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There is a growing emphasis on sustainability and environmental consciousness, driven by increased awareness of climate change. As a result, there is a rising demand for eco-friendly insulation coatings with low VOC (volatile organic compounds) content, which align with stringent environmental regulations and green building practices. Additionally, the construction industry is witnessing a surge in demand for insulation coatings due to the need for improved energy efficiency, as well as the growing trend of retrofitting older structures to meet modern energy standards. The automotive and aerospace sectors are incorporating advanced insulation coatings to enhance the thermal performance of vehicles and aircraft, reducing fuel consumption and emissions. Furthermore, technological advancements are leading to the development of smart insulation coatings that can adapt to changing environmental conditions and optimize energy usage.
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.
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.
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.
AkzoNobel, PPG Industries, BASF SE, The Dow Chemical Company, Hempel A/S, 3M, and Sherwin-Williams among others.