Global Thermal Insulation Coating Market To Be Driven By Growing Demand For Improved Coating Solutions Across Different Verticals In The Forecast Period Of 2023-2028
The new report by Expert Market Research titled, ‘Global Thermal Insulation Coating Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the thermal insulation coating market, assessing the market based on its segments like product, application and major regions.
The report tracks the newest trends within the industry and studies their impact on the general market. It also assesses the market dynamics, covering the key demand and price indicators, alongside analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size: USD 8.58 billion
• Forecast CAGR (2023-2028): 6.67%
• Forecast Market Size: USD 12.64 billion
China is known around the world for its rapid architectural development. Its rapid expansion can be attributed to the increasing number of low-cost homes and investments in the commercial real estate. The country produces more than half of Asia-Pacific coatings and has more than 10,000 paint firms, with local producers accounting for more than half of the domestic paint industry. Despite efforts to restructure its economy to a more service-oriented base, the Chinese government has planned huge development projects, including the relocation of 250 million people to new megacities in the next ten years.
The Evergrande debt problem, on the other hand, may have a negative impact on China’s building industry. Furthermore, China has one of the world’s largest aerospace businesses. The Chinese government is investing heavily in the aerospace sector to boost domestic production and plans to construct new airports, which is projected to fuel the thermal insulation coatings market over the forecast period. As a result of the rapid growth of various sectors in China, the market for thermal insulation coatings is predicted to rise substantially over the forecast period.
Industry Definition and Major Segments
Thermal insulation coatings are used to keep metal and other structural components safe from high temperatures. These solutions have several major benefits, such as reducing stress and strain and extending the life of a building or component. Because of its poor heat conductivity and great efficiency, the coating avoids heat insulation.
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The global thermal insulation coating market can be segmented on the basis of product and application.
Based on product:
• Yttria Stabilised Zirconia (YSZ)
Based on application:
• Building and Construction
• Automotive and Transportation
• Aerospace and Defence
On the basis of regional markets, the segmentation of the thermal coating insulation market includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The market for thermal insulation coating is expected to be driven by rising demand for energy-efficient solutions across industry verticals. The benefits of thermal insulation coating systems can be linked to this. These solutions, for example, aid in enhancing performance, lowering operational costs, and providing low heat conductivity and shock resistance. They’re also used in a variety of end-use industries, including construction, building activities, automotive, manufacturing, and more.
To store and transfer oil and gas globally, the oil and gas business requires concrete storage tanks, pipelines, and supporting buildings. Thermal insulation coating is frequently utilised in oil and gas infrastructure because of its excellent temperature resistance. Furthermore, storage tanks, pipes, and boilers in chemical and petrochemical factories operate at extremely high temperatures. As a result, thermal insulation coatings are frequently used in such industries to offer sufficient insulation for effective operation. In addition, rising product demand in the construction industry for residential and commercial construction applications, as well as rising demand in the automobile industry, are likely to support market expansion in the coming years.
Key Market Players
The major players within the market are Evonik Industries AG, Akzonobel N.V., Carboline Company, Nippon Paint Holdings Co., Ltd., Kansai Paint Co., Ltd. and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of those market players.
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