The global thermal insulation coating market size was valued at USD 7,254 million in 2017 and is anticipated to grow at a CAGR of 7% during the forecast period. Thermal insulation coatings are materials applied to surfaces to form a protective finish and provide resistance to heat flow. Thermal insulation coatings prevent heat insulation by offering low thermal conductivity and high thermal co-efficient. These coatings provide 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. Thermal insulation coatings are used in a wide range of applications such as automotive, manufacturing, construction, and aerospace.
The major driving factors of the market include 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 market 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 market.
The global thermal insulation coating market is segmented on the basis of type, end-user, and geography. Based on the type, the market 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, APAC and South America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific. Asia-Pacific accounted for the largest share in the global thermal insulation coating market in 2017.
The leading players in the market 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.