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Insulation Coatings Market Size
Insulation Coatings Market size was valued at USD 9.7 billion in 2022 and is anticipated to grow a CAGR of over 5.9% between 2023 and 2032 driven by increasing demand for energy efficiency and sustainability in various industries, including construction, automotive, and aerospace.
These coatings provide thermal insulation, corrosion protection, and moisture resistance, reducing energy consumption and extending the lifespan of infrastructure and equipment.
Additionally, regulatory mandates and the growing awareness of environmental concerns have fueled the adoption of insulation coatings. The industry is expected to continue expanding as industries seek cost-effective solutions to meet energy-saving goals and reduce greenhouse gas emissions, with a focus on innovative, eco-friendly insulation technologies and materials.
Why is insulation coatings industry witnessing high demand from oil & gas sector?
The oil & gas sector held a significant 30% market share in 2022 and is projected to grow through 2032, owing to their crucial role in maintaining temperature stability and preventing corrosion in pipelines and equipment.
What is the size of North America insulation coatings industry?
North America market accounted for a major share of around 58.6% in 2022, driven by the country's large industrial and manufacturing base, stringent environmental regulations, and a growing emphasis on energy efficiency.
How big is the insulation coatings market?
Global market for insulation coatings was valued at USD 9.7 billion in 2022 and is anticipated to grow a CAGR of over 5.9% between 2023 and 2032, driven by increasing demand for energy efficiency and sustainability in various industries.
Who are the key players in insulation coatings market?
AkzoNobel, PPG Industries, BASF SE, The Dow Chemical Company, Hempel A/S, 3M, and Sherwin-Williams among others.