The insulation coatings market is estimated to be USD 8.5 billion in 2020 and is projected to reach USD 11.3 billion by 2025, at a CAGR of 5.8% between 2020 and 2025. Protection of equipment, pipelines, and other components from harsh environments to make them energy efficient are the major drivers of the global insulation market during the forecast period.
Insulation coating prevents the transfer of heat, sound, or electricity from one surface area to another. These coatings help in personnel protection, saves energy, and contribute to the improvement in the overall process efficiency. They are manufactured using various materials such as acrylic, epoxy, polyurethane, mullite and yttria stabilized zirconia (YSZ).
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Insulation coatings are used in a wide range of applications such as building and construction, to create a heat/electrical barrier in aircraft components, insulating pipelines, storage tanks, engine turbines, marine vessels, industrial equipment, and automobile components.
Expansions, investment, and agreements were the key strategies adopted by the major players to achieve growth in the global insulation coatings market between 2017 and 2020. The major players in the insulation coatings market are AkzoNobel, PPG Industries, Sherwin-Williams Company, Nippon and Kansai.
The impact of COVID-19 pandemic on the insulation coatings market is negative in 2020, due to supply chain disruption, containment restrictions and the fall in demand for insulation coatings. Whereas the demand for insulation coating is expected to increase as the imposed restriction are removed.
The companies have initiated the following developments:
- In September 2020, AkzoNobel acquired Stahl Performance Powder Coatings which will help AkzoNobel to strengthen its position in powder coating industry. AkzoNobel will now have access to new market with thermal sensitive powder coatings which includes UV and thermally curing powders.
- In March 2020, PPG Industries acquired Alpha Coating Technologies, LLC a manufacturer of powder coatings for light industrial applications and heat sensitive substrates. Alpha is engaged in a business of manufacturing and sales of powder coatings for light industrial applications, medium density fibreboard and heat sensitive substrates.
- In April 2019, Nippon Paint Acquired Betek Boya a leading player in the Turkish decorative paint for construction market.
- In April 2019, Nippon Paint acquired Duluc Group Limited a leading player in the decorative paint market in the Pacific region. The value of the transaction was USD 2.85 Billion.
