As per market research future analysis, some of the prominent market factors and trends identified in the Global Thermal Insulation Coating Market include rapid urbanization, rising demand for aircraft carriers, and increasing expenditure on research activities.
— Thermal Insulation Coating Market Segmentation Analysis:
Acknowledging the kind of traction gained by this market, Market Research Future (MRFR) has recently published a study report. In its report, MRFR foretells that the global Thermal Insulation Coating market is expected to grow exponentially by 2023, registering a phenomenal CAGR during the forecast period (2017 – 2023).
In addition to automobiles, TICs also witness huge uptake in the aviation (aircraft manufacturing) industry. As the demand for aircraft carriers arises, so the demand for TIC increases. Burgeoning aircraft and automotive industry drive the market growth of TIC.
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Additional factors driving the market growth include increasing population along with the increasing urbanization & industrialization worldwide. Industries like automotive & transport, electrical & electronics, and building & construction, backed by the increasing sales due to the consumers ‘improving purchasing power led by the improving economic conditions are driving the market growth, augmenting the demand for TICs.
Similarly, TIC is a preferred insulating option in the packaged foods industry to coat retort carbon steel cookers, which cook foods to be packaged and distributed. These cookers have an unusual configuration and geometry that makes conventional battery type insulation non-feasible to install and maintain.
TICs, along with the convenience of application also enhance crucial personnel protection in the facility and reduce energy requirements, reflecting heat back into the cookers. Another key benefitting factor of TIC is that it meets the current The US Food & Drug Administration (FDA) & the U.S. Department of Agriculture (USDA) requirements for specifying a low-volatile organic compound (VOC) product in the food industry.
Global Thermal Insulation Coating Market – Segmentation:
The MRFR analysis into three key dynamics for the convenience of understanding;
By Types: Acrylic, Epoxy, Polyurethane, and Yttria Stabilized Zirconia, among others.
By End-Uses: Aviation, Transportation, Industrial, and Construction among others.
By Regions: North America, Europe, APAC and Rest-of-the-World.
Thermal Insulation Coating Market – Regional Analysis:
Globally, North America accounts for one of the promising markets for thermal insulation coating followed by the Asia Pacific and the Middle East & Africa. Attributing to the expanding aviation industry in the region, the North America market is expected to grow with the highest CAGR during the review period, 2017 to 2023.
Thermal Insulation Coating market in the US, Canada, and Mexico enjoy augmented demand due to the high adoption rate of the product by the petrochemical producers. Additional factors substantiating the market growth include the presence of large oil & gas reserves in this region, increasing production capacities and high consumption potential. The US, backed by the growth in the production of crude oil is expected to account for the major contributor to the growth of the regional market.
The Europe Thermal Insulation Coating market is another promising space on the global level. The market is witnessing huge demand for thermal insulation coating especially due to the growing demand from the countries such as Germany, Italy, Spain, France, the U.K, and Russia backed by the increased expenditure in innovation and growing purchasing power of consumers. Furthermore, the presence of major automobile manufacturers specifically in Germany is providing an enormous impetus to the market growth in the region.
Thermal Insulation Coating market in the Asia Pacific is predicted to grow with the moderate CAGR over the assessment period due to the growing activities of crude oil processing and petroleum refineries in India and China. Also, the burgeoning automotive sector in various developing nations of APAC such as India, China, Japan, Malaysia, and Thailand is predicted to fuel the market growth over the forecast period (2017 to 2023), augmenting the demand for Thermal Insulation Coating.
Additional factors such as the growing GDP, rapid industrialization, growing production and industrial bases, increased demand to save energy and reduce greenhouse emissions are substantiating the market growth in the region. The ensuing increase in foreign investments and a rise in the number of new manufacturing establishments will contribute to the market growth in APAC.
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Global Thermal Insulation Coating Market – Competitive Analysis:
Thermal Insulation Coating market appears highly competitive. This competition will further get intensified with the high investments estimated to transpire during the forecast period. Innovation, mergers & acquisitions, and brand reinforcement remain the key trends for leading players in the market.
Some of the key players of thermal insulation coating market include - The Sherwin-Williams Company (US), PPG Industries, Inc. (US), The Dow Chemical Company (US), Kansai Paint Co., Ltd. (Japan), Akzo Nobel N.V. (Netherlands), Jotun (Norway), Carboline Company (US), Nippon Paint Holdings Co., Ltd. (Japan), Mascoat (US), and Sharpshell Industrial Solutions (South Africa).
Industry/ Innovation/Related News:
March 29, 2018 - Mascoat (US), a manufacturer of insulating coatings, launched its new TIC product - the WeatherBloc - HRC Coating, a new thermal insulation coating for commercial buildings and metal roofs. WeatherBloc combines thermal insulation with reflective paint to provide dependable thermal protection, even on dirty surfaces or cloudy days, unlike standard reflective rooftop paints.
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