient properties, avoiding reflections of ambient lights and providing protection for workers. This decreases heat loss in different machines, increases their efficiency, and minimizes the total cost, thus driving growth in the industry.
A growing number of commercial buildings, renovation, and production of skyscrapers in the industrial, automotive, and marine sectors will further boost demand for heat barrier coatings in such applications. Government policies and legislation to improve the manufacturing industry and expand the use of energy-saving and environmentally friendly goods will enhance the size of the demand for the market.
The increasing use of heat insulation technologies in the defense, industrial, engineering, and aerospace industries are expected to drive manufacturers to backward supply chain integration in the coming years. Greater inclusion in the supply chain is likely to lead to a reduction in time to turn raw materials into finished goods and to cost advantages.
Fluctuations in the cost of raw materials, coupled with higher demand, will influence the competitiveness of the industry and the rise in consumer demand for thermal insulation coating. Nonetheless, new product creation, along with steps taken by companies to extend and cooperate in the value chain that establishes new business avenues, will drive the demand.
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COVID-19 Impact Analysis:
The current pandemic situation led to lower demand in the automobile, mining, and telecommunications sectors. To the industry, the road to return of production is highly dependent on the length of the sanctions imposed and their impact on global economic activity. The Asia Pacific region suffered the worst during this pandemic, with China at the epicenter of the outbreak. Some programs have shifted in many countries, leading to a brief pause. Production and delivery were put on hold, forcing suppliers, retailers, and customers to miss out. The stock can face downside, for the time being. Soon, new technologies will take demand through the roof as the situation resolves.
Further key findings from the report suggest
- Epoxy has emerged as the fastest-growing commodity market in Europe and North America because it is free of volatile organic compounds. Strict environmental laws and legislation are expected to push the epoxy-based market.
- The market size of acrylic-based thermal insulation coating can see substantial growth over the time frame. Increasing demand for an environmentally friendly commodity would fuel market growth because of its lightweight, low cost, high tensile strength, and clarity over other counterparts.
- Attributed to the growing building industry, North America, led by Canada and the U.S. market share, witnessed steady growth. High demand from the aviation and marine industries, coupled with increased knowledge of the atmosphere, would drive development in the region's industry.
- Key participants include PPG Industries, Mascoat, Kansai Paint Co., Ltd., Grand Polycoats Company Pvt. Ltd., Sika AG, Evonik Industries AG, AkzoNobel, Nippon Paint Holdings, Carboline Company, and Sherwin-Williams Company among others.
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For the purpose of this report, Reports and Data has segmented the Global Thermal Insulation Coating market on the basis of product, distribution channel, application, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Acrylic
- Epoxy
- Polyurethane
- Yttria Stabilized Zirconia (YSZ)
- Mullite
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
- Wholesale and Distributor Business Trend
- Retail Distribution Channel
Application Outlook (Revenue, USD Billion; 2017-2027)
- Building & Construction
- Automotive & Transportation
- Aerospace & Defense
- Manufacturing
- Others
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/thermal-insulation-coating-market
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Benelux
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of MEA
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