Global Insulation Coating Materials Market to Surpass $ 12 Billion by 2024
Prevention of corrosion under insulation (CUI) and stringent regulatory policies to boost global insulation coating materials market through 2024
According to TechSci Research report, "Global Insulation Coating Materials Market By Type, By End-User, By Region, Competition, Forecast & Opportunities, 2024", the market for insulation coating materials, globally, is projected to reach $ 12.6 billion by 2024, on account of prevention of corrosion under insulation (CUI) and stringent regulatory policies. However, relatively higher price of coating formulations is anticipated to hinder market growth during forecast period.
Global insulation coating materials market has been categorized into type, end-user and region. Of all the end-user segments, marine industry is anticipated to account for the highest CAGR in global insulation coating materials market during the forecast period. Surface protection and energy savings are the major challenges for the marine industry. Furthermore, the marine environment is also prone to corrosion, owing to high moisture content. However, insulation coating materials offer a solution to these problems, as they are used to provide a thermal barrier and anti-condensation capabilities for shipboard construction. APAC is witnessing increasing investments in shipbuilding and naval marine production. The growth of the APAC marine (shipbuilding) industry is attributed to low-cost labor, strong government support and developed business environment in the region. This region is one of the most promising markets for insulation coating materials, owing to the growth in emerging economies such as China, Indonesia, Malaysia and India.
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“Among the types of insulation coating materials, mullite-based insulation coating materials possess low density and superior thermal stability and can be used in severe chemical environments. These coatings have a low thermal conductivity, favorable strength, and slithering movement. These types can be an alternative to YSZ-based thermal insulation coating materials, as they have a lower thermal expansion coefficient and higher thermal conductivity as compared to the YSZ-based coatings.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Insulation Coating Materials Market By Type, By End-User, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global insulation coating materials market and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in global insulation coating materials market.
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