Demand in Asia-Pacific Spurs Growth in Insulation Coatings Market
DUBLIN – Research and Markets has released a new report on the global market for insulation coatings. According to the study, the market for insulation coatings was $9.8 billion in 2019 and is projected to reach $11.3 billion by 2025, registering a compound annual growth rate (CAGR) of 5.8% between 2020 and 2025.
The study reports that acrylic-based insulation coatings account for the largest share in the overall insulation coatings market. Acrylic-based insulation coatings are a good replacement for traditional insulation materials and are used because of their ease of maintenance and ability to prevent CUI.
By end-use industry, the insulation coating materials market is classified into five groups: industrial, building and construction, aerospace, automotive, marine and others. Industrial is the largest end-use industry, where the coatings are used for thermal insulation to prevent heat-related injuries in the workplace. These coatings are also used to reduce dissipation of heat from industrial machinery, to maintain a suitable temperature in the workplace, and to help keep chemicals at a specific temperature.
According to the study, the Asia-Pacific region is estimated to be the largest market for insulation coating materials and is also projected to register the fastest CAGR of 6.9% during the forecast period. China is expected to account for the largest share of the market in Asia-Pacific through 2025. Growing industrial activities, investment in the insulation material industry, and labor costs in these countries are the main drivers for the market in Asia-Pacific.
Learn more at www.researchandmarkets.com.
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