Global Insulation Coating Market – Industry Trends and Forecast to 2029

Global Insulation Coating Market, By Type (Acrylic, Epoxy, Polyurethane, YSZ, Mullite, Others), End User (Aerospace, Automotive, Marine, Building and construction, Industrial, Others) – Industry Trends and Forecast to 2029

Market Analysis and Size

The International Green Construction Code (IgCC) standards have provided strict legal criteria for energy conservation over the past few years, which has increased the insulation coating requirements, particularly across Asia-Pacific. Such market developments and trends further accelerate the demand for insulation coating across the globe. Consequently the market is projected to grow over the forecast period rapidly.

Global insulation coating market was valued at USD 9.84 billion in 2021 and is expected to reach USD 17.71 billion by 2029, registering a CAGR of 7.62% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.

Report Scope and Market Segmentation

Market Definition

Insulation coating is basically a coating that shields the target item from its surroundings by utilizing non-conducting materials. To shield the product from things like electricity, sound, heat, and other elements, insulation coating is employed. The market has been expanding due to rising applications in the maritime industry and rising demand for construction.

Insulation Coating Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• High Usage of Insulation Coating

In areas with complex geometry, insulation coatings are utilized. It boosts effectiveness and stops heat loss in the process. The damp insulation is more likely to degrade significantly. It is therefore difficult to keep the insulation dry. The need for lower energy consumption, stricter regulations, and a desire to prevent corrosion are all driving the market's expansion. Insulation coating is necessary to protect the substrate, lower maintenance costs, and both.

• Increased Requirement Across Automotive and Marine Industry

The automotive and marine industries are expected to dominate their respective markets due to strict laws requiring the use of insulation coating to save energy and increase operational efficiency. The insulation coating is largely used due to its advantages, including its high thermal coefficient, energy-saving capabilities, and low thermal conductivity, which are used by various machine parts and equipment in the automotive industry to protect them from environmental effects. In the car sector, insulation coatings are applied to rooftops to regulate the cabin's temperature, improving fuel economy, lowering energy costs, and lowering emissions. Insulation coatings rank among the most popular options for automotive applications due to these benefits.

The insulation coating is cost-effective and can perform at fluctuating temperatures, which will further propel the growth rate of insulation coating market. Additionally, the growth as well as the expansion of various end use industries coupled with the growing investment in infrastructural expansion and remodeling activities will also drive market value growth. The development of architectural businesses is also projected to bolster the growth of the market.

Opportunities

• High Spending on Environmentally Friendly Materials And Increased Preference Of Sustainable Products

Furthermore, the increase in spending on environmentally friendly non-conductor materials and the intensifying administrative provision are driving the global exchange, which extends profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the market is anticipated to develop as consumers' preferences for sustainable products rise in high-temperature environments, which will further expand the future growth of the insulation coating market.

Restraints/Challenges

• High Initial and Overall Costs

The high initial cost of insulation coating will create hindrances for the growth of the insulation coating market. This is because the high costs further create affordability issues, which minimizes the adoption rate. Since surface preparation is necessary before application in order to prevent corrosion, insulating coatings are more expensive. Priming and curing may also be involved in this procedure. Ceramic coatings for usage at high temperatures are applied using thermal spray technology. Costlier thermal spray technologies exist. Some of the coatings require process pauses, which could raise the overall price.

• Unfavourable Conditions Arising Due To COVID-19

The unfavorable conditions arising due to COVID-19 outbreak will prove to be a demerit for the insulation coating market. The COVID-19 led to halt of various manufacturing operations and also caused disruption in supply chain. Therefore, this factor will challenge the insulation coating market growth rate.

This insulation coating market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the insulation coating market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Insulation Coating Market

The recent outbreak of coronavirus had a negative impact on the insulation coating market. The building and construction business uses between 50 and 60% of the insulation material, followed by the consumer products and transportation industries. The whole insulation coating industry is experiencing margin issues as a result of the tremendous blow that the coronavirus outbreak has dealt to these industries. There is additional pressure on regions with strict insulation coating laws, like Europe and North America. There has been a decline in the market for insulation coating globally. The majority of the world's nations are on lockdown, which has halted new construction operations and prevented the consumption of insulation materials. Additionally, due to a lack of both the necessary materials and manpower to complete the installation, the old buildings that are required to get insulated under the new norms and regulations adopted by the local government are also on hold. According to Crisil, the COVID-19 breakout caused a 12–16 percent decline in the Indian construction industry during the current fiscal year. Another element that has had an impact on the insulation coating supply chain is the restriction on transportation and the availability of manpower. While some producers struggle to supply the product, others struggle to reach the raw materials at various points. A few producers lose money because their finished product is ready but can't get to their clients because of transportation restrictions. Therefore, numerous factors impact supply, which concludes that the overall impact of the pandemic was negative on the market.

Recent Development

• In December 2021, Mascoat Ltd. and Verdia, Inc., two privately held suppliers of industrial specialty coatings, are acquired by Arsenal Capital Partners, a wealthy private equity group that specialises in investments in predominantly industrial growth companies.

Global Insulation Coating Market Scope

The insulation coating market is segmented on the basis of type and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Acrylic
• Epoxy
• Polyurethane
• YSZ
• Mullite
• Others

 End User

• Aerospace
• Automotive
• Marine
• Building and construction
• Industrial
• Others

Insulation Coating Market Regional Analysis/Insights

The insulation coating market is analyzed and market size insights and trends are provided by country, type and end user as referenced above.

The countries covered in the insulation coating market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the developing architectural businesses within the region.

Asia-Pacific on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the increasing spending on research and development in the emerging economies in the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Insulation Coating Market Share Analysis

The insulation coating market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to insulation coating market.

Some of the major players operating in the insulation coating market are

• PPG Industries, Inc. (U.S.)
• Jotun (Norway)
• Axalta Coating System (U.S.)
• The Sherwin-Williams Company (U.S.)
• DOW (U.S.)
• Akzo Nobel N.V. (Netherlands)
• Kansai Paint Co., Ltd. (Japan)
• Nippon Paint Holdings Co., Ltd. (Japan)
• Carboline Company (U.S.)
• Sharpshell Industrial Solutions (South Africa)
• Arkem S.A. (France)
• Ashland Inc (U.S.)
• Mapei S.p.A (Italy)
• MUHU (China) Construction Materials Co., Ltd., (China)
• Holcim (Switzerland)
• Mascoat (U.S.)