Insulation Paint and Coating Market

Insulation Paint and Coating Market Outlook (2024 to 2034)

The global insulation paint and coating market size is set to achieve a valuation of US$ 4.7 billion in 2024 and then expand at a CAGR of 5.8% to climb to US$ 8.3 billion by the end of 2034.

Insulation paints and coatings are applied on the surface for protection and also to reduce heat transfer from the object. Generally, coatings and paints are applied to the exterior and interior of buildings to provide thermal insulation to them, which is of vital importance.

Insulation coatings and paints also have corrosion inhibitor properties, and therefore, have industrial applications where they are applied on pipes, equipment, machines, and plants. Apart from energy cost reduction, these components also reduce heat energy transfer.

Report Attributes	Details
Insulation Paint and Coating Market Size (2023A)	US$ 4.4 Billion
Estimated Market Value (2024E)	US$ 4.7 Billion
Forecasted Market Value (2034F)	US$ 8.3 Billion
Global Market Growth Rate (2024 to 2034)	5.8% CAGR
North America Market Share (2024E)	28.6%
East Asia Market Share (2024E)	36.5%
Key Companies Profiled	AkzoNobel N.V. PPG Industries Inc. The Sherwin-Williams Company Nippon Paint Holdings Co. Ltd. Kansai Paint Co. Ltd. Jotun Group Hy-Tech Thermal Solutions Highland International Okitsumo Inc. Nissin Sangyo Co. Ltd. Other Key Players

Consumption Analysis of Insulation Paints and Coatings (2019 to 2023) vs. Market Projections (2024 to 2034)

Over the 2019 to 2023 historical period, the global insulation paint and coating market registered a CAGR of 4.6%, according to Fact.MR, a market research and competitive intelligence provider. The market has been forecasted to exhibit growth at 5.8% CAGR between 2024 and 2034.

Earlier, the main purpose of insulation paints and coatings was to expand the lifespan of pipelines that were used in the petrochemical industry by protecting the pipe’s surface. Gradually, paints started being used in the automotive industry for aesthetic looks.

• Short Term (2024 to 2027): Growing use of insulation paints and coatings expected in the industrial and construction sectors. New product development will widen the scope of applicability. New insulation paints and coatings will be used on trucks and trains meant for refrigerated transportation to improve energy efficiency.
• Medium Term (2027 to 2030): Customers preferences will keep changing constantly. Demand for multi-purpose coatings and paints will rise. Manufacturers should integrate features such as anti-bacterial, anti-microbial, nano-coating, and self-healing paints and coatings to cater to changing customer expectations. New technological advancements will take place in application methods. Printing robots will be used easy, errorless, and waste-free paints in different industries.
• Long Term (2030 to 2034): There is always a risk of chemical leaching into the environment, which can cause environmental and health hazards. This rising concern will lead prominent companies to adopt green chemistry, also called sustainable chemistry. Companies will focus more on volatile organic compounds, waste minimization, and enhancement of process efficiency.

What is Set to Increase Consumption of Insulation Paints and Coatings?

“Rising Energy Consumption and Growing Construction Sectors"

Insulation coatings used during construction upgrade buildings by increasing energy efficiency and reducing the operational cost of the building. Insulation on walls prevent heat gain or loss through the building, which reduces the cooling expenses of residents.

• According to the U.S. Department of Energy’s Building Technologies Office (BTO), commercial and residential buildings accounted for 40% of total energy consumption in 2022.

Main uses of electricity are space heating, space lightening, and space cooling, which can be managed with the help of insulation paints and coatings for buildings.

• According to a recent report published by Oxford Economics, the global construction industry will grow up to US$ 4.2 trillion at the end of 2037.
• The International Energy Agency estimates that around 30% of global energy consumption was done by operations of buildings in 2022.

As such, growing construction sector along with rising energy consumption will be favorable insulation paint and coating market trends over the next decade.

“Extensive Benefits in Electronics, Automotive, and Petrochemical Industries”

Several industries are acknowledging the features of insulation paints and coats for their benefits. Insulating coatings withstand severe environments that cause the corrosion of metal. Insulation coatings strengthen the structural integrity of pipelines and equipment used in the chemical industry.

Furthermore, insulation paints are being used on trains and cars for refrigerated transportation. These coatings are used on buses to reduce cost of energy use and to improve comfort. Additionally, the water-repellant feature of insulation paints offers stability in a humid atmosphere. As such, it is used for heat protection in shipping containers.

What are the Challenges to Insulation Paint and Coating Market Growth?

“Stringent Government Regulations Governing the Industry”

Volatile organic compounds (VOC) are emitted from paints and coatings, which are hazardous air pollutants. These can cause numerous health issues such as headaches, nervous system damage, cancer, eye irritation, nausea, and kidney damage. These compounds can also contaminate groundwater.

