Press release
Sales Of Glass Flake Coatings Are Anticipated To Be Valued At Just Under US$ 2 Billion, Expanding At A CAGR Around 3% Across The 2021-2031
Glass Flake Coatings
The market registered significant incline in recent years, being valued at around US$ 1.4 billion in 2016. Growth prospects dipped significantly amid COVID-19, attributed to cessation of key industrial activities, being valued at just over US$ 1 billion in 2020. Fortunately, flattening infection curves have permitted resumption of industrial operations, expected to restore pre-pandemic level projections.
According to the International Chamber of Shipping, as of 2019, total value of annual world shipping trade reached over US$ 14 trillion. In volume terms, nearly 11 billion tons of goods are transported every year via shipping, representing around 1.5 tons per person, based on current global population levels.
Hence, extensive spending on shipping infrastructure has been documented, prompting companies to leverage protective solutions to prevent obsolescence due to wear and tear, via adoption of glass flake coatings.
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Key Takeaways from Market Study
• Epoxy glass flake coatings to remain most widely used, reaching around US$ 890 million by 2031
• Vinyl ester coatings to experience enhanced uptake, expanding at nearly 3% CAGR through 2031
• Polyester glass flake coatings poised to experience over 2% CAGR across the forecast period
• By end-use industry, marine grade glass flake coating demand to expand at around 5% CAGR
• By substrate, steel glass flake coatings to capture around 40% of total market share
• Demand for glass flake coatings in the U.S. to incline, being valued at over US$ 400 million in 2020
• The market in China to experience a CAGR of around 6% and reach nearly US$ 380 million amid uptake across vessel maintenance
"Prominent manufacturers will likely find immense growth opportunities across key Asian markets, including China and India, attributed to the presence of extensive marine infrastructure across these nations,"remarks a Fact.MR analyst.
Key Market Segments Covered
Substrate
• Steel Glass Flake Coatings
• Concrete Glass Flake Coatings
Resin
• Epoxy Glass Flake Coatings
• Vinyl Ester Glass Flake Coatings
• Polyester Glass Flake Coatings
End-use Industry
• Glass Flake Coatings for Oil & Gas
• Glass Flake Coatings for Marine Industry
• Glass Flake Coatings for Chemical & Petrochemical Industry
• Glass Flake Coatings for Other End-Use Industries
Region
• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East & Africa
Category-wise Insights
Why are Epoxy Flake Glass Coatings Grabbing Significant Attention?
By resin, demand for epoxy flake glass coatings is projected to record a CAGR of nearly 4%, being valued at approximately US$ 890 million by 2031. The ability of epoxy resins to be used in harsh environments renders them highly suitable for uptake.
In 2018, Akzo Nobel launched the Interzone 954GF international range of protective coatings, containing a high level of lamellar glass flake for enhanced abrasion and corrosion protection. Such product launches are heightening prospects for the market.
Why is the Marine Industry Generating High Demand for Glass Flake Coatings?
By end-use industry, uptake of glass flake coatings is expected to be the maximum across the marine industry, attributed to increased volume of trade which has necessitated enhanced investment in shipbuilding activities, a core end-user of these coatings.
As per Fact.MR's estimates, the marine segment is poised to register a CAGR of around 5% throughout the forecast period. Such increasing projects are spurring demand for novel solutions to protect vessels from corrosion, fouling, abrasion and UV degradation.
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Competitive Landscape
The global glass flake coatings market is characterized by the presence of a plethora of manufacturers, rendering the market extremely competitive. To carve a firm footing, these players concentrate on strengthening existing product portfolios by offering new offerings, forging alliances and acquisitions.
Prominent glass flake coating manufacturers are reliant on a slew of expansion strategies, ranging from offering innovative products to forging strategic alliances or acquiring existing players within the market.
• Chemiprotect Engineers, for instance, offers a broad range of glass flake coating and lining systems which are 100% solid and manufactured from epoxy, polyester, vinyl ester, novalac vinyl ester, novalac epoxy and bisphonel.
• In January 2020, Corossioneering Group launched a new epoxy glass flake lining providing durable chemical protection in aggressive atmospheric conditions and immersed environments through its CORROCOAT subsidiary.
• Demech Chemical Products offers the KoroglassTM, Chemglass®, and SuperglassTM glass flake coatings which are 100% solids and solvent free composite systems. They are applied across several core areas including pumps, internal pipelines & elbows and acid tank linings.
• In 2019, KCC Corporation inaugurated its 2nd glass fiber production line across its Sejong Plant in South Korea. This initiative renders the company as the largest manufacturer of glass based coatings across the East Asian country, with a production capacity of 80,000 tons.
Key Companies Profiled:
• Akzo Nobel N.V
• BASF SE
• Berger Paints India Ltd.
• Chemiprotect Engineers
• Clean Coats P. Ltd.
• Corrosioneering Group
• Demech Chemical Products Pvt. Ltd.
• Grauer & Weil (India) Ltd.
• Hempel A/S
• Kansai Paint Co. Ltd
• KCC Corporation
• National Paints Factories Co. Ltd.
Report Also Addresses:
• Market Estimates and Forecasts (2016-2031)
• Key Drivers and Restraints Shaping Market Growth
• Segment-wise, Country-wise, and Region-wise Analysis
• Competition Mapping and Benchmarking
• Brand Share and Market Share Analysis
• Key Product Innovations and Regulatory Climate
• COVID-19 Impact on Glass Flake Coatings and How to Navigate
• Recommendation on Key Winning Strategies
For More Insights:
https://www.prnewswire.com/news-releases/growing-cyber-crime-incidents-necessitate-robust-public-safety-software-apparatus-factmr-301241465.html
https://www.prnewswire.com/news-releases/fertilizer-fillers-market-growth-banking-on-increasing-sand--limestone-filler-uptake-factmr-301242300.html
https://www.prnewswire.com/news-releases/intralogistics-adoption-growing-as-market-players-get-ready-for-the-new-era-of-manufacturing-factmr-study-301243290.html
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