Insulation Coatings Market To Generate $15,922.5 Million Revenue by 2030

The global insulation coatings market revenue is expected to reach USD 15,922.5 million by 2030, exhibiting a CAGR of 6.6% during 2024–2030. This is attributed to the rising number of acquisitions and collaborations in the industry, growing awareness regarding energy efficiency, and rising number of green building initiatives.

In addition, the escalating number of acquisitions and collaborations among the top players in the industry will significantly boost the market growth. For instance, in June 2022, AkzoNobel entered into an agreement with Kansai Paint for the acquisition of the latter’s paint & coating business in the African region.

Additionally, in June 2021, PPG announced that it had finished the acquisition of a manufacturer and distributor of decorative coatings & paints, namely Tikkurila. The shareholders of Tikkurila attained USD 35.80 in cash for every 38,711,646 million of its shares tendered after the acquisition.

Furthermore, the rising number of green building initiatives in all regions is likely to boost the demand for insulation coatings. Governments at the regional, country, and state/provincial levels are concentrating on energy-efficient buildings in order to conserve electricity and lower emissions. Many governments are even providing incentives for green certification. The rising number of such initiatives is likely to propel the demand for epoxy insulation coatings as they are free from VOCs and an ideal choice for green buildings.

Acrylic Category Dominates Product Segment

Based on product, the acrylic category held the largest revenue share, of 40%, in 2023, and it is expected to maintain its dominance over the projection time frame too. This is because of the advantages offered by this material, including high tensile strength, low price, low weight, and transparence.

Additionally, the material is easy to use and can be applied via spraying equipment. It is effective at high temperatures of up to 150 degrees Celsius. Acrylic insulation coatings, which are water-based, can bear even higher temperatures. In addition, their low weight offers ease of transportation. The above-mentioned advantages, along with its low maintenance as well as CUI prevention capabilities, make acrylic preferable over conventional coating materials.

In addition, the epoxy category held a significant share, of 20%, in 2023. This is owing to epoxy’s resistance to UV radiations, excess heat, and abrasion, as well as enhanced dimensional stability and toughness, which make it ideal for building & construction applications.

Furthermore, the compound is free of VOCs, which makes it ideal for application in energy-efficient or green buildings and for the improvement of indoor air quality. Therefore, the growing requirement for energy-efficient buildings is projected to generate a vast growth potential for this material in the forthcoming years.

Additionally, the yttria-stabilized zirconia (YSZ) category is expected to witness considerable growth over this decade. This is because YSZ coatings offer ideal resistance to shock, low conductivity of heat, and increased thermal coefficient. The above-mentioned properties make it an ideal raw material for insulation coatings, thereby increasing its utilization on engines as well as gas turbines operating at extreme temperatures.

North American Region Holds Second-Largest Share

North America held the second-largest revenue share, of 30%, in 2023, and it is expected to maintain its dominance in the forthcoming years. This is attributed to the presence of key players in the region, rising pace of technological advancements, surging electrification of automobiles, and growing architectural business in the region.

Key players in the market include Akzo Nobel N.V., PPG Industries Inc., The Sherwin-Williams Company, Kansai Paint Co. Ltd., Jotun A/S, Nippon Paint Holdings Co. Ltd., Hempel A/S, Seal for Life Group, and Holcim Ltd.