Key
Players:
Some of the
prominent players operating in the Global Thermal Insulation Coating Market
are PPG Industries, Inc. (U.S.), The Sherwin-Williams
Company (U.S.), The Dow Chemical Company (U.S.), Akzo Nobel N.V. (the
Netherlands), Kansai Paint Co., Ltd. (Japan), Jotun
(Norway), Nippon Paint Holdings Co., Ltd. (Japan), Carboline Company
(U.S.), Sharpshell Industrial Solutions (South Africa), and Mascoat (U.S.),
among others.
Thermal
Insulation Coating are coatings applied like a paint to a substrate. These
coatings are classified into acrylic, epoxy, polyurethane, and yttria
stabilized zirconia (YSZ). These coatings exhibit inertness when exposed to
outdoor conditions, along with properties like low heat transfer, chemical
resistance, and energy saving in industrial applications. Their major role is
to increase the life span or durability of a material or any other substrate. A
number of end use industries such as aviation, automotive, oil & gas, and
construction are benefitted from the application of Thermal Insulation
Coatings.
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This
property makes them suitable for numerous application such as sludge oil
treatment, oil based power plants, lubricant manufacturing, petro refineries,
crude oil, and others. Thermal insulation coating has successfully penetrated
into a vast number of industries such as building & construction, oil &
gas, automotive, marine, aerospace, mining, industrial, and energy sector. The
Global Protective Coating Market is growing at significantly higher CAGR by
2023, which is anticipated to fuel the demand of Thermal Insulation Coatings.
Surge in use of aviation in last decade is the major factor driving demand of
the product in the forecast period.
Segmentation:
The Global Thermal Insulation Coating Market is categorized on the basis of type, end use industry,
and region. On the basis of type, the market is bifurcated into acrylic, epoxy,
polyurethane, yttria stabilized zirconia (YSZ) and others. Based on end use,
this product finds its application in aviation, transportation, construction,
and other industrial, purposes. On the basis of region, the market is
categorized into Asia Pacific, Europe, Latin America, North America, and the
Middle East & Africa.
Regional
Analysis:
The Global
Thermal Insulation Coating Market consists of five regions Asia Pacific,
Europe, Latin America, North America, and the Middle East & Africa. Among
these, North America is predicted to grow with the highest CAGR during the
review period, 2017 to 2023 on account of expanding aviation industry. The
demand for Thermal Insulation Coating in petrochemical plants is predicted to
surge in countries of the North America such as the U.S., Canada and Mexico due
to high adoption rate by the petrochemical producers. Moreover, the presence of
splendid oil & gas reserves in this region is predicted to propel the
growth of the market.
North
American Thermal Insulation Coating Market is predicted to witness a tremendous
growth on account of high consumption potential, increasing production
capacities, and rising economic growth rate. As of 2016, the U.S accounts for
the largest market share and is followed by Canada in terms of value &
volume and is estimated to grow with the moderate CAGR on account of growth in
production of crude oil. In Europe, the demand for thermal insulation coating
is predicted to grow in various countries such as Italy, Germany, Spain, U.K,
France, and Russia on account of increasing expenditure in innovation and
growing purchasing power of consumers. Latin American countries such as
Argentina, Colombia, and Brazil are also predicted to witness substantial
growth owing to increasing consumer spending on passenger cars as well as
involvement of new technologies and inventions in thermal insulation coating.
Asia Pacific Thermal Insulation Coating Market is predicted to grow with a
moderate CAGR due to developing crude oil processing and expanding petroleum
refineries in India and China.
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