The increasing demand for glass flake coating in marine industries, and construction industries is propelling the market growth.
Market Size – USD 1.45 Billion in 2018, Market Growth - CAGR of 4.2%, Market Trends – The advent of environmentally friendly Glass Flake Coatings.
The global glass flake coatings market is forecast to reach USD 2.03 Billion by 2026, according to a new report by Reports and Data. Glass flake coatings are specialty chemicals that are used in the ship manufacturing industry since it is resistant to chemicals, moisture, oil, gas, and many other solvents. Glass flake coatings is also known as borosilicate. It is extensively used as a substrate in the production of effect pigments.
The market for glass flake coating chemicals is influenced by the rising demand for construction materials, the evolution of environmentally friendly chemicals required by construction industries, and development of automobile industries, which require large glass flake coating chemicals. The glass flake coating chemicals are improving the performance and life span of the devices and equipment. There is a continuous fluctuation in the price of glass flake coatings, which are affecting its market.
The above-mentioned factors collectively create opportunities for the market growth while factors such as unfavorable effects of glass flake coatings chemicals pose limitations in the market. However, each factor would have a definite impact on the market during the forecast period. Consistent advancements in the glass flake chemicals market owing to innovative efforts have enhanced the efficiency of coating chemicals.
The Asia Pacific region has a low cost of production and availability of cheap labors which is helping in the growth of this industry with the highest CAGR of 5.7% during the forecast period. In the Asia Pacific region, there is a rapid expansion of construction, chemical manufacturing industry, and increasing shipbuilding activities which are propelling the market growth of glass flake coatings.
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Further key findings from the report suggest
- Epoxy held the largest market share of 49.3% in the year 2018. Epoxy is widely used in this industry because it is resistant to high temperature, and they are compatible with various substrates which benefits the end-users. The epoxy coating is mainly used for tank lining, pipe coating, and ballast tank coating.
- In the oil and gas projects epoxy is used because it can repair leaky pipes, cost-effective, and less time is required to complete this coating. This coating is eco-friendly, which makes it more in demand in present scenarios.
- Marine Industry held the largest market share of 34.5% in the year 2018. In the Asia Pacific region, the marine industry is growing since high investment is being made in trading merchandise goods. There is an emergence of the marine industry in China which has driven the market of glass flake coating.
- Steel segment is forecasted to witness a higher CAGR of 5.6% during the forecast period. Steel is used in storage tanks, offshore and onshore platforms, pipelines and ship building because it increases the lifespan of the metal substrate.
- Key participants Chemiproject Engnieers, Nippon Sheet Glass Co., Ltd., Akzo Nobel N.V., Jotun, Hempel A/S, Corrosioneering Group, Berger Paints India Limited, Sherwin-Williams Company, Shalimar Paints Limited, and Samhwar Paints Industrial Co. Ltd among others.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/glass-flake-coatings-market
For the purpose of this report, Reports and Data have segmented into the global Glass Flake Coatings market on the basis of substrate type, resin, end-users, and region:
Substrate Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
Resin Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- Vinyl Ester
End Users Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- Oil and gas
- Chemical and Petrochemical
Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- North America
- Asia Pacific
- Latin America