Insulation Coating Materials Market | Key players: AkzoNobel, PPG Industries, The Sherwin-Williams Company, Kansai Paint CO., LTD., Jotun Group, Nippon Paint, and Mascoat.

According to recent market research "Insulation Coating Materials Market by Type (Acrylic, Epoxy, Polyurethane, YSZ, and Mullite), End-Use Industry (Aerospace, Automotive, Marine, Industrial, Building & Construction), and Region - Global Forecast to 2023", published by MarketsandMarkets™, The insulation coating materials market size is estimated at USD 8.7 billion in 2018 and is projected to reach USD 12.5 billion by 2023, at a CAGR of 7.5% between 2018 and 2023.

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The increasingly stringent policies at workplace and increase in shipbuilding activities are expected to drive the insulation coating materials market.

Insulation coatings are protective barrier coatings that are particularly used to provide insulation to a substrate. These insulation coatings are used in end-use industries such as automotive, aerospace, marine, building & construction, and industrial. MarketsandMarkets projects the global insulation coating materials market to grow from USD 8.7 billion in 2018 to USD 12.5 billion by 2023, at a CAGR of 7.5% during the forecast period. Increased workers’ safety regulations around the world and increasing industrialization are the main factors driving the market.

Epoxy, acrylic, polyurethane, yttria stabilized zirconia (YSZ), and mullite are the various types of insulation coating materials used on different substrates for thermal, electrical, and acoustic insulation coating. Various coatings are selected based on the operating temperature in a particular environment and resin type, providing resistance to heat flow when applied on a surface that needs insulation to avoid heat loss. These coatings can provide resistance to heat entering a system and vice versa.

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The major driving factor for the insulation coating materials market is the need for energy saving; the ability to prevent corrosion and increasingly stringent policies at the workplace are also driving the insulation coating market.

The leading players in the insulation coating materials market are AkzoNobel (Netherlands), PPG Industries (US), The Sherwin-Williams Company (US), Kansai Paint CO., LTD. (Japan), Jotun Group (Norway), Nippon Paint (Japan), and Mascoat (US). These players adopted expansions, new product developments, and acquisitions as their key growth strategies from 2013 to 2018, which helped them increase their capacities and cater to the widening customer base.

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AkzoNobel (Netherlands) adopted the strategy of expansion to meet the rising demand from the domestic and international markets. The company, in July 2018, 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 whole of East Africa. In February 2018, the company inaugurated a new facility for the production of powder coatings in Mumbai (India). This new facility will further bolster the company's presence in the growing market.

PPG Industries, in July 2017, 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. In January 2017, PPG acquired the Emerging Europe Accession Fund (EEAF) of DEUTEK S.A., a leading paint and architectural coatings manufacturer in Romania. The acquisition will help the company add the fastest-growing paint brands in Romania in its product portfolio.

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