Insulation Coatings Market : Insights, Trends and Forecast upto 2026
Insulation is a material designed to prevent heat or sound from being transmitted from one area to another. It is usually used to keep heat and sound in or out of a house, or to confine it to certain parts of the house. Insulation is used in different ways; it commonly incorporates materials that consist of millions of tiny pockets of air. Increase in energy consumption is a challenge for various countries. Energy used in commercial and residential buildings accounts for about 30% of total national consumption. This energy is responsible for more than 25% of the total carbon dioxide emission in the environment, causing the greenhouse effect and adding to the rise in temperature globally. In order to reduce carbon emission, manufacturers are inventing materials that can lower energy consumption. These materials are called insulation coatings. Insulation coatings possess unique characteristics. Insulation Coatings offer high thermal coefficient and low thermal conductivity, reflects infrared rays, and provides protection.
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Global Insulation Coatings Market: Drivers & Restraints
Rise in number of commercial buildings, increase in construction of skyscrapers, and growth in need to minimize energy costs are some of the factors expected to boost the demand for insulation coatings in the near future. This is anticipated to create significant opportunities for global manufacturers of insulation coatings. However, fluctuation in oil prices is estimated to hamper the insulation coatings market during the forecast period.
Global Insulation Coatings Market: Key Segments
Based on product type, the insulation coatings market can be segmented into acrylic, epoxy, polyurethane, and others. Acrylic insulation is expected to dominate the insulation coatings market due to its inexpensive nature and easy application properties. Furthermore, it possesses properties such as high tensile strength, light weight, and low cost over other substitutes. Thus, Insulation Coatings is ideal for usage in various industries. Epoxies are used in the construction industry, due to insulation coatings properties such as high resistance to abrasion, UV light, and heat; and durability. Rise in demand for green buildings is projected to create high growth potential for the epoxy segment during the forecast period.
In terms of end-use industry, the insulation coatings market can be divided into automotive, construction & building, aerospace, marine, industrial, and others. Expansion in the marine segment is anticipated to propel the insulation coatings market during the forecast period. Insulation Coatings can be ascribed to the increase in need for protection of Polychlorinated Biphenyls (PCBâs), which function in harsh chemical environments. The construction & building segment also accounts for key share, as insulation coatings are free from volatile organic compounds (VOCs). Thus, insulation coatings are suitable for energy-efficient buildings and indoor air quality improvement.
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In terms of region, the global insulation coatings market can be segregated into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific dominated the insulation coatings market in 2017, due to the rise in construction and infrastructure activities in India and China. Furthermore, low-cost labor and presence of various end-use industries in Asia Pacific are boosting the demand for insulation coatings market in the region. China and India occupy significant share of the global insulation coatings manufacturing sector. The insulation coatings market in Europe is anticipated to expand at a remarkable pace from 2018 to 2026, due to the growth in the automotive industry and strong presence of automotive manufacturers. Increase in green building initiatives, especially in Europe, is anticipated to propel the demand for epoxy coatings s. Latin America and Middle East & Africa also account for prominent share of the global insulation coatings market. This can be ascribed to the increase in demand for insulation coatings market in various end-use industries and collective adoption of sustainable technology in production in these regions. Growth in automotive production and rise in investments in defense & aerospace are projected to augment the demand for insulation coatings market during the forecast period.
Global Insulation Coatings Market: Key Players
Prominent players operating in the global Insulation Coatings market are AKZO NOBEL, PPG Industries Inc., The Sherwin-Williams Company, and The Dow Chemical Company