Thermal Insulation coatings are applied to different surfaces to form a protective finish and provide resistance to heat. It has low conductivity towards heat which reduces heat loss in various equipments, thus improving their performance. Five different types of coatings have a decent growth in market - Acrylic, Epoxy, Polyurethane, Mullite and Yttria Stabilized Zirconia (YSZ). The ceramic topcoat which creates the largest thermal gradient is usually composed of YSZ and also protects the lower layers. Developments in manufacturing, automobile, industrial sectors and nanotechnology are expected to influence the market positively.
Moreover, increase in demand from aerospace, defense, marine and transportation will also support the growth of thermal insulation coatings. Increasing production of automobiles in Asia-Pacific region has driven the thermal insulation coatings market globally and will continue to drive its demand till 2025. Other major regions such as North America and Western Europe are expected to grow at steady pace. The need of energy efficient equipments with improved performance and low operating cost are the major driving factors for the market.
Here are some major thermal insulation coatings manufacturers:
The market of thermal insulation coatings was xx kilo tons in 2022. The market witnessed a growth rate of xx% majorly driven by several factors such as energy efficiency regulation, new product development and growing consumption of insulating coatings in manufacturing sector to save energy and lower operating cost. Additionally, adoption of eco-friendly and sustainable material is further driving the market of thermal insulation coating as it contains low-volatile compounds thereby reducing carbon footprint.
In terms of demand by type, acrylic dominated the market of thermal insulation coatings globally in 2022. Acrylic-based thermal insulation coating prevents the penetration of heat or cold through coated surface of roofs, plastered walls, storage tanks and pipelines. Growing demand for water-based coating owing to its eco-friendly nature, flexibility and UV resistant properties is driving the market of acrylic coating globally.
By end-use industry, construction accounted for the significant demand of global thermal insulation coating in 2022 which translated to be xx%. The demand of energy saving buildings is fuelling the growth of thermal insulation coating. It is used in several areas including exterior wall insulation where it reduces the heat transfer and the need for excessive heating and cooling. This leads to improved efficiency and lower utility cost. Other applications of thermal insulating coating in construction includes roofs, attic, concrete & masonry surfaces, windows & glass, piping & plumbing etc.
Asia-Pacific dominated the thermal insulation market in 2022. The robust transportation, industrial and construction industries in the region is driving the market of thermal insulation coating. The fast-growing manufacturing sector of Asia-Pacific is driving the market of thermal insulation coatings in the region. For example, the exports from manufacturing sector of India witnessed a growth of 6.03% in 2023 to reach around USD 447 billion from USD 422 billion in 2022. Driven by innovation in technology and digital transformation, the manufacturing industry of India is steadily going forward towards automated and process-driven manufacturing to improve and production efficiency.
In transportation industry, TIC is used in aircraft fuselage, aircraft engines, exhaust system, engine components, interior panels, underbody, floor pan, roof and ceiling and interior panel of automotive, interior vessel, pipes, tanks, and equipments of boats and ships. Rising production of automotive, growing per capita income and growing industrialisation are some of the major factors driving the automotive industry in the region. China is the largest market for automotive in terms of vehicle production and annual sales in the world. The sale of passenger vehicles in the country grew by year-on-year growth of 7.1% in 2021 to reach around 21 million units in 2021. The country’s vehicle production is poised to reach around 35 million units by 2025.
The Chinese automotive industry transforming owing towards light weight and new energy vehicles on the back of energy conservation and emission reduction targets. It is estimated that the production of new energy vehicles passenger cars will reach around 21 million units by 2030. Additionally, the market share of battery electric vehicles in the total passenger vehicle production is estimated to grow to 58% by 2050. Various government incentives are promoting the production of electric vehicles in China. For example, the government of China announced in June 2023, about tax incentive package of USD 72.3 Billion for the span of 4 years. This incentive will promote the sale of NEVs in the country.
Need help
How can we help you?
Reach us with your research requirements and we shall provide the optimum solution to suit your needs.