Newark, NJ, May 25, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, The global insulation coating market is expected to grow from USD 9.35 billion in 2019 to USD 16.67 billion by 2027, at a CAGR of 7.5% during the forecast period 2020-2027. Europe has the largest share in the market due to a rise in investments in aerospace and defence as well as the growth in automotive production. Europe is emphasizing more on building & construction segment by investing a massive amount of money in developing a proper infrastructure. VOC free epoxy coatings is expected to boost the demand due to green building initiatives.
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Key players in the insulation coating market are Axalta Coatings Systems, Carboline Company, Delta T & Protective Products Inc., General Coatings, Kansai Paint Co., Ltd., Mascoat, Nippon Paint Holdings Co., Ltd., Sharpshell Industrial Solutions, Akzo Nobel N.V., Coolshield International Pty., Ltd, Jotun, Mathur Corr-Tech Pvt. Ltd., NPP Engineering, Lincoln Industries, Cabot Corporation and Excel Enterprise. Hampel launched a new product known as Versiline CUI 56990 in order to minimize the effects of corrosion under insulation. It consists of a combination of corrosion protection as well as heat resistance. It has lower maintenance cost and it reliable as well as safe.
The type segment includes silicone, polyolefin, alkyd, ceramic, vinyl acetate, mullite, YSZ, polyurethane, epoxy and acrylic. Yttria-stabilized zirconia segment is expected to show higher growth. It has excellent shock resistance properties, low heat conductivity and high thermal coefficient. Hence, It acts as a raw material for protective coatings and is used in engines and gas turbines which are operating at high temperatures. Epoxy segment is also expected to show a significant growth due to a rise in the demand for green buildings. The application segment includes FMCG, electronics, power generation, food processing, industrial, building & construction, marine, automotive and aerospace. Manufacturing segment has the highest growth in the market due to government initiatives such as Buy American Hire American, One Belt One Road and Make in India. To perform at optimum levels, different heat barrier coatings are needed for different equipment & machinery. Increased preference for sustainable products in high-temperatures are expected to drive the growth of the market.
Insulation coating are used in the areas with complex geometries. It increases the efficiency and prevents heat loss in the process. When the insulation becomes wet, it is prone to erode substantially due to the seepage of moisture. Hence, it is challenging to keep the insulation moisture-free. Need for reduced consumption of energy, increasingly stringent policies and avoid corrosion are contributing to the growth of the market. To decrease the maintenance cost as well as to protect the substrate, insulation coating is required.
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About the report:
The global insulation coating market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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