Increasing energy consumption is a severe issue for the governments of various regions — energy used in commercial and residential buildings makes about thirty percent of total national consumption. Moreover, this energy is responsible for more than twenty five percent of the total carbon dioxide emission in the environment which cause a severe issue for greenhouse effect and add to the rise in temperature globally.
To reduce the carbon emission, manufacturers are inventing materials which can reduce energy consumption – these materials are called insulating paint and coatings. These are the additives added to paints or coatings to minimize the heat load on buildings or roofs. They also protect constructions against ultraviolet radiations. Insulating paints & coatings are water based and hence, they are non-toxic as well as environment friendly.
Various properties of insulating paint and coatings including high tensile strength, shear and compressive strength and resistance against acid, alkali and solvents make them extremely popular.
Insulating paints & coatings have unique characteristics. For instance, they offer high thermal coefficient and low thermal conductivity which prevents the insulation, reflects infrared rays and provide personnel protection.
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Market Dynamics: Insulating Paints & Coatings Market
Rising number of commercial buildings, rocketing construction of skyscrapers and the need to minimize energy costs are some of the factors expected to increase the demand for insulating paints & coatings in near future and create significant opportunities for global manufacturers of insulating paints & coatings. However, fluctuating oil prices might restrict the growth of the insulating paints & coatings market in near future.
Introduction of new products is a key trend in this segment – this ensures that all key players are incorporating new technology into their manufacturing process. On the basis of geographical region, Asia Pacific is expected to gain prominent market share in the global market, followed by North America and Western Europe.
The use of insulating paints and coatings products in the consumer goods segment is becoming easier and economical owing to the new inventions and advances being made in this technology. Given such favourable conditions, it is expected that the insulating paints and coatings market will see rapid growth in all the developed and developing countries in future.
From the application point of view, marine industry is expected to propel the growth of the market during the forecast period due to the increasing need for protection of PCB which functions in harsh chemical environments.
Regional Outlook: Insulating Paints & Coatings Market
Globally, the market is moving towards consolidation. Various mergers have been seen during the recent past in the Asia Pacific region. Manufactures are planning on shifting their operation location to China to maximize revenue.
Economies in the Asia pacific region, especially India and China, will play a significant role in the growth of the insulating paints & coatings market over the forecast period. Globally, the Indian insulating paints & coatings market is expected to witness double digit growth during the forecast period.
Owing to the increasing adoption of sustainable technology in production globally, the insulating paints & coatings market is projected to grow at a significantly high CAGR over the forecast period. Furthermore, new technologies and inventions in insulating paints & coatings market will foster growth in the global market.
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Market Participants: Insulating Paints & Coatings Market
Examples of some of the prominent market participants in the insulating paints & coatings market are as follows:
- AKZO NOBEL
- The Sherwin Willams
- Asian Paints
- Kansai Paints Co Ltd
- PPG Industries Inc
- Berger Paints India Limited
- Nippon Paints
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