Insulation Paints and Coatings are just like other paints and coatings with the added advantage of thermal insulation. Insulation paints and coatings have very low thermal conductivity, which in simple words means they are very poor conductors of heat. Thus, surfaces applied with insulation paints and coatings are extremely inefficient in transferring heat. This property creates great advantages for various industrial, commercial and residential applications. Various products of insulation paints and coatings also have very high radiant head reflectivity and thus, offer protection from intense heat to surfaces that are exposed to the sun for long durations. Due to such unique benefits, the global market for Insulation Paints and Coatings is expected to witness significant growth during the forecast period of 2018-2026 and will reach a market value of US$ 8.04 Bn by 2026.
Insulation Paints and Coatings devices are being adopted by a large number of end users for various applications. Insulation paints and coatings are used to maintain temperature balance in buildings. Insulation paints and coatings are applied to external surfaces, such as building roofs and outer walls, to prevent warming up of internal environment due to their low thermal conductivity. Conversely, in cold climates, insulation paints and coatings application, on interior room surfaces, results in better heat retention in the premises and thus, reduced heat loss to the environment. Thus, insulation paints and coatings, when applied as per climatic conditions, can reduce energy consumption. Energy efficiency guidelines and regulations that intend to mitigate demand growth of energy through efficiency measures are also helping drive demand in the Insulation Paints and Coatings market.
Insulation Paints and Coatings Market: Segmental Analysis & Forecast
Based on type, the acrylic segment will continue to dominate the Insulation Paints and Coatings market in terms of global market share and is expected to account for more than 42% share of the total absolute dollar opportunity in the insulation paints and coatings market by the end of 2026.
Based on base type, the water based segment will lead the global Insulation Paints and Coatings market and is expected to account for an absolute $ opportunity of USD 1.7 billion by 2026 end. Moreover, the demand for powder coating products is also expected to grow at a decent pace during the forecast period. Solvent based insulation paints and coatings are facing market headwinds in the face of environmental regulations and toxicity concerns. However, their lower cost and demand for specific industrial applications will lead them to witness moderate growth, although growth rates are expected to temper down going forward.
Insulation Paints and Coatings Market: Regional Insights
In 2018, Asia Pacific and North America are estimated to be the most lucrative regions in the global Insulation Paints and Coatings market and are likely to account for 61% of the global absolute $ opportunity in the Insulation Paints and Coatings market share. Furthermore, growing urbanization and industrialization and faster adoption of technology in Asia Pacific will present new opportunities in the Insulation Paints and Coatings market. China continues to be a strong market for Insulation Paints and Coatings and robust growth is being witnessed in the South East Asia Pacific region.
Moving forward, from providing Insulation Paints and Coatings through offline channels, manufacturers are now moving to offering products through online ordering systems, with a range of colour options and availability of shipping options across the globe. Akzo Nobel N.V., PPG Industries, Inc., The Sherwin-Williams Company, Nippon Paint Holdings Co., Ltd., Kansai Paint Co. Ltd, Jotun Group, Hy-Tech Thermal Solutions, Highland International, Okitsumo Inc., Nissin Sangyo Co.,Ltd. are some of the key players in the global Insulation Paints and Coatings market.
Long-term Outlook for Insulation Paints and Coatings Market : In terms of market value, the global Insulation Paints and Coatings market is expected to create absolute $ opportunity worth US$ 2.8 Bn during the forecast period. China is likely to witness fastest growing adoption of Insulation Paints and Coatings. The country will grow at a CAGR of 8.2% over the forecast period. The global Insulation Paints and Coatings market is anticipated to witness substantial growth in the forthcoming years. North America and Europe will continue to be the important markets for Insulation Paints and Coatings. However, Asia Pacific region, especially the market for Insulation Paints and Coatings in China, India and South East Asia Pacific, is expected to grow at a considerably faster pace.
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