Market Synopsis: Thermal Insulation Coating are coatings applied like a paint to a substrate. These coatings are classified into acrylic, epoxy, polyurethane, and yttria stabilized zirconia (YSZ). These coatings possess characteristics exhibit low heat transfer, chemical resistance, inertness when exposed to outdoor conditions and energy saving in industrial applications. Their major role is to increase the life span or durability of a material or any other substrate. They have applications in end use industries such as aviation, automotive, oil & gas, and construction industries.
Thermal Insulation Coating (TIC) also referred as ceramic beads is suitable for application to a surface forms a protective finish and provide resistance to the heat flow, meaning TIC is an effective insulator, providing personal protection from hot surfaces or heat. TIC also provides resistance to the corrosion.
Some of the prominent market factors and trends identified in the Global Thermal Insulation Coating Market include rapid urbanization, rising demand for aircraft carriers, and increasing expenditure on research activities. Moreover, demand for Thermal Insulation Coating is predicted to witness a significant growth over the assessment period due to rapidly developing construction industry. Rising construction activities across the globe is anticipated to be an important driver for Thermal Insulation Coating Market during the review period.
Industry Related News: In, March 29, 2018 - Mascoat (US), a manufacturer of insulating coatings, launched its new TIC product - the WeatherBloc - HRC Coating, a new thermal insulation coating for commercial buildings and metal roofs. WeatherBloc combines thermal insulation with reflective paint to provide dependable thermal protection, even on dirty surfaces or cloudy days, unlike standard reflective rooftop paints.
Segmentation: The Global Thermal Insulation Coating Market is categorized on the basis of type, end use industry, and region. On the basis of type, the market is bifurcated into acrylic, epoxy, polyurethane, yttria stabilized zirconia and others. Based on end use, this product finds its application in aviation, transportation, construction, and other industrial purposes. On the basis of region, the market is categorized into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
Regional Analysis: Geographically, Thermal Insulation Coating Market is segmented across Five Regions in the world namely: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Among these, North America market is expected to grow with the highest CAGR during the review period, 2017 to 2023.
Thermal Insulation Coating market in the US, Canada, and Mexico enjoy augmented demand due to the high adoption rate of the product by the petrochemical producers. Additional factors substantiating the market growth include the presence of large oil & gas reserves in this region, increasing production capacities and high consumption potential. The US, backed by the growth in the production of crude oil is expected to account for the major contributor to the growth of the regional market.
In Europe, Thermal Insulation Coating market is another promising space on the global level. The market is witnessing huge demand for thermal insulation coating especially due to the growing demand from the countries such as Germany, Italy, Spain, France, the U.K, and Russia backed by the increased expenditure in innovation and growing purchasing power of consumers. Furthermore, the presence of major automobile manufacturers specifically in Germany is providing an enormous impetus to the market growth in the region.
Global Players: Some of the top key players operating in the Global Thermal Insulation Coating Market are; The Sherwin-Williams Company (U.S.), PPG Industries, Inc. (U.S.), The Dow Chemical Company (U.S.), Akzo Nobel N.V. (the Netherlands), Kansai Paint Co., Ltd. (Japan), Jotun (Norway), Nippon Paint Holdings Co., Ltd. (Japan), Carboline Company (U.S.), Sharpshell Industrial Solutions (South Africa), and Mascoat (U.S.).
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