Key Questions Answered in Report
How will demand for glass flake coatings grow across the 2021-2031 forecast period?
According to Fact.MR, by 2031, 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 assessment period.
Which resin is expected to be most widely deployed for the manufacturing of glass flake coatings?
By resin, epoxy glass flake coatings are expected to reach around US$ 890 million by 2031, expanding at a CAGR of approximately 4% throughout the forecast period.
Which region is likely to generate maximum expansion opportunities for glass flake coating manufacturers?
China is anticipated to emerge as the most potential market for glass flake coatings, expand at nearly 6% CAGR, to reach above US$ 380 million by 2031, attributed to extensive application in the shipbuilding industry.
Which end-use industry is anticipated to be the most promising for glass flake coating suppliers?
By end-use industry, the marine segment is poised to yield major growth opportunities for glass flake coating manufacturers, expected to register a CAGR of around 5% throughout the forecast period.
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
Glass Flake Coatings Sales from 2016-2020 Vs Future Market Projections for 2021-2031
From 2016 to 2020, sales of glass flake coatings expanded at under 5% CAGR, with growth majorly underpinned by extensive uptake across such key industrial verticals as oil & gas, chemicals & petrochemicals and marine industries respectively.
Prospects dipped significantly in 2020, amidst the COVID-19 pandemic crisis, attributed to an abrupt cessation of industrial activities such as oil & gas exploration and drilling. Hence, growth prospects have been revised to project a more modest outlook to be valued at just under US$ 2 billion and expanding at a CAGR of 3% until 2031.
How is a Flourishing Shipbuilding Industry Providing Tailwinds to Glass Flake Coating Sales?
As international trade and commerce continues to expand, investment in appropriate infrastructure such as ports and ships is also increasing. Major shipbuilding corporations are emphasizing on incorporating durable, long-lasting and robust construction material invulnerable to corrosion, abrasion or damage from abiotic elements.
As ships are constantly at sea, they are extremely prone to frequent damage due to corrosion as a result of constant exposure to water, air and other undesired external agents, leading to increased maintenance cycles. Hence, glass flake coatings help prevent this damage, as well as provide enhanced thermal stability.
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Will Increased Spending on Pipeline Infrastructure Projects Augment Demand for Glass Flake Coatings?
With the world’s insatiable demand for energy increasing, governments worldwide are implementing various projects, including pipelines to transport oil & natural gas. This is opening up growth frontiers for glass flake coatings in the forthcoming decade.
Major construction projects currently in the pipeline include the Druzhba Pipeline Extension Project, the West-East Gas Pipeline Phase IV project and the Pluto LNG Expansion Project among others. These pipes require heavy insulation against external shocks to prevent any damage, thus elevating prospects for glass flake coatings.
How Will the U.S Shape Future Glass Flake Coating Demand?
Demand for glass flake coatings was valued at over US$ 400 million across the U.S. in 2020. Extensive uptake is anticipated across the oil & gas segment in the wake of surging exploration and extraction projects likely to be implemented across the future.
According to NES Fircroft, as of 2019, ten of the biggest oil & gas exploration projects contributed over US$ 207 billion. Furthermore, the incumbent government has pledged US$ 253.4 million for the Bureau of Safety and Environmental Enforcement (BSEE) which will see implementation of stricter safety standards during exploration projects, uplifting demand.
Why are Prominent Manufacturers of Glass Flake Coatings Eyeing China?
China is anticipated to surpass US$ 380 million by 2031, expanding at nearly 6% CAGR across the forecast period. Extensive development of port infrastructure to facilitate foreign trade is enhancing investments in vessel safety, thus heightening deployment.
As per the China Association of the National Shipbuilding Industry (CANSI), output for Q1 2021 was nearly 10 million deadweight tonnage (dwt), an increase of nearly 40%. Hence, manufacturers are finding healthy ground for glass flake coatings production to help shipping giants prevent losses due to corrosion and abrasion.
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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.
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.
*This list is indicative- full details about key market players is available upon request
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|Historical Data Available for||2016-2020|
|Market Analysis||US$ Mn for Value & ‘000 Units for Volume|
|Key Regions Covered||
|Key Countries Covered||
|Key Segments Covered||
|Key Companies Profiled||
|Pricing||Available upon Request|
Key Market Segments Covered
- Steel Glass Flake Coatings
- Concrete Glass Flake Coatings
- Epoxy Glass Flake Coatings
- Vinyl Ester Glass Flake Coatings
- Polyester Glass Flake Coatings
- 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
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia
- Rest of South Asia
- Rest of Oceania
- Middle East & Africa
- South Africa
- Rest of MEA
- North America
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
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