The insulation coatings market is estimated to be USD 8.5 billion in 2020 and is projected to reach USD 11.3 billion by 2025, at a CAGR of 5.8% between 2020 and 2025. Protection of equipment, pipelines, and other components from harsh environments to make them energy efficient are the major drivers of the global insulation market during the forecast period.
The growing need for insulation of substrates for protection and enhanced performance is driving the demand for insulation coatings. Thermal insulation coatings not only provide protection/insulation against heat and helps in energy savings.
Implementation of various regulations driving consumption of insulation coatings- The implementation of various regulations and directives are expected to drive the demand for insulation coating. The US Environmental Protection Agency (EPA) has regulations governing efficiency in automotive vehicles. The improvement in performance required by newer vehicles has spurred the use of insulation coatings that helps in energy efficiency.
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Acrylic-based insulation coating type is estimated to be the largest type of insulation coatings material
Acrylic-based insulation coatings are waterborne coatings and account for the largest share in the overall Insulation coatings market. Acrylic-based insulation coatings are the ideal replacement for traditional insulation materials and are used because of their ease of maintenance and ability to prevent CUI. These coatings can be applied with user-friendly spray equipment and are suitable for temperature applications of up to 150ºC. Water-based acrylic Insulation coatings can operate up to 177ºC.
Industrial sector: the fastest-growing end-use industry for insulation coatings
By end-use industry, the insulation coatings market is classified into five main end-use industry, namely industrial, building and construction, aerospace, automotive, marine, and others. Industrial is the largest end-use industry for insulation coatings. In the industrial sector, insulation coating is majorly used for thermal insulation. These coatings are expected to prevent heat-related injuries in the workplace. The reduced dissipation of heat from industrial machinery maintains a suitable temperature at the workplace for workers. Thermal coating also helps in maintaining chemicals at a specific temperature. Electrical insulation coating helps in increasing design flexibility and raising the safety levels at the workplace.
APAC is estimated to be the largest market for insulation coatings and is also projected to register the fastest CAGR of 6.9% during the forecast period. China is expected to account for the largest share of the market in APAC till 2025. The growing industrial activities, investment in end use industry of insulation material and labor costs in these countries are the main drivers for insulation coatings market.
The key companies profiled in the insulation coatings market research report are AkzoNobel (Netherland), PPG Industries (United States), Sherwin-Williams Company (United States), Kansai (Japan), Jotun (Norway), Nippon Paint (Japan), Mascoat (Texas), Carboline (US), Sharp shell Industries (US), Axalta Coating System (US).
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