Global Thermal Insulation Coating Market to Grow at a CAGR of 6.67% During 2024-2032, Driven by the Rising Research and Development Activities

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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Market Analysis by Product, Application, and Region:

• The market, on the basis of product, can be divided into acrylic, epoxy, polyurethane, yttria stabilised zirconia (YSZ), and mullite.
• Based on application, the industry can be divided into building and construction, automotive and transportation, aerospace and defence, manufacturing, and others.
• The regional markets for thermal insulation coating include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The growing demand for energy-efficient solutions is driving the growth of the thermal insulation coating industry.
• The rising investments in research and development activities to produce coating solutions that are safe and offer reduced heat loss are also aiding the market growth.
• The heightened use of thermal insulation coating solutions in the manufacturing and automotive sectors is driving the market growth.
• The rapid technological advancements are expected to provide significant growth opportunities to the market.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for thermal insulation coating for the periods (2018-2023) and (2024-2032).
• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the products, applications, and regions of thermal insulation coating.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

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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