Analysis of Glass Flake Coatings market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
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.
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.
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.
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.
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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.
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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.
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.
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.
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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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.
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.
*This list is indicative- full details about key market players is available upon request
|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|
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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.
China is anticipated to emerge as the most potential market for glass flake coatings.
Marine industry is generating high demand for glass flake coatings
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