Thermal Insulation Coating are coatings applied like a paint to a substrate. It has low conductivity and high co-efficient properties, which prevent reflect infrared lights and provides personnel protection. It reduces heat loss in various equipment, and improve their performance. The global thermal insulation coating market will reach 10.20 billion USD by 2025 from 6.46 billion USD in 2018 at a CAGR of 6.74% during the period.
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Growth by Region
Asia Pacific has the largest market due to various new products development and growing end-use industries. China is the key consumer of Asia – Pacific region. North America will grow at higher rate due to high consumption potential, increasing production capacities and rising economic growth rate.
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Drivers vs Constraints
Increasing application of thermal insulation coatings in automotive industry to reduce heat loss and energy consumption is driving the market. Rapid urbanization, rising demand for aircrafts and increasing expenditure on research activities are also fueling the market. However, strict regulations by various government bodies to restrict the use of toxic chemicals is hampering the market growth.
Industry Trends and Updates
R&D activities and investments in nanotechnology-based thermal insulation coatings is the major trend in the market.
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