Thermal coatings, based on types are classified into acrylic, epoxy, polyurethane, and yttria stabilized zirconia (YSZ). These coatings exhibit inertness when exposed to the surrounding and so they offer excellent abrasion resistance. Other properties such as chemical resistance and low energy consumption make the product utmost desirable in various industrial applications. Due to its properties, these coatings provides protection and durability to the substrates which ensures a longer life span. Due to the aforementioned characteristics these coatings exhibit, they find a huge application scope in end use industries like aviation, automotive, oil & gas, and construction, which are directly benefitted from the application of thermal insulation coatings. This property makes them suitable for numerous application such as sludge oil treatment, oil based power plants, lubricant manufacturing, petro refineries, crude oil, and others. Thermal insulation coating has successfully penetrated into a vast number of industries such as building & construction, oil & gas, automotive, marine, aerospace, mining, industrial, and energy sector.
The global protective coating market is growing at significantly higher CAGR by 2023, which is anticipated to fuel the demand of thermal insulation coatings. Surge in use of aviation in the last decade is the major factor driving demand of the product in the forecast period.
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Major Key Players:
The Major Players operating in the Thermal Insulation Coating Market are:
- PPG Industries Inc. (U.S.),
- The Sherwin-Williams Company (U.S.),
- The Dow Chemical Company (U.S.),
- Akzo Nobel N.V. (the Netherlands),
- Kansai Paint Co. Ltd. (Japan),
- Jotun (Norway),
- Nippon Paint Holdings Co. Ltd. (Japan),
- Carboline Company (U.S.),
- Sharpshell Industrial Solutions (South Africa),
- Mascoat (U.S.)
The Global Thermal Insulation Coating Market is categorized on the basis of Type, End Use Industry:
On The Basis Of Type-
- Yttria Stabilized Zirconia
On The Basis Of End Use Industry –
Geographically, Thermal Insulation Coating Market is segmented across Five Regions in the world namely:
- Asia Pacific,
- North America,
- Latin America,
- Middle East & Africa.
North America is predicted to grow with the highest CAGR during the review period, 2017 to 2023 on account of expanding aviation industry. The demand for thermal insulation coating in petrochemical plants is predicted to surge in countries of the North America such as the U.S., Canada and Mexico due to high adoption rate by the petrochemical producers. As of 2016, the U.S accounts for the largest market share and is followed by Canada in terms of value & volume and is estimated to grow with the moderate CAGR on account of growth in production of crude oil.
In Europe, the demand for thermal insulation coating is predicted to grow in various countries such as Italy, Germany, Spain, U.K, France, and Russia on account of increasing expenditure in innovation and growing purchasing power of consumers.
Latin American countries such as Argentina, Colombia, and Brazil are also predicted to witness substantial growth owing to increasing consumer spending on passenger cars as well as involvement of new technologies and inventions in thermal insulation coating.
Asia Pacific thermal insulation coating market is predicted to grow with a moderate CAGR due to developing crude oil processing and expanding petroleum refineries in India and China.
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