Insulation Coating Materials Market

Insulating Coating Materials Market Size (2023-2028):

The insulating coating materials market is anticipated to grow from USD 9.14 billion in 2022 to an anticipated value of USD 14.27 billion by 2028, registering a CAGR of 7.84% during the forecast period 2023-2028

The market for insulating coating materials, used in the marine segment and marking, and engraving, has become a global concern. Insulating coating materials have resulted in increased investment in the disposal of insulating coating materials, in schools, offices, trains, and buses. However, insulation coating materials are complex and expensive, which has increased the demand for insulation coating materials in all regions, especially in the United States and Europe. Therefore, the growing popularity of street art is expected to fuel the demand for insulating coating materials. Insulating coating materials are paints, coatings, enamels, or varnishes specially designed to avoid insulating coating materials. Insulating cladding materials made on walls equipped with insulating cladding materials can be easily removed. Insulating coating materials are applied to trains, bus stops, garbage cans, buildings, and bridges. Depending on the type, these coatings can be classified as sacrificial, semi-permanent, and permanent. The use of insulating coating materials differs depending on the end applications. The demand for insulating coating material products is primarily driven by the growth of the construction industry globally. The increase in construction activity in developed markets due to the increased need for smart buildings and modern architecture is likely to contribute to the global growth of these insulating cladding materials during the review period.

Drivers in the Insulating Coating Materials Market:

Growing demand for insulating coatings around the world is expected to drive the growth of the global insulating coatings market. It is energy efficient in nature and is capable of operating at various temperatures, which influences the growth of the market in the near future. Increased consumer awareness of energy conservation is also increasing the growth of the market. Increased government support and increased investment in environmentally friendly insulating materials are expected to boost the global insulating coatings market. Other factors responsible for the growth of the market are the easy availability of raw materials, stable economic growth, and rapid population growth.

Restraints in the Insulating Coating Materials Market

The cost of insulating coatings is higher because surface preparation is required prior to application to prevent corrosion. This process can also involve preparation and hardening. Thermal spray technology is used to coat ceramic tiles at high temperatures. Thermal spray technologies are more expensive. Some coatings require process downtime which can also increase costs. All of these factors increase the demand for traditional thermal insulation because it is cost-effective. Traditional insulation systems such as fiberglass and mineral wool are used and have been shown to perform better than insulation coatings. The existing insulating coatings are relatively more expensive. The technology used for coating application is also expensive, making the whole coating process very expensive. At present, there are no competitively priced products on the market that have a level of efficiency similar to that of traditional insulation materials.

INSULATING COATING MATERIALS MARKET REPORT COVERAGE:

 Market Segmentation

Insulating Coating Materials Market - By Type:

• Acrylic

• Epoxy

• Polyurethane

• YSZ

• Mullite

The acrylic segment occupied the largest share of the thermal insulation coatings market in 2019. Acrylic has properties such as lightness, high tensile strength, clarity for transparency, and low cost compared to other substitutes which make it suitable for various industries. . Acrylic's lighter weight also makes it easier to use and transport. Acrylic is also an advanced fluid-applied thermal insulating coating that utilizes airgel particles which give various substrates exceptional insulating properties. It is ideal for insulating pipes, pumps, tanks, structural steel, or other substrates where there is a desire for thermal improvement or personnel safety. Part of a robust, corrosion-resistant coating system that adheres to the substrate, dramatically reducing problems associated with insulation corrosion and minimizing thermal bridges by controlling condensation.

Epoxies are used in building and construction due to properties such as excellent abrasion, heat and UV resistance, toughness, and improved dimensional stability. It is free from volatile organic compounds (VOCs), which makes it suitable for low-consumption buildings and improves indoor air quality. In addition, the increasing demand for green buildings is expected to create high growth potential for this product segment during the forecast period.

Insulating Coating Materials Market - By End- Use:

• Aerospace

• Automotive

• Marine

• Industrial

• Building & Construction

The escalating applications of insulating coatings in the automotive industry and OEMs is anticipated to create a strong call for these products as they help improve overall vehicle performance by reducing heat loss and fuel consumption of energy.

Equipment and machines operating at different temperatures require thermal barrier coatings to operate at optimum levels. The growing preference for products capable of withstanding high temperatures is expected to drive growth in the manufacturing segment. Manufacturing emerged as the most important application, accounting for over 34% market share in 2019. Growth is expected in the manufacturing sector, due to various government initiatives such as Make in India, One Belt One Road, and Buy American Hire American. to stimulate industry growth.

Advances in automotive technology, along with rising disposable income and living standards, are expected to boost the industry. These coatings are used on roofs to control cabin temperature to increase HVAC efficiency, resulting in better fuel economy and less pollution. Insulating coatings are used in the aerospace and defense industry for various applications such as aerodynamic fairings, exhaust systems, heat shields, firewalls, infrared extinguishing systems, and firewall gimbals operating at uneven temperatures. These coatings are used to control the operating temperature, ensuring reduced energy loss and superior performance. In addition, they are also used significantly in defense equipment due to their characteristics of providing high-temperature resistance as well as significant corrosion protection under insulation.

Insulating Coating Materials Market Regional Analysis:

• North America
• Europe 
• Asia Pacific 
• Latin America 
• The Middle East and Africa

The demand for insulation coatings is highest in the Asia-Pacific region. China is the main consumer of insulating coatings. The developing manufacturing industry in this region is driving the growth of the global insulating coatings market. Emerging economies like China and India will experience significant growth in the coming years due to increased spending on infrastructure. The growth and development of end-use industries and the development of new products are some of the factors that are expected to drive the growth of the global market in North America. The maritime and aerospace industries have opened up lucrative growth opportunities in Europe, thus anticipating the growth of the global insulating coatings market. The increase in R&D spending to introduce innovative products has had a positive influence on the market. The favorable regulatory scenario in Latin America is driving the growth of the global market.

Insulating Coating Materials Market Key players:

• AkzoNobel (Netherland)
• PPG Industries (United States)
• Sherwin-Williams Company (United States)
• Kansai (Japan)
• Jotun (Norway)
• Nippon Paint (Japan)
• Mascoat (Texas)
• Carboline (US)
• Sharp Shell Industries (US)
• Axalta  Coating System (US)

Recent Developments in the Insulating Coating Materials Industry:

• In January 2020, Belzona is launching a thermal insulation barrier with “cool to touch” properties. CUI's corrosion protection and troubleshooting extend equipment life, reducing future replacement costs. In order to save energy costs and reduce waste, companies recognize the importance of insulating their equipment to prevent heat loss and increase efficiency, but this creates another problem, corrosion under insulation ( CUI).

COVID–19 Impact on the Insulating Coating Materials Market:

Since the COVID-19 virus outbreak in December 2019, the disease has spread to nearly 120 countries around the world, and the WHO has declared it a public health emergency. The global impacts of the 2019 coronavirus disease are already starting to be felt and will significantly influence the insulation coating materials market in 2020. COVID-19 can affect the world economy in 3 key ways: directly attacking production and call, creating disruption in the supply chain and market, and through its financial impact on businesses and financial markets.