Rising demand from industrial and manufacturing market, growing automotive industry and aerospace activities are driving the market need.
NEW YORK CITY, NY, USA, March 11, 2022 /EINPresswire.com/ — The Global Thermal Insulation Coatings Market is expected to reach $13.12 billion by 2027, according to a new report from Reports and Data. Trends in the manufacturing and industrial sector should positively affect demand. Thermal insulation coatings minimize heat loss in specific devices while increasing efficiency and reducing total maintenance costs. The thermal insulation coating has low thermal conductivity and high coefficient properties, avoiding glare from ambient light and providing worker protection. This reduces heat loss in different machines, increases their efficiency and minimizes the total cost, thereby driving the growth of the industry.
An increasing number of commercial buildings, renovation and high-rise production in the industrial, automotive and marine sectors will further drive the demand for thermal barrier coatings in such applications. Government policies and legislation aimed at improving the manufacturing industry and expanding the use of energy efficient and environmentally friendly goods will increase the size of demand in the market.
The increasing use of thermal insulation technologies in the defense, industrial, engineering and aerospace industries is expected to prompt manufacturers to downgrade supply chain integration in the years to to come. Greater inclusion in the supply chain will likely result in reduced time to turn raw materials into finished products and cost benefits.
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The main participants are PPG Industries, Mascoat, Kansai Paint Co., Ltd., Grand Polycoats Company Pvt. Ltd., Sika AG, Evonik Industries AG, AkzoNobel, Nippon Paint Holdings, Carboline Company, and Sherwin-Williams Company, among others.
Fluctuations in the cost of raw materials coupled with higher demand will influence industry competitiveness and increase consumer demand for thermal insulation coatings. Nevertheless, the creation of new products, as well as the measures taken by companies to extend and cooperate in the value chain which establishes new commercial avenues, will stimulate demand.
The impact of COVID-19:
The current pandemic situation has led to a drop in demand in the automotive, mining and telecommunications sectors. For the industry, the path back to production depends heavily on the duration of the sanctions imposed and their impact on global economic activity. The Asia-Pacific region has suffered the most from this pandemic, with China being at the forefront of the epidemic. Some programs have changed in many countries, resulting in a brief hiatus. Production and delivery have been suspended, forcing suppliers, retailers and customers to miss out. The title may face the decline, for the moment. Soon, new technologies will add demand to the roof as the situation resolves.
Other key findings from the report suggest
Epoxy has become the fastest growing commodity market in Europe and North America because it is free of volatile organic compounds. Strict environmental laws and legislation are expected to drive the epoxy based market.
The size of the acrylic-based thermal insulation coating market may experience substantial growth over time. Rise in demand for an eco-friendly product would fuel the growth of the market owing to its light weight, low cost, high tensile strength and clarity as compared to its counterparts.
Attributed to the growth in the construction industry, Canada-led North America and the United States market share could see sustained growth. Strong demand from the aviation and marine industries, coupled with increased knowledge of the atmosphere, would drive the development of industry in the region.
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For the purposes of this report, the reports and data have been segmented into the global thermal insulation coatings market on the basis of product, distribution channel, application and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
Stabilized Yttria Zirconia (YSZ)
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
Business trend of wholesalers and distributors
Retail distribution channel
Application Outlook (Revenue, USD Billion; 2017-2027)
Automotive and transportation
Aerospace and Defense
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Regional Outlook (Revenue, USD Billion; 2017-2027)
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