Rise in Demand for Glass Flake Coatings in Marine and Oil & Gas industries Projected to Drive Glass Flake Coatings Market
The
global glass flake coatings market was valued at US$ 1480.00 Mn in
2017 and is anticipated to expand at a CAGR of 4.51% from 2018 to
2026, according to a new report titled ‘Glass Flake Coatings
Market: Global Industry Analysis, Size, Share, Growth, Trends, and
Forecast, 2018–2026,’ published by Transparency Market Research
(TMR). The global glass flake coatings market is driven by the rise
in demand for these coatings in the marine industry. Asia Pacific
accounts for major share of the global glass flake coatings market
owing to the high demand for these coatings in various end-user
industries in the region.
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Rise
in Demand for Glass Flake Coatings in Marine and Oil & Gas
industries Projected to Drive Market
Glass
flake coatings possess excellent physical and mechanical properties.
Therefore, these coatings are suitable for usage in high-end
applications in marine and oil & gas industries. High demand for
these coatings in marine and oil & gas industries is expected to
be a major driver of the global glass flake coatings market during
the forecast period. The power generation end-user segment is also
estimated to expand at a fast pace during the forecast period.
Growth
in Shipbuilding Industry in Emerging Economies in Asia Pacific
Propelling Demand for Glass Flake Coatings in Marine Applications
Glass
flake coatings are employed in water tanks to protect the internal
body from corrosion. Expansion in various end-user industries in
emerging economies such as China, India, and Singapore and rise in
demand for high-end products in marine, power generation, and oil &
gas industry are anticipated to boost the glass flake coatings
market. Glass flake coatings are used in the power generation
industry owing to their properties of abrasion and corrosion
resistance from high temperatures and harsh environment conditions.
Power generation is expected to be a rapidly growing segment of the
glass flake coatings market during the forecast period. The glass
flake coatings market offers high potential in developing economies.
Demand for high-end products in marine and power generation
industries is estimated to increase in the near future. This is
likely to offer lucrative opportunities to the glass flake coatings
market. Better technical knowhow and ability to reach a wide range of
customers are projected to boost the adoption of glass flake coatings
in the near future.
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Epoxy
Segment to Dominate Global Glass Flake Coatings Market
Based
on resin type, the global glass flake coatings market has been
segmented into epoxy, polyester, and vinyl ester. Epoxy is a widely
used resin type in glass flake coatings. The epoxy segment is
anticipated to dominate the global glass flake coatings market during
the forecast period due to the high temperature resistance of
epoxy-based glass flake coatings and their compatibility with
substrates used in various end-user industries. Ecofriendly
attributes of epoxy resins are also driving the demand for glass
flake coatings.
Marine
Segment Leads Global Glass Flake Coatings Market
In
terms of end-user industry, the global glass flake coatings market
has been divided into oil & gas, marine, power generation,
industrial, wastewater treatment, and others (paper & pulp,
infrastructure, and transportation). Demand for glass flake coatings
in the marine industry is increasing at a rapid rate owing to their
superior properties such as high resistance to elevated temperatures,
high tensile strength, and excellent water resistance. Power
generation and wastewater treatment industries are also projected to
expand at a significant pace during the forecast period.
Asia
Pacific Expected to Dominate Global Glass Flake Coatings Market
Based
on region, the global glass flake coatings market has been classified
into North America, Europe, Asia Pacific, Middle East & Africa,
and Latin America. Asia Pacific is estimated to be the leading region
of the glass flake coatings market during the forecast period. The
market in the region is estimated to expand at a rapid pace during
the forecast period owing to the growth in shipbuilding industry and
power generation industries in emerging economies. Demand for glass
flake coatings is expected to increase significantly in Middle East &
Africa and Latin America in the near future. The glass flake coatings
market in Europe is anticipated to expand at a sluggish pace, as it
has reached the stage of maturity. Manufacturers based in developed
regions have limited presence in Middle East & Africa and Latin
America. Therefore, these regions are anticipated to provide
lucrative opportunities for manufacturers of glass flake coatings in
the next few years.
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High
Degree of Competition among Market Players
High
degree of competition exists among players operating in the glass
flake coatings market. The market is dominated by large players that
are technologically sound. They account for significant share of the
market. Prominent players operating in the glass flake coatings
market are Akzo Nobel N.V., PPG Industries, Sherwin-Williams, Jotun,
Hempel A/S, Chugoku Marine Paints, and Nippon Paint Holdings Co.,
Ltd.
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