The global thermal insulation coating market size was valued at USD 8.01 billion in 2020 and is expected to grow at a CAGR of 7.1% during the forecast period. Thermal insulation coatings are materials applied to surfaces to form a protective finish and provide resistance to heat flow. The product prevents heat insulation by offering low heat conductivity and high co-efficient.
The product provides corrosion resistance while improving energy efficiency. The different kinds of thermal insulation coatings include acrylic, epoxy, polyurethane, mullite, and yttria-stabilized zirconia (YSZ) among others. The product is used in a wide range of applications such as automotive, manufacturing, construction, and aerospace.
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The major factors driving the industry include the increasing need to save energy, improve performance, and reduce operation costs. Thermal insulation coatings are increasingly being used to prevent corrosion caused by insulation.
Growth in manufacturing and industrial sectors has increased the demand of thermal insulation coatings over the years. There has been an increase in demand from industries such as aerospace & defense, automotive & transportation, and industrial, thereby supporting industry growth.
There has been significant growth in manufacturing and construction industries owing to favorable government regulations and initiatives such as subsidies and incentives and increasing foreign investments. Expansion of established companies into emerging economies and technological advancements in nanotechnology-based thermal insulation coatings would provide numerous growth opportunities in the industry.
The global thermal insulation coating market is segmented on the basis of type, end-user, and geography. Based on the type, the industry is segmented into acrylic, epoxy, polyurethane, Ytria Stabilized Zirconia, and others. The end-user segment is categorized into manufacturing, construction, aerospace and defense, automotive, others.
This report comprises a detailed geographic distribution of the market across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, the UK, Italy, France, and the Rest of Europe. Asia Pacific is bifurcated into China, India, Japan, and the Rest of Asia Pacific. The region accounted for the largest share in the global thermal insulation coating market in 2020.
The leading players in the industry include Nippon Paints, The DOW Chemical Company, Sharpshell Industrial Solution, Evonik Industries AG, Sherwin-Williams Company, PPG Industries, Inc., Kansai Paint Co., Ltd., Mascoat, Akzonobel N.V., and Grand Polycoats Company Pvt. Ltd. among others.
These vendors in the market are launching new products to meet the growing customer needs. In addition, the leaders in the market are acquiring and collaborating with top companies in the market to enhance their offerings in the market and expand their customer base.