Energy Efficient Coatings Market growth outlook with industry review and forecasts 2017-2024
Energy Efficient Coatings Market size
will witness significant growth during forecast timeframe owing to its
increasing application outlook in automotive, electrical, construction,
transportation and furniture industry. Growing consumer inclination towards
environment friendly and energy saving products also should signify positive
industry outlook driving product demand.
Global
construction industry is expected to surpass USD 13 trillion by 2024 owing to
rising urban population in emerging economies like Brazil, Thailand, Indonesia
and Argentina. Increasing construction frequency of commercial buildings &
skyscrapers along with growing demand for energy efficient & smart
construction should propel industry growth. Energy efficient coatings lowers
internal building temperatures preventing heat island effect driving down
energy cost for cooling systems.
Europe automotive manufacturing
industry sized to be over USD 1 trillion along with sales of over 17 million
units in 2014. Energy efficient coatings
find extensive application scope in automotive industry owing to stringent
environment protection regulations pertaining to emission control & fuel
efficiency. These coatings are used in rooftop panels to control cabin
temperature increasing HVAC efficiency, translating into higher fuel economy
and reduced pollution driving energy efficient coatings product demand.
Energy efficient coatings are
also widely used in aerospace & defense industry to insulate exhaust
systems, aerodynamic fairings, fire barriers, heat shields, suppression systems
and nacelle fire walls which operate under extreme high temperature ranges.
They offer to control operating temperatures by reduced energy loss, UV
protection, improved performance and significant protection from corrosion
under insulation.
Product range for energy
efficient coatings are based on acrylic, epoxy, polyester & epoxy-polyester
materials. Epoxy based products are used in electrical industry as dielectric
insulators for aluminum and copper conductors owing to its excellent flexibility,
durability and adhesive characteristics. They are also widely used in
construction industry which can be attributed to its low heat conductivity,
excellent shock resistance properties, toughness and dimensional stability.
Manufacturing industry accounts
to have large application segment of the global product demand powered by
growth in manufacturing sector owing to various government initiatives like Buy
American Hire American, Make in India and One Belt One Road strengthening
energy efficient coatings industry size. Industrial machineries & equipment
require high heat barrier layers to perform optimally under extreme temperature
ranges, hence driving product demand.
Strong investments offered by
manufacturers towards R&D in lieu to develop cost effective performance
products along with strong technological development in nanotechnology based
thermal insulation should boost market growth. In February 2016, PPG invested
over USD 7 million in coating innovation center enhancing its resources in
laboratory and testing space. Similar investments made by other industry
players to capitalize higher market share should propel energy efficient
coatings market size.
Acrylic based energy efficient
coatings should witness significant gains during projected timeframe owing to
increasing demand for light weight, low cost, high tensility and transparency. They
are widely used in construction industry pertaining to prevent premature
degradation of roof membranes and offering energy efficiency under immoderate
climatic conditions. Strict regulations related to chrome free inhibitors and
VOC reduction should further support industry growth.
China
energy efficient coatings market size should grow significantly during forecast
timeframe owing to its microeconomic model of highly fragmented competition
between key paints & coating manufacturers. China coatings market size
accounted to be over 7 million tons valued about USD 130 billion in 2016,
further consolidation between industry entities through mergers and
acquisitions should strengthen regional industry growth.
U.S.
energy efficient coatings market size will witness strong gains by 2024 owing
to its solid application scope in aerospace & defense and construction
industry. Strict regulatory regimes regarding emission control, energy
efficient & smart constructions should drive regional product demand.
Global
energy efficient coatings market share is moderately concentrated with key
industry participants including AkzoNobel, BASG, PPG, IGP, Berger Paints,
Kansai Paints, TCI and Axalta. Companies strategize to expand its market reach
by heavily investing in product development and new product launches. They also
concentrate on expanding their distribution network especially in growing
economies through mergers, acquisitions, partnerships and collaborations, it
also reduces their raw material sourcing risk & uncertainties.
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Global Market Insights, Inc.
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Energy Efficient Coatings Market growth outlook with industry review and forecasts 2017-2024
Reviewed by Pradip Varpe
on
January 30, 2018
Rating:
This is excellent information. Thanks for sharing.
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