Insulated Paint Market size is forecast to reach $14.5 billion by 2025, after growing at a CAGR of 7.8% during 2020-2025. With rise in need for energy saving, the Insulated Paint market is witnessing an increase in demand. Growing public interest towards sustainable and environment-friendly products will further enhance the overall market demand for Insulated Paint during the forecast period, as these paints are water based and thus are non-toxic.
By Product – Segment Analysis
Polyurethane holds the largest share in the Insulated paint market. It helps to formulate automotive coatings with higher gloss and excellent finish. The growth of polyurethane resin is backed by its excellent resistance to UV rays, chemicals, and corrosion. The polyurethane resin-based coating also offers superior durability, thereby, lowering maintenance requirements significantly. Dow Chemical is expected to provide reactive PU plasticizers, which are considered to be useful for polyurethane moisture curing adhesives used in automotive glass bonding. Polyurethane wide range of automotive coating products portfolio ranges from automotive OEM & luxury vehicles coatings to commercial, agricultural, defense & plastic layers.
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End User – Segment Analysis
Marine industry holds the largest market share in the Insulated paints market as, Energy savings and surface protection are the key challenges for the marine industry. The marine environment is prone to corrosion due to high moisture content, insulation paints are used to provide a thermal barrier and anti-condensation capabilities for shipboard construction. Insulating paint is said to consist of honeycomb or ceramic hollow balls, which don’t just slow down the heat transfer through the walls but actually stops it all together. Therefore, the heat has no choice but to go back into the room. Insulation paints used in the marine are water-based, one-part coating comprised of air-filled particulates held in suspension by an acrylic binder. It applies like paint and is maintenance-free, providing a thermal barrier and anti-condensation capabilities for shipboard construction.
Geography – Segment Analysis
APAC dominated the Insulated Paint market with a share of more than x%, followed by North America and Europe. This region has emerged as the largest consumer of insulation coating materials, owing to the growth in the demand in countries such as China, Japan, India, South Korea, and Australia. The growing industrialization in these countries is expected to drive the market for insulation coating materials in the region during the forecast period. With major economies such as China & India in this region, a lot of business of these countries goes through their sea ports or by using Marine, so they are the major markets for Insulating Paints because as they are the largest importers in the APAC region.
Drivers – Insulated Paint Market
Prevention of Corrosion Under Insulation (CUI)
Insulation coating materials can be applied to areas with complex geometries where it is difficult for the traditional insulation to be used. CUI is one of the major issues in traditional insulation. For instance, in an oil refinery, where the crude oil is converted to petroleum, plastics, and other products, a large number of process units are interlinked by a network of pipelines. These pipes are insulated to prevent heat loss and increase the efficiency of the process. Alkaline or acidic corrosion results when an alkali or acid and moisture, are present in certain fibrous or granular insulations. For hot service above 250o F, most of the water is driven off.
Implementation of Stringent Environment Regulations
Governments stringent regulations towards environmentally friendly will further enhance the overall market demand for Insulated Paint market, as insulated paints are water-based paints. So, they are ecofriendly in nature. Water based paints are water soluble, but become water-resistant when dry. Water based paints dry more quickly and are more elastic then oil-based paints. They are more suitable for application on wood because they allow the wood to shrink and expand without letting cracks occur. Generally, they need more layers to be fully opaque compared to oil paints.
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Challenges – Insulated Paint Market
Impact of Covid-19
The rapid spread of coronavirus has had a major impact on global markets as, major economies of the world are completely lockdown due to this pandemic. Because of this major lockdown, suddenly all the consumer market has started to show zero interest towards purchasing more Insulating paints. One of the major difficulties, market is facing are the shutdown of all kinds of transportation. Global crisis for all sectors including shipping, which was hit by slowing demand in goods’ production and exports had slowdown the market for Insulating paints.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Insulated Paint market. In 2019, the market of Insulated Paint has been consolidated by the top five players accounting for xx% of the share. Major players in the Insulated Paint Market are The Sherwin Willams, AkzoNobel N.V., PPG Industries Inc., Asian Paints, Nippon Paints, Kansai Paints Co Ltd., Berger Paints India Limited, among others.
In July 2018, AkzoNobel opened a new coatings facility in Kenya with warehousing for the company’s marine, protective, and powder coatings. This expansion will act as a gateway for the company to the entire East Africa.
In June 2017, The Sherwin-Williams Company acquired Valspar Corporation (US). According to Valspar, shareholders received USD 113 per share in cash. This has helped the company strengthen its brand portfolio and expand its product range and global footprint.
In July 2017, PPG acquired The Crown Group, a US-based coatings application services business, from High Road Capital Partners and Charter Oak Capital Partners. This acquisition will enhance PPG’s ability to cater to its customers, including OEM.
Asia-Pacific dominates the Insulated Paint market as, this region has emerged as the largest consumer of insulation coating materials.
Insulated paints are a type of paint that blocks the transfer of heat through walls and reduces unwanted radiant heat loss and heat gain into a structure, which is likely to aid in the market growth of Insulated Paints.
Increasing adoption of sustainable and environment friendly products, implementation of stringent government regulations will increase the market demand for Insulated Paint in the near future.
Changing Product Specifications in High Heat Applications will create small hurdles for the Insulated Paint market.
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