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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.
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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.
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