Thermal Insulation Coatings Market Snapshot
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||Asia Pacific|
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The thermal insulation coatings market is expected to record a CAGR of more than 5.5% during the forecast period (2022-2027).
The COVID-19 pandemic had negatively impacted the market. However, the market has now been estimated to have reached pre-pandemic levels.
- Major factors driving the market studied are the construction of new refineries and increasing demand in the construction industry.
- Increasing demand from the marine industry is expected to act like an opportunity for the market.
- Asia-Pacific dominated the market across the world, with the largest consumption from countries such as China and India.
Scope of the Report
Thermal insulation coatings have a broad range of use. They can actually reduce temperatures across the medium in either direction. That is, they can actually keep heat in like insulation. The thermal insulation coatings market is segmented by resin and end-user industry. By resin market is segmented by acrylic, epoxy, polyurethane, yttria-stabilized zirconia, and other resins, and in terms of end-user industry segmentation is done in terms of building and construction, industrial/manufacturing, automotive, marine, and other end-user industries. The report also covers the market size and forecasts for the thermal insulation coatings market in 15 countries across major regions. The report offers market size and forecasts for thermal insulation coatings in terms of revenue (USD million) for all the above segments.
|Yttria-Stabilized Zirconia (YSZ)|
|Building and Construction|
|Other End-user Industries|
Key Market Trends
Industrial/Manufacturing Segment to Dominate the Market
- The industrial segment includes end-user industries such as oil and gas, petrochemicals, chemicals, and refineries. These end-user industries operate in critical temperatures, so conservation of heat energy plays a crucial role.
- The oil and gas industry needs concrete storage tanks, pipelines, and supporting structures to store and distribute oil and gas globally. In oil and gas infrastructure, thermal insulation coating is widely used due to its high-temperature resistance.
- Additionally, chemical and petrochemical plants, storage tanks, pipelines, and boilers, run under critically high temperatures. Therefore, thermal insulation coatings are widely helpful in providing proper insulation for efficient operation in such industries.
- There are several onshore and offshore projects planned across the world, which is expected to add to the demand for thermal insulation coatings requirement in the oil and gas industry over the forecast period.
- Hence based on the aforementioned factors, the Industrial/manufacturing segment is expected to dominate the market.
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China to Dominate the Asia-Pacific Region
- China is globally recognized for its rapid architectural expansion. The demand for low-cost housing and commercial housing is the reason for its growth in recent years.
- China is currently producing more than half of the Asia-Pacific coatings and is home to more than 10,000 paint companies, among which local producers occupy more than half of the domestic paint market share.
- The Chinese government has planned massive construction plans, including making provision for the movement of 250 million people to its new megacities in the next ten years, despite efforts to rebalance its economy to a more service-oriented base.
- However, the Evergrande debt crisis may impact the construction industry of China negatively.
- Furthermore, China represents one of the biggest aerospace industries globally. The Chinese government is making huge investments in the aerospace sector to increase its domestic manufacturing and is planning to build new airports, which are expected to drive the thermal insulation coatings market over the forecast period.
- Hence, with the rapid growth in various industries, the market for thermal insulation coatings in China is expected to rapidly increase over the forecast period.
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The thermal insulation coatings market is a partially consolidated market. The major companies (in no particular order) include AkzoNobel NV, Dow, Jotun, Nippon Paint Holdings Co. Ltd, and PPG Industries Inc.
- In June 2021, PPG Industries Inc. completed its acquisition of Tikkurila, a leading Nordic paint and coatings company.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Construction of New Refineries
4.1.2 Increasing Demand in the Construction Industry
4.2.1 High Capital Requirement
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.1.4 Yttria-Stabilized Zirconia (YSZ)
5.1.5 Other Resins
5.2 End-user Industry
5.2.1 Building and Construction
5.2.5 Other End-user Industries
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.3.2 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
5.3.4 South America
22.214.171.124 Rest of South America
5.3.5 Middle East & Africa
126.96.36.199 Saudi Arabia
188.8.131.52 South Africa
184.108.40.206 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share(%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 AkzoNobel NV
6.4.7 Nippon Paint Holdings Co. Ltd
6.4.8 PPG Industries Inc.
6.4.9 Sharpshell Industrial Solutions
6.4.10 SIKA AG
6.4.12 The Sherwin-Williams Company
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Demand from the Marine Industry
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Frequently Asked Questions
What is the study period of this market?
The Thermal Insulation Coatings Market market is studied from 2017 - 2027.
What is the growth rate of Thermal Insulation Coatings Market?
The Thermal Insulation Coatings Market is growing at a CAGR of >5.5% over the next 5 years.
Which region has highest growth rate in Thermal Insulation Coatings Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Thermal Insulation Coatings Market?
Asia Pacific holds highest share in 2021.
Who are the key players in Thermal Insulation Coatings Market?
AkzoNobel NV, Dow, Jotun, Nippon Paint Holdings Co. Ltd, PPG Industries Inc are the major companies operating in Thermal Insulation Coatings Market.