According to a new report published by Polaris Market Research the worldwide thermal insulation coating market is anticipated to reach around $13,189 million by 2026.
In 2017, the acrylic segment dominated the global market, in terms of revenue.
In 2017, Asia-Pacific accounted for the majority share in the global thermal insulation coating market.
The rapid growth in the manufacturing, construction, and automotive sectors majorly drives the growth of this market.
Growing need to save energy, improve performance, and reduce operating costs of equipment supports the growth of the market.
The increasing applications and rising demand from industries such as aerospace & defense, automotive & transportation, and industrial are expected to boost market growth during the forecast period.
Increasing awareness regarding the construction of green and energy-efficient buildings would accelerate the adoption of thermal insulation coatings. New emerging markets, and technological advancements would provide growth opportunities for the thermal insulation coating market in the coming years.
Asia-pacific is expected to dominate the global thermal insulation coating market during the forecast period. Significant growth in the manufacturing, automotive, and construction sectors has been registered over the past few years in China, India, and Japan, thereby driving the growth of the thermal insulation coating market.
Low labor costs, easy availability of raw materials, and need to improve operational efficiency in different industries further support the market growth in the region. Leading global players are expanding their presence in developing nations of China, Japan, India, Indonesia, and Malaysia to tap the growth opportunities offered by these countries.
Thermal insulation coatings are used in various end-use industries such as manufacturing, automotive, construction, aerospace, and defense among others.