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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