Thermal Insulation Coatings Market size is forecast to reach $8,880.3 million by 2025, after growing at a CAGR of 6.3% during 2020-2025. Globally, the demand for the market is estimated to increase from the industrial, automobile, defense & aerospace, building & construction end-use industries due to the growing use of heat insulation solutions and low conductivity and high coefficient properties of thermal insulation coatings. Furthermore, government initiatives and regulations to improve the manufacturing sector and increase the use of energy saving and eco-friendly products will increase the size of the thermal insulation coating market in forecast time frame. Hence, the following factors will overall increase the growth of the thermal insulation coatings industry over the forecast period.
The report Thermal Insulation Coatings Market– Forecast (2020-2025), covers an in-depth analysis of the following segments of the Thermal Insulation Coatings Industry.
By Raw Material: Pure Metals, Metal Alloys, Hard Metals, OxideCeramics, Plastics, Cermets, Composites, and Blended Materials
By Type: Acrylic, Polyurethane, Epoxy, Yttria Stabilized Zirconia, and Others
By Process: HVOF (High Velocity Oxy-Fuel Spraying), Combustion Flame Spraying, Plasma Spraying, Vacuum Plasma Spraying, Two-Wire Electric Arc Spraying, and Others
By Fillers Type: Obstructive Thermal Insulation Coatings, Reflective Thermal Insulation Coatings, Radiative Thermal Insulation Coatings, and Composite Thermal Insulation Coatings
By Density Requirement: At 0°C (10 Kg/m3, 12Kg/m3,15Kg/m3,20Kg/m3,25Kg/m3,30Kg/m3) and At 20-25°C (20-24Kg/m3, 30Kg/m3,40Kg/m3,80Kg/m3)
By End Use: Residential and Commercial Construction (Walls, Flooring, Roofing, Steam Pipes, Chimneys, Steel Work, Others), Automotive & Transportation (Engine Compartment, Roofs, Floors, Sidewalls, and Others), Aerospace & Defense (Engine Compartment, Roofs, Turbine blades and Others), Manufacturing and Others
By Geography: Asia-Pacific,NorthAmerica, Europe, South America, and Rest of World.
The Asia Pacific region dominates the thermal insulation coatings market due to the rapid urbanization, rising demand for automotive and aircrafts and increasing expenditure on research activities.
Thermal insulation coatings are used in the automotive industry on rooftops to regulate cabin temperature. This results in an increase in total HVAC efficiency, resulting in improved fuel efficiency, lower energy usage and decreased emissions. In automotive applications, these advantages make thermal insulation coatings one of the most desirable solutions.
Due to COVID-19 palindrome, for thermal insulation coatings, record declines in consumer spending, customer shutdowns, and lack of capital expenditures are trends all having a negative impact on the market. The automotive and manufacturing industries have been greatly affected across the wide spectrum of industrial segments.
Thermal Insulation Coatings Market Segment Analysis - Raw Materials
OxideCeramicsis widely used in the thermal insulation coatings market. Oxide ceramic materials have some properties, including chemical stability, thermal stability, high melting point, and high hardness. These characteristics make oxide ceramic materials perfect in the coating industry. They can be used to efficiently improve corrosion resistance, heat resistance, oxidation at high temperatures, high humidity tolerance, and wear resistance. Aluminum oxide, chromium oxide, and zirconium dioxide among others are some of the oxide ceramics highly preferred. These oxides owing to its alluring properties such as excellent corrosion-resistant and highly abrasion-resistant is used in various applications such as in the textile machine components, hydraulic parts, and shaft protection sleeves among others.
Thermal Insulation Coatings Market Segment Analysis - Type
Acrylic segment held the largest share in the thermal insulation coatings market in 2019. Acrylic has properties such as lightweight, high tensile strength, clarity for transparency, and low cost over other substitutes makes it suitable for various industries. Acrylic's lighter weight also aids in ease of usage and transportation. Acrylic is also an advanced, fluid-applied, thermal insulating coating using aerogel particles that gives a number of substrates exceptional insulating properties. It is ideal for insulating pipes, pumps, tanks, structural steel or other substrates where there is a desire for thermal enhancement or personnel safety. Part of a robust, corrosion-resistant coating system that binds to the substrate, significantly reducing the problems associated with insulating corrosion and minimizing thermal bridging by controlling condensation. Hence, the increasing demand for acrylic owing to its unique properties is expected to drive the thermal insulation coatings market during the forecast period.
