Insulation Coatings Market (Type - Acrylic, Epoxy, Polyurethane, Yttria Stabilized Zirconia, and Others; End-user - Chemical and Petrochemical, Oil and Gas, Aerospace, Construction, Automotive and Marine, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2028

A recent report published by Infinium Global Research on the insulation coatings market provides an in-depth analysis of segments and sub-segments in the global as well as regional insulation coatings market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional insulation coatings market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global insulation coatings market. According to the report, the global insulation coatings market is projected to grow at a CAGR of around 6% over the forecast period of 2022-2028.

Market Insight

The value of the insulation coatings market in 2022 was more than USD 9 billion and is expected to reach nearly USD 13 billion in 2028 and is expected to be growing with a CAGR of around 6% during the forecast period. Insulating materials have heat-resisting properties, which obstruct the flow of heat through them. These materials can be used for different applications including construction chemicals, automotive components, paints, and coatings. Advancements in chemicals and materials have led to the development of insulating paints and coatings. Insulation coatings are applied to surfaces or substrates such as steel, wood, concrete, masonry block, brick, asphalt shingles, plastic, glass, canvas, and others, to provide them thermal resistance. Moreover, the insulation coatings vendors are developing innovative insulation coatings that can offer corrosion resistance, moisture or water resistance, and antimicrobial properties. The multi-functional insulation coatings are gaining traction in the market as demand for them is increasing among a variety of industries. The rising utilization of heat insulation solutions in the defense, automotive, manufacturing, and aerospace sectors is anticipated to push manufacturers to backward integration in the value chain over the coming years. Greater participation in the value chain is likely to result in time reduction for transforming raw materials into finished products and in gaining cost advantage.

COVID-19 was an incomparable global public health emergency that has affected almost every industry and is projected to impact these various industry growths during the forecast period. During the Covid-19, pandemic people were compelled to stay in their homes. The governments of many countries in the world turned their focus to healthcare from other industries. This significantly disrupted their supply chain operations and manufacturing as lockdowns were imposed by the respective governments. Manufacturing facilities were shut down due to the pandemic in almost every country globally. Logistical restrictions, manpower shortage, material unavailability, and other restrictions had reduced the growth of the industry. The pandemic has affected the normal production of companies.

The report provides a regional outlook covering geographies such as North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific is expected to dominate the insulation coatings market during the forecast years. The Asia-Pacific region stands to be the largest and fastest-growing market for construction. Factors, such as the growing need for energy conservation and ensuring stringent regulatory norms by the International Green Construction Code (IgCC) standards in turn have been driving the insulation coating requirements in Asia-Pacific. Epoxy-based insulation coatings are used in the construction industry due to their high resistance to abrasion, UV light, heat, and durability. The rise in demand for green buildings is projected to create high growth potential for the epoxy segment during the forecast period. In the Asia-Pacific region, China is the leading consumer of insulation coating due to government initiatives and regulations to strengthen the manufacturing industry and foster the global insulation coatings market growth. Increasing consumer awareness regarding energy conservation and increasing investment in infrastructural development and remodeling activities in countries like India, China, and Indonesia have been further driving the insulation coating in the region.

Segment Covered

The report on the global insulation coatings market covers segments such as type and end-user. On the basis of type, the sub-markets include acrylic, epoxy, polyurethane, yttria stabilized zirconia, and others. On the basis of end-user, the sub-markets include chemical and petrochemical, oil and gas, aerospace, construction, automotive and marine, and others.

Companies Profiled:

The report provides profiles of the companies in the market such as Akzo Nobel NV, Carboline, Jotun, Kansai Paint Co. Ltd, Mascoat, Nanofan Industrial Coatings LLC, Nippon Paint, PPG Industries, Inc., SK FORMULATIONS INDIA PVT. LTD, and Synavax.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the insulation coatings market. Moreover, the study highlights current market trends and provides forecasts for 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.