The rise in demand for advanced and highly-efficient coatings globally is one of the primary factors that are helping in the growth of glass flake coatings market. Glass flake coatings find application in diverse industrial sectors with improved efficiency, which in turn anticipated to increase the growth of the market in the upcoming years. It has been witnessed that the oil & gas segment is expected to hold largest market share during the forecast period. The growth in this segment can lead to the increased use of glass flake coatings in offshore & onshore platforms, pipelines, tanks, submerged surfaces, concrete bunds. The rising investments in this region is building the market growth. By 2022, According to India Brand Equity Foundation (IBEF), India will require investment Rs. 50 trillion (US$ 777.73 billion) across infrastructure sustainable development in the country. This influence the glass flake coatings market growth
According to Data Bridge Market Research the Global Glass Flake Coatings Market is expected to reach USD 2.64 million by 2029 from USD 1.79 million in 2021, growing CAGR of 5% substantially in the forecast period of 2022 to 2029.
“Increasing Demand of Epoxy Facilitate the Market Growth”
Epoxy is an extensively used type of glass flake coatings among the resin types. The demand of epoxy is expected to increase the market growth during the forecast period 2022-2029 because of the high temperature resistance of epoxy glass flake coatings and their increased compatibility with varied substrates that are widely used in a huge range of end-use industries. Hence, this factor increases the market growth.
What restraints the growth of Global Glass Flake Coatings Market?
“Disadvantages of Glass Flake Coatings”
There are several disadvantages of glass flake coatings that play a major role in hindering the growth of the market. These coatings are temperature and pressure dependent; hence, they are suitable for up to 10 bar pressure and for non-flowing or less velocity fluids. It is not suitable for abrasive fluids or slurries. These coatings may cause skin irritation and also it requires recoating intervals. Along with these, it is very costly. Thus, all these factors hinder the growth rate of the market.
Segmentation: Global Glass Flake Coatings Market
The glass flake coatings market is segmented on the basis of resin, substrate and end-user industry.
- Based on resin, the glass flake coatings market is segmented into epoxy, vinyl ester, and polyester.
- Based on substrate, the market is segmented into steel, and concrete.
- Based on end user, the market is segmented into oil and gas, marine, chemical and petrochemical.
Regional Insights: North America is expected to dominate the Global Glass Flake Coatings Market
North America dominates the market because of the rise in marine, chemical, and construction industry within the region. The glass flake coatings market in the region is anticipated to expand at a fast pace compared to other regions. Also, the expansion in the oil & gas industry in these region is boosting the growth.
Asia-Pacific is expected to grow in the forecast period of 2022-2029 because of the high demand from end use industries in the region. The region is likely to continue its growth throughout the forecast period due to the increased expansion in the shipbuilding industry in major developing economies such as India, China, and Singapore. Furthermore, growth in the chemical industry is boosting the glass flake coatings market in Asia-Pacific region. The region also accounted for the largest paints & coatings, in terms of value & volume. Increasing spending in the residential sector and infrastructural developments in India is expected to make this region an ultimate destination for glass flake coatings size.
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Recent Developments in Global Glass Flake Coatings Market
- In 2019, Akzo Nobel launched a performance coatings production facility in Santo Andre, Brazil. With this development, the company will become more alert in responding to local customer needs and regional market demand.
The Prominent Key Players Operating in the Global Glass Flake Coatings Market Include:
- Michelin (France)
- The Goodyear Tyre & Rubber Company (U.S.)
- Continental AG (Germany)
- Bridgestone Corporation (Japan)
- Hankook Tire & Technology Co.,Ltd. (South Korea)
- Pirelli & C. S.p.A (Italy)
- Sailun Group Europe (China)
- LingLong Americas, Inc. (China)
- Crain (U.S.)
- The Yokohama Rubber Co., Ltd. (Japan)
- Petlas (Turkey)
- Balkrishna Industries Limited (BKT) (India)
- Toyo Tire Corporation (Japan)
Above are the key players covered in the report, to know about more and exhaustive list of global glass flake coatings market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Glass Flake Coatings Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