Thermal Insulation Coatings Market Segment Analysis - Process
Plasma spraying process is widely used in the thermal insulation coatings market. In the past decades, the requirement for improved fuel efficiency and reduced CO2 emissions from diesel engines has been a driving force for the automotive industry. Using plasma spraying to apply a thermal insulation coating on parts of the combustion chamber of the engine would be one way to achieve this. Suspension plasma spray (SPS) is a thermal spray method to offer coatings with appropriate properties. In this work, SPS, which uses liquid feedstock for the deposition of finely formed ceramic columnar coatings, was investigated for use in light-duty diesel engines. Also, plasma-sprayed (PS) thermal insulation coatings made of yttria-stabilized zirconia (YSZ) are still the coatings of choice for the metallic components of the hottest part of aeronautical and utility gas turbines. These coating systems delay the onset of thermally induced failures by reducing the temperature and the oxidation rate of the metal substrate.
Thermal Insulation Coatings Market Segment Analysis - Fillers Type
Radiative thermal insulation coatings are highly preferred filler types in the thermal insulation coatings market in 2019. Radiative thermal insulation coatings are a series of special fillers capable of converting the absorbed energy into molecular vibration and rotational energy, so that the absorbed energy can subsequently be transmitted in the form of thermal radiation into outer space. Based on these, the object filled with thermal radiation film can radiate more energy to outer space than it absorbs from the solar at a certain wavelength; as a result, the radiative thermal insulation film can cool the shielded object effectively. The radiative fillers displayed excellent potential for thermal radiation when the earth's outer surface atmosphere is controlled as a "window. Fillers with good absorption in the band from 8 to 13 μm are therefore the answer to coatings in order to satisfy higher film emissivity. The main factor in achieving excellent thermal radiation in coatings is radiative fillers, so the production of new radiative fillers has promoted the thermal insulation efficiency of coatings in recent years.
Thermal Insulation Coatings Market Segment Analysis - Density Requirement
Density requirement at 20-25°C held the largest share in the thermal insulation coatings market in 2019. The density of 20-24kg/m³, 30kg/m³, 40kg/m³, and 80kg/m³ comes under at 20-25°C. The density of 20 to 24 Kg/m³ between 20 to 25°C includes about 0.0245/0.0211 ((W m-1 °C-1) / (kcal h-1 m-1 °C-1)) of thermal conductivity owing to which the demand of polyurethane thermal insulation coatings in roof and wall across buildings and construction tends to increase the market growth. The density of 30 Kg/m³ between 20 to 25°C includes about 0.0225/0.0193 ((W m-1 °C-1) / (kcal h-1 m-1 °C-1)) of thermal conductivity. Owing to which the polyurethane foam come up with good thermal insulating properties, which tends to increase its application across different sector. Also, the polyurethane foam with density of 40 Kg/m³ and 80 Kg/m³ between 20 to 25°C includes about 0.023/0.02 ((W m-1 °C-1) / (kcal h-1 m-1 °C-1)) and 0.04/0.34 ((W m-1 °C-1) / (kcal h-1 m-1 °C-1)) of thermal conductivity respectively. The polyurethane foam of such density have little high thermal conductivity as compare to others, but, the recent innovations have decided to lower the formulation level of this type of polyurethane foams, this step comes up with better results. These factors tends to increase the growth of the market.
Thermal Insulation Coatings Market Segment Analysis - End Use
Manufacturing industry held the largest share in the thermal insulation coatings market in 2019 and is expected to rise at a CAGR of 5.8% in terms of revenue during the forecast period from 2020-2025. The thermal insulation coatings are majorly used in hot water pipes, processing tanks, boilers, HVAC, pressure valves, heat exchangers, and processor, that is widely used in the manufacturing industry that includes metal component manufacturers, food and beverages industries, fabrication and finishers among others. In these components, thermal insulating coating works not only to reduce temperatures, but also provides energy savings, thermal insulation and personnel protection all in an easy spray-on application. Thermal insulation coating provides excellent thermal insulation in a thin film coating, energy savings in order to reduce energy consumption for heating or cooling. The better formulation of thermal insulation coatings which includes almost all the properties to withstand any harsh condition in order to protect it from high temperature and corrosion tends to increase the demand of the market. Therefore, with the rising manufacturing sector, the growth for thermal insulation coatings market is anticipated to rise in the forecast period.
