COVID-19 Impact on Global Thermal Control Paints Market
- On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 214 countries and territories around the world.
- Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
- The outbreak of the COVID-19 pandemic has led to disturbance in the supply chain due to the global lockdown in several countries. Also, the spread of coronavirus caused a fall in demand for chemical intermediates due to uncertainty in the global economy and capital markets.
- Large numbers of major chemicals-producing & consuming countries observed significant variation in demand for thermal control paints in end-use industries such as automobiles and aerospace & defense due to the pandemic
Key Drivers and Restraints of Thermal Control Paints Market
- Demand for thermal control paints is expected to increase at a significant pace during the forecast period due to growth in usage of these paints in various industries such as automotive, aerospace & defense, electronic products, and automotive. Furthermore, rise in demand for thermal control paints technology in the aerospace industry for bombers & fighters, tanks, and helicopters is likely to boost the market in the next few years.
- High product cost is expected to hamper the global thermal control paints market
Thermal Control Paints Market: Application Segment
- Based on application, the thermal control paints market can be divided into aerospace & defense, automotive, building & construction, marine, stationary power plant, and others
- The aerospace & defense segment is expected to dominate the global thermal control paints market during the forecasted period owing to the rise in need for gas turbines in the aviation industry. Additionally, rapid rise in air passenger traffic throughout the world puts enormous pressure on the aviation sector to build new planes. Thus, increase in demand for aero-engines and turbines, which enhances the demand for thermal control paints, is propelling the segment.
North America to Hold Leading Share of Global Thermal Control Paints Market
- In terms of region, the thermal control paints market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America is expected to hold major share of the global thermal control paints market, followed by Asia Pacific and Europe, during the forecast period
- Demand for automobiles is increasing in North America owing to the growth in disposable income of middle-class families in the region. Additionally, penetration of e-vehicles in the region is expected to drive the demand for thermal control paints. This rise is majorly ascribed to the large presence of major aircraft manufacturers in the U.S. focusing on advanced technologies. Increase in budgets in the military & defense sector is also likely to boost the market in the U.S.
Key Manufacturers Operating in Global Thermal Control Paints Market
The thermal control paints market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the thermal control paints market include:
- IQ Glass
- Glas Trosch Holding
- AkzoNobel NV
- Nippon Paint Holdings Co. Ltd
- PPG Industries Inc
Thermal Control Paints Market: Research Scope
Thermal Control Paints Market, by Type
Thermal Control Paints Market, by Product
Thermal Control Paints Market, by Application
- Aerospace & Defense
- Building & Construction
- Stationary Power Plant
Global Thermal Control Paints Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Thermal Control Paints Market: Introduction
- Thermal control paint is a highly advanced or cutting-edge protective layer that helps insulating devices operate at very high temperatures. It is a material that runs on surfaces at higher temperatures, generally as a type of exhaust heat control.
- It is more durable and has very high heat-deflection temperature
- Thermal control paints possess poor thermal conductivity, which means that when exposed to heat flow, these paints experience a wide temperature differential. Thermal control paints are used to reduce the heat produced by turbines. They help improve turbine performance and production, thus boosting the productivity of companies that use turbines.
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