Insulation Coatings Market by Type (Acrylic, Polyurethane, Epoxy, Mullite, YSZ), End-Use Industry (Industrial, Building, and Construction, Aerospace, Automotive, Marine), and Region (North America, South America, Europe, APAC, MEA) - Global Forecast to 2025
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 to 2025. Insulation coating prevents the transfer of heat, sound, or electricity from one surface area to another. These coatings help in personnel protection, saves energy, and contribute to the improvement in the overall process efficiency. They are manufactured using various materials such as acrylic, epoxy, polyurethane, mullite and yttria stabilized zirconia (YSZ).
“Acrylic segment is the largest type of insulation coating material market.”
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 segment is the fastest-growing Industry of Insulation coating material market.”
By end use industry, the insulation coating material 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 the insulation coating material. 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 account for the largest market share during the forecast period. “
APAC is estimated to be the largest market for insulation coating material 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 coating material market.
Extensive primary interviews were conducted to determine and verify the market size for several segments and sub segments and information gathered through secondary research.
The break-up of primary interviews is given below:
By Company Type - Tier 1 – 40%, Tier 2 – 30%, and Tier 3 – 30%
By Designation – C level – 30%, Director level – 30%, and Others* – 40%
By Region - Asia-Pacific– 40%, Europe – 20%, North America – 20%, South America- 10%, Middle East and Africa-10%
Note: The tiers of the companies are defined on the basis of their total revenue, as of 2019: Tier 1 = >USD 5 billion, Tier 2 = USD 1 billion to USD 5 billion and Tier 3 = <USD 1 billion.
*Others include sales managers, marketing managers, and product managers.
**Others include South America and the Middle East & Africa.
The companies profiled in this market research report include 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) and other leading companies in this market.
This research report categorizes the insulation coatings market on the basis of type, end use industry and region. The report includes detailed information regarding the major factors influencing the growth of the insulation coatings market such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been done to provide insights into business overviews, products & services, key strategies, expansions, new product developments, agreements and recent developments associated with the market.
Reasons to Buy the Report
The report will help market leaders/new entrants in this market in the following ways:
1. This report segments insulation coatings market comprehensively and provides the closest approximations of market sizes for the overall market and sub-segments across verticals and regions.
2. The report will help stakeholders understand the pulse of the market and provide them information on the key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders understand the major competitors and gain insights to enhance their position in the business. The competitive landscape section includes expansions, new product developments and agreements.
4. The report includes the COVID-19 impact on the insulation coatings market.
5. The report includes both historical market size and the updated market size.
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