Epoxy-based Glass Flake Coatings to Account for Bulk of Demand and Reach Valuation of US$ 890 Mn by 2031: Fact.MR
Published : 08 Jun 2021 Industry: Chemical & Materials
Award-winning consulting firm Fact.MR’s recent report on the glass flake coatings market forecasts a relatively modest outlook, with the market poised to reach nearly US$ 2 billion by 2031, expanding at a CAGR of 3% throughout the forecast period (2021 to 2031).
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.
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.
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.
- 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.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the glass flake coatings market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study divulges essential insights on the market on the basis of substrate (steel and concrete), resin (epoxy, vinyl ester, and polyester), and end-use industry (oil & gas, marine, chemicals & petrochemicals, and other end-use industries), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa)
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Shambhu Nath Jha
Consultant – Chemicals and Materials