Market Size of Thermal Insulation Coatings Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Thermal Insulation Coatings Market Analysis
The thermal insulation coatings market is expected to record a CAGR of more than 5.5% during the forecast period (2022-2027).
The COVID-19 pandemic had negatively impacted the market. However, the market has now been estimated to have reached pre-pandemic levels.
- Major factors driving the market studied are the construction of new refineries and increasing demand in the construction industry.
- Increasing demand from the marine industry is expected to act like an opportunity for the market.
- Asia-Pacific dominated the market across the world, with the largest consumption from countries such as China and India.
Thermal Insulation Coatings Industry Segmentation
Thermal insulation coatings have a broad range of use. They can actually reduce temperatures across the medium in either direction. That is, they can actually keep heat in like insulation. The thermal insulation coatings market is segmented by resin and end-user industry. By resin market is segmented by acrylic, epoxy, polyurethane, yttria-stabilized zirconia, and other resins, and in terms of end-user industry segmentation is done in terms of building and construction, industrial/manufacturing, automotive, marine, and other end-user industries. The report also covers the market size and forecasts for the thermal insulation coatings market in 15 countries across major regions. The report offers market size and forecasts for thermal insulation coatings in terms of revenue (USD million) for all the above segments.
| Resin | |
| Acrylic | |
| Epoxy | |
| Polyurethane | |
| Yttria-Stabilized Zirconia (YSZ) | |
| Other Resins |
| End-user Industry | |
| Building and Construction | |
| Industrial/Manufacturing | |
| Automotive | |
| Marine | |
| Other End-user Industries |
| Geography | |||||||
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Thermal Insulation Coatings Market Size Summary
The thermal insulation coatings market is poised for significant growth, driven by the construction of new refineries and increasing demand within the construction industry. The market, which experienced setbacks due to the COVID-19 pandemic, has rebounded to pre-pandemic levels. A key opportunity for expansion lies in the marine industry, which is expected to contribute to the market's growth. The Asia-Pacific region leads the global market, with China and India being the largest consumers. The industrial segment, encompassing oil and gas, petrochemicals, chemicals, and refineries, is anticipated to dominate the market due to the critical need for heat energy conservation in these high-temperature operating environments.
China's rapid architectural expansion and its significant role in the Asia-Pacific coatings production underscore its importance in the thermal insulation coatings market. The country's ambitious construction plans, including the development of megacities and investments in the aerospace sector, are expected to drive market growth. Despite potential challenges such as the Evergrande debt crisis, the demand for thermal insulation coatings in China is projected to increase. The market is partially consolidated, with major players like AkzoNobel NV, Dow, Jotun, Nippon Paint Holdings Co. Ltd, and PPG Industries Inc. actively shaping the competitive landscape.
Thermal Insulation Coatings Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Construction of New Refineries
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1.1.2 Increasing Demand in the Construction Industry
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1.2 Restraints
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1.2.1 High Capital Requirement
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1.3 Industry Value-Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION
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2.1 Resin
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2.1.1 Acrylic
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2.1.2 Epoxy
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2.1.3 Polyurethane
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2.1.4 Yttria-Stabilized Zirconia (YSZ)
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2.1.5 Other Resins
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2.2 End-user Industry
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2.2.1 Building and Construction
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2.2.2 Industrial/Manufacturing
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2.2.3 Automotive
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2.2.4 Marine
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2.2.5 Other End-user Industries
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2.3 Geography
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2.3.1 Asia-Pacific
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2.3.1.1 China
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2.3.1.2 India
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2.3.1.3 Japan
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2.3.1.4 South Korea
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2.3.1.5 Rest of Asia-Pacific
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2.3.2 North America
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2.3.2.1 United States
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2.3.2.2 Canada
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2.3.2.3 Mexico
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 United Kingdom
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2.3.3.3 Italy
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2.3.3.4 France
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2.3.3.5 Rest of Europe
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle East & Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 South Africa
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2.3.5.3 Rest of Middle East & Africa
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Thermal Insulation Coatings Market Size FAQs
What is the current Thermal Insulation Coatings Market size?
The Thermal Insulation Coatings Market is projected to register a CAGR of greater than 5.5% during the forecast period (2024-2029)
Who are the key players in Thermal Insulation Coatings Market?
AkzoNobel NV, Dow, Jotun, Nippon Paint Holdings Co. Ltd and PPG Industries Inc are the major companies operating in the Thermal Insulation Coatings Market.
