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Global Thermal Insulation Coating Market to Grow at a CAGR of 6.67% During 2022-2027, Driven by the Rising Research and Development Activities

According to a new report by EMR titled, ‘Global Thermal Insulation Coating Market Report and Forecast 2022-2027’, the market attained a value of more than USD 8.58 billion in 2021. The industry is further expected to grow at a CAGR of 6.67% in the forecast period of 2022-2027 to reach a value of over USD 12.64 billion by 2027.

The increased investments in the development of improved thermal insulation coating solutions have been aiding the market growth. The growing building and construction activities are also driving the market as these solutions are widely utilised in the sector owing to their favourable properties, including reduced energy consumption. Moreover, thermal insulation coating solutions are widely used in the automotive sector for coating external surfaces and rooftops to control vehicle cabin temperatures. With the rise in the production of automobiles, the market is expected to expand at a robust pace. Additionally, growing innovations like the introduction of water-based and powder coatings, UV reflective coatings, and others are leading to the market growth.

The growing efforts by the key players to develop efficient thermal insulation coatings for various end use sectors are projected to aid the market growth. For instance, in February 2021, PPG Industries, Inc (NYSE: PPG), a global supplier of paints, coatings, and speciality materials, launched its new PPG HI-TEMP 1027™HD coating to provide ambient-cure coating to deal with corrosion-under-insulation applications in North America. Such developments are expected to positively impact the growth of the thermal insulation coating industry in the forecast period.

Market Analysis by Product, Application, and Region:

  • The market, on the basis of product, can be divided into acrylic, epoxy, polyurethane, yttria stabilised zirconia (YSZ), and mullite.
  • Based on application, the industry can be divided into building and construction, automotive and transportation, aerospace and defence, manufacturing, and others.
  • The regional markets for thermal insulation coating include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The growing demand for energy-efficient solutions is driving the growth of the thermal insulation coating industry.
  • The rising investments in research and development activities to produce coating solutions that are safe and offer reduced heat loss are also aiding the market growth.
  • The heightened use of thermal insulation coating solutions in the manufacturing and automotive sectors is driving the market growth.
  • The rapid technological advancements are expected to provide significant growth opportunities to the market.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for thermal insulation coating for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the products, applications, and regions of thermal insulation coating.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global thermal insulation coating market are Evonik Industries AG, Akzonobel N.V., Carboline Company, Nippon Paint Holdings Co., Ltd., and Kansai Paint Co., Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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