Feb 16,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Insulation Coating Materials Market.
It was estimated prior to this unanticipated outbreak that the Insulation Coating Materials Market was expected to grow at a CAGR of 7.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Components are coated with different materials for functional purpose. Coating protects components from harmful environmental effects. Insulation coating is a material which is used to block the heat radiation by using a broad spectrum thermally reflective coating. Insulation coating is applied to many components in different industries, such as aerospace, automotive, marine, building & construction, and industrial.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the product type, the market is segmented as acrylic, epoxy, polyurethane, YSZ, and mullite. The acrylic segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. Acrylic coatings are applied with user-friendly spray equipment and are suitable for applications up to temperature 150ºC. Growth in industrialization and expanding manufacturing sector will fuel the demand for acrylic coatings for insulation.
Based on the end-use industry type, the market is segmented as aerospace, automotive, marine, building & construction, industrial, and others. The marine end-use industry segment is likely to have the highest growth during the forecast period, as it provides corrosion resistance to in highly corrosion prone marine environment.
In terms of regions, Asia-Pacific is estimated to be the largest as well as fastest-growing market for insulation coating materials during the forecast period, with India, China and Australia being the major countries with lucrative growth opportunities, owing to growing industrialization in these emerging economies. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
Some of the major insulation coating material manufacturers are-