Global Insulation Paints and Coatings Market Revenue to Reach US$ 8 Bn by 2026

The report covers comprehensive information about market trends, volume (kilo tons) and value (US$ Mn) projections, market dynamics, competition and recent developments in the global insulation paints and coatings market for the study period of 2013 to 2026.

The global insulation paints and coatings market is expected to reach a little over US$ 8 Bn by the end of forecast period, registering a CAGR of 5.7% for the period between 2018 and 2026. Cost savings resulting from improved energy efficiency gains, protection from corrosion under insulation, and the ease of application compared to other forms of thermal insulation are some of the factors expected to lay a robust foundation for the growth of the global insulation paints and coatings market.

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Acrylic Type Insulation Paints and Coatings to Find Extensive Usage across the Globe 

The types of insulation paints and coatings based on core resin component used primarily consist of acrylic, epoxy, polyurethane, alkyd and Yttria-stabilized zirconia. The acrylic segment is expected to dominate the market in terms of value as well as volume during the entire forecast period. Acrylic insulation paints and coatings find extensive usage where the requirement of cost effective and reliable paint application is required. Acrylic paints are generally water-based, non-flammable, and non-toxic with a longer lifespan. These usage characteristics make them preferable for use, primarily in industrial applications.

Among AC electric motor types, induction motors are expected to register 1.1X the growth, driven by synchronous insulation paints and coatings during the study period.

By the end of 2026, the acrylic insulation paints and coatings segment is projected to grow to 1.6X its size in 2018 by value, creating an absolute dollar opportunity of nearly US$ 1.2 Billion during the forecast period.

Water-Based Insulation Paints and Coatings – Growing Demand for Water-Based Products as Countries Tighten Toxicity Regulations

Insulation paints and coatings are widely utilized across many industrial, commercial and residential applications. The base type of insulation paints and coatings can be water based, solvent based or they can be in powder form without the need of a binder solvent. Solvent based paints have chemicals or petroleum oils as the key liquefying agent. These types of solvents contain toxic chemicals which are released into the environment on their application and drying. In order to contain the hazardous impact of solvent based paints on the environment, manufacturers and consumers are being asked by regulatory authorities to go for water based paints which emit lower volatile organic compounds compared to their solvent counterparts. Water based paints are non-toxic, have no harmful odor and environment friendly, which is why they dominate the market for insulation paints and coatings.

The water based segment is projected to grow at a strong rate during the forecast period in view of tightening industrial and consumer safety regulations, and is expected to create an absolute $ opportunity of US$ 1.7 billion between 2018 and 2026.

Usage of Insulation Paints and Coatings in Manufacturing and Building & Construction Sectors to Witness Above Average Growth  

Amongst all end use industries analyzed in this global insulation paints and coatings market study, the manufacturing industry is expected to register about 1.07X growth in terms of value. The buildings & construction industry is also projected to witness strong growth, led by the increasing demand from commercial as well as residential applications. Extreme temperatures in some parts of the world make the use of insulation paints a vital part of energy management plans in industrial and commercial set ups.

In terms of incremental $ opportunity, manufacturing and buildings and construction sectors are expected to compete within close margins. Both the end-use sectors are expected to occupy over a 50% share by value by the end of 2026.

Asia Pacific to Remain High Value – High Growth Region in the Global Insulation Paints and Coatings Market

Increasing industrial production, stable economic conditions and consistent growth in commercial and residential construction activity in the region is expected to demand for insulation paints and coatings market in the region.

The strong manufacturing sector in the region and increasing industrialization and urbanization will create a robust platform for the growth of the insulation paints and coatings market. The Asia Pacific excluding Japan (APEJ) region is expected to grow 1.7X as compared to its size in 2018 and will be followed by North America and Western Europe in terms of value. China, in particular, will lead the growth in the Asia Pacific region with the insulation paint technology gaining wider recognition as compared to the previous years. All the other regions are expected to exhibit moderate growth during the same period.

Collectively, APEJ and North America are projected to create an absolute dollar opportunity of more than US$ 1.7 Billion during the forecast period.

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Insulation Paints and Coatings Market – Competitive Landscape

The global insulation paints and coatings market is fragmented, with no single market player holding a substantial enough market share so as to dominate the sector. Globally, the top 10 players in the market collectively hold between 30% and 40% of the market share.

In the recent past, the insulation paints and coatings market has witnessed significant developments from the competition perspective. New product launches, expansions, acquisitions and collaborations are some of the key preferred strategies opted by key players to expand and sustain in the global insulation paints and coatings market.