30-Nov-2022 | Zion Market Research
The global insulating paints and coatings market size was worth around USD 9 billion in 2021 and is predicted to grow to around USD 13.75 billion by 2028 with a compound annual growth rate (CAGR) of roughly 5.85% between 2022 and 2028.
Insulating paints and coatings are a result of new technology developed to enhance thermal insulation offered by surfaces. They are different in characteristics as compared to traditional paints. Although insulating coatings are used as decorative items, the main purpose is to improve energy efficiency and reflect as much heat radiation as possible.
These chemicals consist of high glass and ceramic microspheres that exhibit high thermal insulation along with low thermal conductivity. In most cases, insulating paints are applied to interior walls but in recent times, exterior insulating materials have also gained a high adoption rate. In the current modernized world, it is important to have structures that are made with insulating materials like coating or paints to prevent the structure from losing heat during low-temperature climates and heat retention during hot weather.
The R-value is an indication of insulation strength and insulating paints help to increase this value which directly translates to the performance level of the coating. The R-value is directly dependent on the thickness of the product and inversely proportional to the cross-sectional area and thermal conductivity. Thermal coatings are either semi-liquid or liquid that is suitable for application on surfaces that are 30 mils or less per coat.
The global insulating paints and coatings market is projected to grow owing to the increasing need for energy efficiency during current times in which energy consumption is at an all-time high and is projected to grow even further with rampant industrialization and urbanization of places.
The growing population, and rise in the number of commercial businesses along with residential places will further drive the demand for a constant supply of energy. The majority of the globe currently runs on non-renewable sources to generate the required energy.
There is a growing awareness amongst consumers about the future of energy availability given the pace it is currently being consumed which has resulted in demand for the adoption of different ways that can help improve energy efficiency and reduce energy wastage. Insulating paints and coating offer excellent ways of trapping heat energy as per requirement and are currently being heavily advertised across territories and increasing consumer databases. The global market is anticipated to benefit from the rising applications of these coatings in the space industry that exhibits the highest heat loading owed to the friction face when space shuttles re-enter the Earth’s atmosphere.
However, there may be certain roadblocks in the way. One of the major factors that could impact the growth trajectory is the presence of low-grade or fraudulent products in the market. Companies are also known to deceive consumers by promoting paints or coating materials as insulative. The Federal Trade Commission has ceased various companies on account of false advertisements.
Growing innovation may attract a larger consumer database in the global market but stringent government regulations could challenge the addition of new players in the coming years.
The global insulating paints and coatings market is segmented into end-use, material type, end-user, and region
Based on material type, the global market is divided into epoxy, acrylic, mullite, yttria-stabilized zirconia, polyurethane, and others. In 2021, the global market saw the highest rise in the acrylic segment. BPS, a building finishing service provider, is known for manufacturing water-soluble acrylic insulating paints. Traditional paints are known to reflect around 49% of the total heat whereas the company manufactures paints that can reflect up to 97% of the heat.
Based on end-user, the global market is divided into aerospace, electrical, marine, building & construction, and others. In 2021, the building & construction segment generated the highest revenue in the global market due to the high utilization of the product to paint over the interior of housing units along with exterior or building or construction sites. Growing demand for energy-saving in commercial and residential centers may help the segment generate more consumers during the next few years. As estimated, a good distribution of thermal coating or paint across the wall is capable of saving up to 40% of energy in heating or air-conditioning.
Asia-Pacific is projected to grow at the highest rate in the global insulating paints and coatings market. China could contribute heavily to regional growth owing to the expansive chemical industry of the country which currently dominates the global market. The presence of skilled laborers at low cost and the presence of raw materials in large amounts may also act as a driving factor.
Growth in North America may be propelled by the gigantic oil & gas sector of the economy. As this sector is highly prone to corrosion, insulating coatings are most in demand to help tackle this concern.
The global insulating paints and coatings market is dominated by players like PPG, General Coatings Manufacturer Corp, Nippon Paints, Henry Company, Axalta Coating System, and others.
This review is based on a report by Zion Market Research, titled “Insulating Paints And Coatings By End-Use (Exterior, Interior, and Others), By Material Type (Epoxy, Acrylic, Mullite, Yttria-Stabilized Zirconia, Polyurethane, and Others), By End-User (Aerospace, Electrical, Marine, Building & Construction, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.”- Report at https://www.zionmarketresearch.com/report/insulating-paints-coatings-market
The global insulating paints and coatings market is segmented as follows
By Material Type
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