The global insulation coating market is estimated to reach USD 8.29 Billion by 2021, registering a CAGR of 7.9% between 2016 and 2021. The market is driven by increasing demand for insulation coatings in emerging markets and high demand for energy saving in the industrial, marine, and building & construction industries. Insulation coatings have unique properties, such as low thermal conductivity and high thermal co-efficient, that prevent the insulation, reflect infrared lights, and also provide personnel protection.
Polyurethane insulation coatings are estimated to be the fastest-growing type in the insulation coatings market. The rising demand for insulation coatings with superior energy efficiency and operability at wide range of temperatures drives this segment in the insulation coatings market.
In 2015, Asia-Pacific dominated the insulation coatings market due to rapidly increasing marine and aerospace industries. The Asia-Pacific region is projected to register the highest growth rate, in terms of both value and volume, owing to high demand from China and India. China is the largest market for insulation coatings globally with major demand from the manufacturing industry.
Growing innovation and development and rising demand in the industrial sector for novel and improved products are directly affecting the rise in the use of insulation coatings. High growth and innovation, along with industry consolidations, are projected to ascertain a bright future for the insulation coatings market in the region.