Thermal Insulation Coatings Market Segment Analysis - Geography
Asia-Pacific dominated the thermal insulation coatings market with a share of 41.2% in 2019 and is projected to dominate the market during the forecast period (2020-2025). Asia-Pacific countries include China, Japan, South Korea, India, Australia & New Zealand, Taiwan and Others. Demand for the thermal insulation coatings is rising because of the region’s growing manufacturing, construction, aerospace, transport and automotive industries. According to Boeing (Commercial Market Outlook 2018-2037), China will need 7,690 new aircraft over the next 20 years valued at US$1.2 trillion. Around 74 percent of the demand for single-aisle aircraft will be during this time, while for wide-body, the demand will be 21 percent. China also accounts for 15 % of the world's commercial aircraft fleet at present, and by 2037 that will be nearly 20%. Also, according to the International Trade Administration (ITA), the total Japanese EV market stands at 27,000 units in 2018, a 250% increase during the past 10 years. In 2019, domestic sales of SUVs stand at 514,000 units and this indicates a rise of 37 percent in the last 3 years. According to OICA, the total number of motor vehicle production in Malaysia increased from 4,60,140 in 2017, to 5,65,000 in 2018, which then increased to 5,71,632 in 2019. Thus, increasing automobile production and growing development in various end use industries in this region will further drive the market for thermal insulation coatings in the forecast period.
Thermal Insulation Coatings Market Drivers
Growing demand for energy saving coatings
The surface temperature of the material increases due to the accumulated heat as it absorbs solar energy, and the high temperature caused by solar radiation causes many inconveniences and even problems in industrial development and daily life. A large amount of energy is consumed to maintain the proper temperature of the object. The production of reliable and economical thermal insulation materials is the key to meeting the urgent energy saving and pollution mitigation needs. Due to its good thermal insulation efficiency, economical, simple to use and adaptability to a wide range of substrates, the thermal insulation coating is increasingly common in the face of a variety of choice of thermal insulation materials. With the thermal insulation functional fillers in the coating system, the film shows a certain thermal insulation effect by reflecting, radiating or insulating heat. As a result, the surface temperature of the material will be substantially reduced when protected by thermal insulation coatings. The growing demand for energy saving coatings will tend to increase the market growth of thermal insulation coatings.
Increasing development of advanced thermal insulation coatings
Researchers and manufacturers are looking at effective and advanced thermal insulation coating material to reduce the energy consumption. Over the past few years, a number of ceramic materials, mostly oxides have been suggested as new thermal insulation coating (TIC) materials. Numerous industries are incorporating the thermal insulation coatings at industrial level to attain the energy saving needs. As an example, in heavy duty gas turbines continuously increasing hot gas temperatures leads to increased thermal loadings of the hot gas path materials. In this scenario, thermal insulation coatings come into important role as they provide reduction in the super alloys temperature and cooling air needs. It has been estimated that the thermal insulation coating material with increased temperature capability enables the next generation of gas turbine with >60% combined cycle efficiency. Thus, the growing demand of advanced thermal insulation coatings will lead towards the growth of the thermal insulation coatings market globally over the forecast period.
Thermal Insulation Coatings Market Challenges
Fluctuation in Raw Material Prices and its availability can restrict the market growth
Raw material costs play a critical role in determining the total cost of the finished product. Currency fluctuations are likely to result in unpredictable prices for raw materials. Another aspect that is expected to slow market growth is the high cost of coating formulations. Factors responsible for fluctuation in raw material prices are capital involved in synthesis and manufacturing which is basically a whole value chain. As an example, Yttria-stabilized zirconia (YSZ) nano-clusters are synthesized by a sol–gel process. The synthesized powders of Yttria-stabilized zirconia are characterized by X-ray diffraction, transmission electron microscopy, thermo-gravimetric analysis and differential scanning calorimetry, and Raman spectroscopy. These characterization processes involve excess capital which makes the end product expensive. This in turn fluctuates the overall price of thermal insulation coatings when the raw material is sourced/manufactured or procured expensively.
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the thermal insulation coatings market. In 2019, the market of thermal insulation coatings has been consolidated by the top ten seven players accounting for 27.4% of the share. Major players in the thermal insulation coatings market are AkzoNobel N.V., The Dow Chemical Company, PPG industries, Inc., Sherwin-Williams Company, Mascoat, Jotun Group, Nippon Holdings Co. Ltd., Carboline Company, Grand Ploycoats Company Pvt. Ltd., and Kansai Paint Co., Ltd. among others.
- In September 2019, Nippon Paint (USA) Inc., a subsidiary of Nippon Paint Holdings Co., Ltd., has invested approximately $60 million to set up a factory to manufacture automotive coatings in Chattanooga, Tennessee. The new plant provided consumers in the United States, Canada and Mexico with electro-coat ('E-Coat') and other vehicle coatings.
