Insulation is a material designed to prevent heat or sound from being transmitted from one area to another. It is usually used to keep heat and sound in or out of a house, or to confine it to certain parts of the house. Insulation is used in different ways; it commonly incorporates materials that consist of millions of tiny pockets of air. Increase in energy consumption is a challenge for various countries. Energy used in commercial and residential buildings accounts for about 30% of total national consumption. This energy is responsible for more than 25% of the total carbon dioxide emission in the environment, causing the greenhouse effect and adding to the rise in temperature globally. In order to reduce carbon emission, manufacturers are inventing materials that can lower energy consumption. These materials are called insulation coatings. Insulation coatings possess unique characteristics. Insulation Coatings offer high thermal coefficient and low thermal conductivity, reflects infrared rays, and provides protection.
Rise in number of commercial buildings, increase in construction of skyscrapers, and growth in need to minimize energy costs are some of the factors expected to boost the demand for insulation coatings in the near future. This is anticipated to create significant opportunities for global manufacturers of insulation coatings. However, fluctuation in oil prices is estimated to hamper the insulation coatings market during the forecast period.
Based on product type, the insulation coatings market can be segmented into acrylic, epoxy, polyurethane, and others. Acrylic insulation is expected to dominate the insulation coatings market due to its inexpensive nature and easy application properties. Furthermore, it possesses properties such as high tensile strength, light weight, and low cost over other substitutes. Thus, Insulation Coatings is ideal for usage in various industries. Epoxies are used in the construction industry, due to insulation coatings properties such as high resistance to abrasion, UV light, and heat; and durability. Rise in demand for green buildings is projected to create high growth potential for the epoxy segment during the forecast period.
In terms of end-use industry, the insulation coatings market can be divided into automotive, construction & building, aerospace, marine, industrial, and others. Expansion in the marine segment is anticipated to propel the insulation coatings market during the forecast period. Insulation Coatings can be ascribed to the increase in need for protection of Polychlorinated Biphenyls (PCB’s), which function in harsh chemical environments. The construction & building segment also accounts for key share, as insulation coatings are free from volatile organic compounds (VOCs). Thus, insulation coatings are suitable for energy-efficient buildings and indoor air quality improvement.
Global Insulation Coatings Market: Key Players
Prominent players operating in the global Insulation Coatings market are AKZO NOBEL, PPG Industries Inc., The Sherwin-Williams Company, and The Dow Chemical Company
This post was originally published on The Market Plan