The market for thermal insulation coatings is expected to grow at a CAGR of more than 7% during the forecast period. Major factors driving the market studied are the construction of new refineries and increasing demand in the construction industry.
- Increasing Demand from the Marine Industry is expected to act like an opportunity for the market.
- Asia-Pacific dominated the market across the globe with the largest consumption from countries such as China and India.
Key Market Trends
Automotive and Marine Segment to Dominate the Market
- Thermal insulation coatings market is quite extensive and is widely used in automotive and marine applications.
- In the automotive industry, thermal insulation coatings are used on rooftops to control the cabin temperature. This results in an increase of the overall HVAC efficiency, which further translates into better fuel efficiency, reduced energy consumption, and reduced pollution. These advantages make thermal insulation coatings one of the most attractive solutions in automotive applications.
- In the marine industry, thermal insulation coatings are used to insulate, enhance safety in the engine room, reduces additional insulating cladding, and make metals strongly anti-corrosive.
- Automotive thermal insulation coating is ideal for heavy-duty vehicles, including buses, RV trailer homes, emergency response vehicles, public service vehicles, rail cars, tractor-trailers, etc. Some of the automotive application surfaces requiring the need for thermal barriers include engine compartments, roofs, floors, sidewalls, interiors, and underbody.
- Hence, with the increase in demand for automobiles especially electric vehicles and new ships' orders, the production of automobiles and ships is expected to rapidly increase.
- This is expected to result in an increase of usage of thermal insulation coatings over the forecast period
China to Dominate the Asia-Pacific Region
- China is globally recognized for its rapid architectural expansion. The demand for low-cost housing and commercial housing is the reason for its growth in recent years. China is currently producing more than half of the Asia-Pacific coatings and is home to more than 10,000 paint companies, among which local producers occupy more than half of the domestic paint market share.
- With respect to the recent developments, growth in the building and construction industry in China is expected to be remarkable and the country is forecasted to become the world’s leading construction market by 2019 overtaking the United States.
- The Chinese government has planned for massive construction plans, including making provision for the movement of 250 million people to its new megacities in the next ten years, despite efforts to rebalance its economy to a more service-oriented base.
- Furthermore, China represents one of the biggest aerospace industries, globally. The Chinese government is making huge investments in the aerospace sector to increase its domestic manufacturing and is planning to build new airports, which are expected to drive the thermal insulation coatings market over the forecast period.
- Hence, with the rapid growth in various industries, the market for thermal insulation coatings in China is expected to rapidly increase over the forecast period.
The thermal insulation coatings market is a partially consolidated market. The major companies include AkzoNobel NV, Dow, Jotun, Nippon Paint Holdings Co. Ltd, and PPG Industries Inc., among others.
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