- In January 2018, Carboline Company acquired the Strathmore and American Coatings product lines. This acquisition allowed Carboline Company to offer a more diverse portfolio of products and technology for customers.
- In June 2017, Sherwin-Williams Company acquired the Valspar Corporation. With the acquisition a world-class brand portfolio, an extended product range, premier technology and engineering channels and an extensive global presence was generated.
1.1 Definitions and Scope
2. Thermal Insulation Coatings Market- Executive Summary
2.1 Market Revenue, Market Size and Key Trends by Company
2.2 Key Trends by Raw Materials
2.3 Key Trends by Type
2.4 Key Trends by Process
2.5 Key Trends by Fillers Type
2.6 Key Trends by Density Requirement
2.7 Key Trends by End Use
2.8 Key Trends by Geography
3. Thermal Insulation Coatings Market- Landscape
3.1 Comparative analysis
3.1.1 Market Share Analysis- Top Companies
3.1.2 Product Benchmarking- Top Companies
3.1.3 Top 5 Financials Analysis
3.1.4 Patent Analysis- Top Companies
3.1.5 Pricing Analysis
4. Thermal Insulation Coatings Market- Market Forces
4.1 Market Drivers
4.2 Market Constraints
4.3 Market Opportunities
4.4 Porters five force model
4.4.1 Bargaining power of suppliers
4.4.2 Bargaining powers of customers
4.4.3 Threat of new entrants
4.4.4 Rivalry among existing players
4.4.5 Threat of substitutes
5. Thermal Insulation Coatings Market-Strategic analysis
5.1 Value chain analysis
5.2 Opportunities analysis
5.3 Market life cycle
5.4 Suppliers and distributors Analysis
6. Thermal Insulation Coatings Market- By Raw Materials (Market Size -$Million, KT)
6.1 Pure Metals
6.2 Metal Alloys
6.3 Hard Metals
6.4 Oxide Ceramics
7. Thermal Insulation Coatings Market- By Type (Market Size -$Million, KT)
7.4 Yttria Stabilized Zirconia
8. Thermal Insulation Coatings Market- By Process (Market Size -$Million, KT)
8.1 HVOF (High Velocity Oxy-Fuel Spraying)
8.2 Combustion Flame Spraying
8.3 Plasma Spraying
8.4 Vacuum Plasma Spraying
8.5 Two-Wire Electric Arc Spraying
9. Thermal Insulation Coatings Market- By Fillers Type(Market Size -$Million, KT)
9.1 Obstructive Thermal Insulation Coatings
9.2 Reflective Thermal Insulation Coatings
9.3 Radiative Thermal Insulation Coatings
9.4 Composite Thermal Insulation Coatings
10. Thermal Insulation Coatings Market-By Density Requirement (Market Size -$Million, KT)
10.1 At 0°C
10.1.1 8 Kg/m³
10.1.2 10 Kg/m³
10.1.3 13 Kg/m³
10.1.4 20 Kg/m³
10.1.5 25 Kg/m³
10.1.6 30 Kg/m³
10.2 At 20-25°C
10.2.1 20-24 Kg/m³
10.2.2 30 Kg/m³
10.2.3 40 Kg/m³
10.2.4 80 Kg/m³
11. Thermal Insulation Coatings Market- By End Use (Market Size -$Million, KT)
11.1 Residential and Commercial Construction
11.1.4 Steam Pipes
11.1.6 Steel Work
11.2 Automotive & Transportation
11.2.1 Engine Compartment
11.3 Aerospace & Defense
11.3.1 Engine Compartment
11.3.3 Turbine blades
12. Thermal Insulation Coatings Market- By Geography (Market Size -$Million, KT)
12.1 North America
12.2 South America
12.2.5 Rest of South America
12.3.8 Rest of Europe
12.4 Asia- Pacific
12.4.4 South Korea
12.4.6 Australia and New Zealand
12.4.7 Rest of APAC
12.5 Rest of World
12.5.1 Middle East
13. Thermal Insulation Coatings Market- Entropy
13.1 New Product Launches
13.2 M&A’s, Collaborations, JVs and Partnerships
14. Thermal Insulation Coatings Market- Company Analysis
14.1 Market Share, Company Revenue, Products, M&A, Developments
14.2 Company 1
14.3 Company 2
14.4 Company 3
14.5 Company 4
14.6 Company 5
14.7 Company 6
14.8 Company 7
14.9 Company 8
14.10 Company 9
14.11 Company 10 and more