The latest report by IMARC, titled “Thermal Insulation Coating Market: Global Industry Trends, Share, Size, Growth, opportunity and Forecast 2022-2027”, finds that the global thermal insulation coating market size reached US$ 8.74 Billion in 2021. Thermal insulation coating refers to a liquid or semi-liquid suitable for application to a surface. It dries or cures while forming a protective finish and providing resistance to heat flow. This coating minimizes the rate of heat transferring from a room through a surface or substrate. It is applied by airless spraying to prevent various containers or structures from being exposed to moisture and extremely low or high temperatures. It minimized corrosion-under-insulation (CUI) by insulating and preventing corrosion on tanks, pipelines, ovens, processing vessels, and heat exchangers. It is widely used in refineries, tank farms, and other industrial facilities to withstand depressions, refineries, and hurricanes. In recent years, thermal insulation coating has gained momentum as it is extensively used in numerous industry verticals, including construction, manufacturing, automotive, defense, and aerospace.
Global Thermal Insulation Coating Market Trends:
One of the primary factors driving the market is the increasing adoption of thermal insulation coatings in the automotive industry to minimize heat loss from components of the engine exhaust systems, including downpipes, exhaust manifolds, exhaust headers, tailpipes, and turbocharger enclosures. Additionally, thermal insulation coatings are widely used in the manufacturing sector as they save energy, improve quality, and lower equipment operating costs, thus creating a positive market outlook. Other than this, this product is also used in the marine industry to resist the degradation and corrosion of numerous parts of ships. Besides this, the demand for acrylic thermal insulation coatings in various industries on account of their high tensile strength, clarity for transparency, and low cost is propelling the market growth. Furthermore, key players are extensively investing in research and development (R&D) activities to launch nanotechnology-based thermal insulation coatings and provide high thermal resistance and strength with lower thickness. Looking forward, IMARC Group expects the market value to reach US$ 12.98 Billion by 2027, expanding at a CAGR of 6.60% during the forecast period (2022-2027).
- Based on the product, the market has been divided into acrylic, epoxy, polyurethane, yttria stabilized zirconia (YSZ), and mullite.
- On the basis of the application, the market has been segmented into building and construction, automotive and transportation, aerospace and defense, manufacturing, and others.
- Region-wise, the market has been classified into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being Akzo Nobel N.V., Carboline Company, The Dow Chemical Company (Dow Inc.), Evonik Industries AG (RAG-Stiftung), Grand Polycoats Company Private Limited, Jotun, Kansai Paint Co. Ltd., Mascoat, Nippon Paint Holdings Co. Ltd., and Sika AG.
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