Insulation coating materials provide thermal barrier and anti-condensation capabilities. They reduce heat transfer between critical components in marine, automobile, aviation, energy, and building & construction sectors. Additionally, insulation coating materials prevent corrosion, thermal fatigue, warping, and melting of critical engineering components.
Global Insulation Coating Materials Market: Trends & Developments
Rise in demand for improved and novel products in the industrial sector is directly boosting the insulation coating materials market. High growth and innovation in paints and coating industry, along with industry consolidations, are projected to drive the insulation coating materials market during the forecast period. Solvent-based insulation coatings are a source of Volatile Organic Compounds (VOCs), which are hazardous to the environment. Governments of various countries have enacted stringent regulations on the release of VOCs in the atmosphere. This is a major factor restraining the insulation coating materials market. Insulation coating materials are not as effective in providing thermal insulation as tradition insulation materials such as wood, foam, glass fiber, asbestos, mineral wool, and cork. High cost associated with the formulation of insulation coating materials compared to traditional insulation materials is hampering the global insulation coating materials market.
Global Insulation Coating Materials Market: Segmentation
Based on type, the global insulation coating materials market can be segmented into acrylic, polyurethane, epoxy, mullite, and others. Acrylic coatings are user-friendly and easy to apply. They are suitable for applications in temperatures up to 150ºC. Acrylic-based insulation coating materials are ideal replacements for conventional insulation materials. They are being increasingly used in various industries owing to the ease of maintenance and their ability to prevent corrosion under insulation (CUI). Mullite-based insulation coating materials possess low density, low thermal expansion co-efficiency, low thermal conductivity, and high thermal stability. They can be used in severe chemical environments. Mullite-based insulation coatings are well suited for providing insulation to turbine and diesel engine applications, which are subject to large temperature variations. The mullite segment is expected to expand at a rapid pace during the forecast period.
Global Insulation Coating Materials Market: Regional Outlook
In terms of region, the global insulation coating materials market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific dominated the insulation coating materials market, led by the rapid growth in marine and aerospace industries in the region. In terms of value and volume, the market in Asia Pacific is projected to expand at a faster pace than that in other regions, owing to the high demand for insulation coating materials from China and India. China is the largest market for insulation coating materials across the globe. In terms of demand, the paints & coatings industry accounts for prominent share of the market in China. The insulation coating materials market in India is projected to expand at a healthy pace during the forecast period. Indonesia, Vietnam, and the Philippines are other key countries of the insulation coating materials market in Asia Pacific. The insulation coating materials market in North America is expected to expand at a rapid pace during the forecast period owing to the high demand for insulation coatings in the energy sector in the region. The insulation coating materials market in Europe is anticipated to expand at a moderate pace in the near future owing to the sluggish economy in the region.
Global Insulation Coating Materials Market: Key Players
Key players operating in the global insulation coating materials market are Akzo Nobel N.V., Nippon Paint (India) Company Limited, The Sherwin-Williams Company, Mascoat, Kansai Paint Co., Ltd., Jotun, PPG Industries, Inc., Axalta Coating Systems, LLC, Delta T & Protective Products, General Coatings, Coolshield International Pty Ltd., EXCEL ENTERPRISE, and Cabot Corporation.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.