Insulating Paints & Coatings Market: Thermal Barriers
- Insulating paints and coatings are used to protect surfaces from excessive heat, sound, and UV radiation. They form a thermal barrier to the outer environment; offer low thermal conductivity; and block heat radiation.
- Insulating paints and coatings offer several advantages such as reduction in carbon emissions, improvement in energy efficiency, and resistance to mold, chemicals, abrasion, and precipitation, corrosion prevention, and protection from extreme environments. Surfaces coated with insulating paints and coatings limit the heat transfer and offer protection from exposure to the sunlight. They also provide soundproofing effect and reduce noise pollution.
- Insulting paints and coatings balance temperature of outer walls and roofs of a building by preventing heat transfer. In cold climates, they retain the heat inside and maintain warmness in a house. These paints and coatings minimize the energy consumption and maintain the temperature in buildings balanced.
- Strict environment-related regulations and rising prices of raw materials are key restraints of the global insulating paints & coatings market
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Key Drivers of Global Insulating Paints & Coatings Market
- Increasing demand for insulating paints and coatings in several end-use industries such as automotive, building & construction, marine, and aerospace in order to achieve substrate protection and energy efficiency is driving the global insulating paints & coatings market.
- Corrosion is a major issue faced by various industries such as oil & gas, marine, chemical, and building & construction. Insulating paints and coatings offer protection from moisture and thereby, from corrosion.
- Increasing energy consumption across the globe has led to rise in regulations related to energy efficiency. This is anticipated to boost the demand for insulting paints and coatings in various end-use industries. High energy consumption by residential and commercial buildings is responsible for high carbon emissions. This causes the greenhouse effect. Insulating paints and coatings are used to minimize the energy consumption and reduce the level of carbon emissions.
- Demand for sustainable building products has been rising in developing countries as well. The UN Environment is working with countries in Asia Pacific to pursue sustainable growth that catalyzes efficient use of natural assets in the region; reduces degradation of the environment; and offers social and economic benefits to people in the region.
- Growth of the insulating paints & coatings market can be attributed to rise in investments by key players in expansions, and mergers and acquisitions, and development of efficient and cost-effective products.
Acrylic Segment to Witness Lucrative Opportunities
- Based on product, the global insulating paints & coatings market can be classified into: acrylic, polyurethane, epoxy, ceramic, and others
- Acrylic is anticipated to be the dominating segment of the global insulating paints & coatings market in the next few years. This dominance can be attributed to growing use of acrylic resins in automotive, roof coating, wall coating, and construction applications.
- Acrylic-based insulating paints and coatings are used to replace the conventional insulating materials, due to their suitability with higher temperatures.
- Growing manufacturing industry and increasing industrialization are anticipated to propel the global demand for acrylic-based insulating paints and coatings during the forecast period
Significant Opportunity in Marine Industry
- Based on end-use industry, the global insulating paints & coatings market can be divided into aerospace, automotive, marine, building & construction, oil & gas, chemical, and others
- Marine is expected to be the leading segment of the global market during the forecast period, followed by building & construction and oil & gas segments. Growth of the marine segment can be attributed to the increasing demand for protection from corrosion and heat.
- Insulating paints and coatings are likely to gain significant momentum in the near future, due to increasing demand from the building & construction industry. Increasing construction of commercial buildings and rising demand for energy efficiency are driving the demand for thermal protection and prevention of corrosion through insulation.
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Asia Pacific to be a Key Market for Insulating Paints and Coatings
- In terms of region, the global insulating paints & coatings market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The insulating paints & coatings market in Asia Pacific is likely to expand rapidly in the next decade. Rapidly growing economies in the region including China, India, and Japan are likely to offer lucrative opportunities to the market in the region during the forecast period.
- Asia Pacific is anticipated to be the leading market for insulating paints and coatings in the next few years. Increasing number of buildings, growing automotive industry, and rising industrialization are some of the key factors driving the market in the region.
- Insulating paints and coatings is likely to be a material of choice for manufacturers as well as consumers in Asia Pacific during the forecast period, as they help reduce carbon emissions and energy consumption. Also, they are eco-friendly. Major investment in the upcoming expansion of insulating paints and coatings facilities is projected to take place in Asia Pacific, due to favorable political framework and rising urbanization in the region.
- Regulations imposed on the building & construction industry in the U.S. and Canada are driving the use of sustainable building components. This drives the demand for insulating paints and coatings.
Key Manufacturers Operating in Global Market
High degree of competition exists among market players operating in the global insulating paints & coatings market. The market is dominated by a few major players and it is moderately consolidated. Key manufacturers operating in the global market are:
- PPG Industries Inc.
- The Sherwin Willams
- AkzoNobel N.V.
- Nippon Paints
- RPM International Inc.
- Axalta Coating Systems
- BASF Coatings
- Kansai Paints Co. Ltd.
- Asian Paints
- Berger Paints India Limited