PUNE, India, February 20, 2018 /PRNewswire/ --
The report "Glass Flake Coatings Market by Resin (Epoxy, Vinyl Ester, Polyester), Substrate (Steel, Concrete), End-Use Industry (Oil & Gas, Marine, Chemical & Petrochemical), and Region (APAC, Europe, North America, South America, MEA) - Global Forecast to 2022" published by MarketsandMarkets™, the global glass flake coatings market size is estimated at USD 1.44 Billion in 2017 and is projected to reach USD 1.80 Billion by 2022, growing at a CAGR of 4.48% from 2017 to 2022, in terms of value. Glass flake coatings are advanced coatings with improved corrosion and abrasion resistance, and strong impermeability barrier resistance for chemicals and solvents. Glass flake coatings provide superior protection to steel and concrete substrates in the marine, oil & gas, chemical & petrochemical, power plants, and paper & pulp industries.
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Based on end-use industry, the oil & gas segment is projected to lead the Glass Flake Coatings Market during the forecast period
Based on end-use industry, the oil & gas segment is projected to lead the market during the forecast period. The growth in this segment can be attributed to the increased use of glass flake coatings in offshore & onshore platforms, pipelines, tanks, submerged surfaces, concrete bunds, and associated infrastructures. Glass flake coatings provide sufficient protection to these assets and pipelines, which increase their durability by reducing the effects of the corrosive and abrasive environment under which they operate.
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Based on substrate, the steel segment is projected to lead the Glass Flake Coatings Market during the forecast period
Based on substrate, the steel segment is projected to lead the market during the forecast period. The growth in this segment can be attributed to the increased use of steel in the building of large & medium sized ships, chemical storage tanks, pipelines, and offshore & onshore platforms. Glass flake coatings provide resistance from corrosion, abrasion, and chemicals to steel substrates.
Based on resin type, the epoxy segment is estimated to lead the Glass Flake Coatings Market during the forecast period
The growth of the epoxy segment can be attributed to the increasing use of epoxy-based glass flake coatings in various applications in the oil & gas, marine, and chemical & petrochemical end-use industries. Epoxy-based glass flake coatings provide excellent protection against corrosion and abrasion in harsh atmospheric environments.
Asia Pacific to lead the Glass Flake Coatings Market due to growth in the shipbuilding and chemical manufacturing industries in the region
The Asia Pacific region is expected to be the largest market for glass flake coatings mainly due to the rapidly-growing economies of China and India in the region. This, along with the low cost of production and availability of cheap labor, has caused various chemical companies in the market to shift their production bases to the Asia Pacific region. Also, the global shipbuilding industry, a major end-user of epoxy-based glass flake coatings, is led by Asia Pacific-particularly by China, South Korea, and Japan due to the presence of the top five shipbuilding groups in the region.
Key market players in the Glass Flake Coatings Market
Key players in the Glass Flake Coatings Market are Akzo Nobel (Netherlands), PPG Industries (US), Chugoku Marine (Japan), Jotun (Norway), Hempel (Denmark), The Sherwin-Williams Company (US), KCC Corporation (South Korea), Nippon Paint (Japan), Kansai Paint (Japan), and RPM International (US).
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