• According to the Chinese Ministry of Finance, in 2016, a 4% tax was enforced on ready-to-spray VOC coatings, which exceeds the 420g/L limit.
• Additionally, the European Union has 'Paint Directives', which aim to limit VOC content in paints.

Such government measures are detrimental to demand growth for insulation paints and coatings.

Country-wise Insights

Will the United States be a Lucrative Market for Insulation Paint and Coating Manufacturers?

“Rising Use of Insulation Coatings in Electrical Gadgets and EV Vehicles”

The United States market has been forecasted to expand at a CAGR of 6.2% over the projected period to reach a valuation of US$ 970 million by 2034.

Insulation coatings are electricity leak-proof, which prevents electric shock accidents due to electrical leakage. Insulation coatings are mainly being used to insulate high-voltage products such as motors, batteries, and printed circuit boards in the United States. As a result, they have huge applicability in electrical gadgets and EV vehicles.

• According to a study by the Consumer Technology Association in 2022, US$ 505 billion revenue will be generated by the U.S. consumer technology industry each year in the years ahead. Also, electric bike shipments were pegged at a market value if US$ 6 billion in 2022.

This huge demand for automobiles has pushed manufacturers to increase their productivity. To reduce accidents and improve safety, manufacturers are replying on insulating coatings, which is driving market expansion in the country.

Why is There High Demand for Insulation Paints and Coatings in China?

“Substantial Use of Insulation Coatings in Manufacturing Sector”

East Asia accounts for a leading insulation paint and coating market share, with the market in China estimated to be valued at US$ 982.4 million in 2024 and forecasted to expand at a CAGR of 6.4% to reach US$ 1.8 billion by 2034.

In China, insulation paints and coatings have industrial applications where plants and machinery are involved in the manufacturing of products. Insulation coatings are highly demanded for their anti-corrosive properties; they are fire retardant as they withstand fire and high temperatures for longer periods. These properties enhance to safety of industrial plants, which make these paints and coatings attractive for manufacturers in several industries in China.

• Also, according to China's State of Council Information Office, China’s industrial segment accounted for 33.2% of the GDP of the country in 2022.

This increasing industrialization will drive up the demand for thermal insulation paints and coatings in the country over the years ahead.

Category-wise Insights

Why are Water-Based Insulation Paints So Popular?

“Advantages of Water-Based Insulation Coating, Promoting Environmental Compliance and Applicability”

The water-based insulation paint and coating market is estimated to be valued at US$ 1.76 billion in 2024 and expand at a CAGR of 6.2% to reach US$ 3.23 billion by 2034-end.

Thermal insulation coatings are named after the binder from which they are made. Also, there are other elements present in coatings such as additives, which help them dissolve in liquid easily to improve their applicability. Water-based coatings use water for application. Also, they are less hazardous than solvent- and powder-based coatings. Environmental compliance is another key reason for its major share in overall insulation paint and coating sales. Less amount of volatile organic compounds (VOC) are appreciated from an environmental point of view since water-based coatings have zero VOCs in them.

Due to the various advantages of water-based coatings, they account for 37.3% market share.

Competitive Landscape

Key players in the insulation paint and coating market are Akzo Nobel N.V., PPG Industries Inc., The Sherwin-Williams Company, Nippon Paint Holdings Co. Ltd., Kansai Paint Co. Ltd., Jotun Group, Hy-Tech Thermal Solutions, Highland International, Okitsumo Inc., and Nissin Sangyo Co. Ltd.

World’s leading manufacturers of insulation paints and coatings are focusing on improving thermal insulation performance. Some market players are acquiring other businesses to expand their market reach and share. Huge investments are being made in emerging technologies by investors.

• In February 2024, Kansai Helios took over Weilburger to acquire the whole industrial business and expand its reach in the U.S., China, France, Italy, Germany, Turkey, Brazil, and India.
• In June 2023, AkzoNobel launched the industry’s first powder coating with an openly available online energy saving calculator for customers, which instantly calculates the carbon and energy reduction done after using the company's product.
• In October 2023, Sherwin-Williams launched Heat-Flex® 7000, a thermal insulation coating system that offers personal protection, solar heat reflectivity, and insulating capabilities for industrial applications.

Fact.MR has provided detailed information about the price points of key manufacturers of insulation paints and coatings positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Insulation Paint and Coating Market Research

• By Type :

  • Acrylic
  • Epoxy
  • Polyurethane
  • Alkyd
  • YSZ

• By Base Type :

  • Water-Based
  • Solvent-Based
  • Powder Coatings

• By End Use :

  • Pharmaceuticals
  • Building & Construction
  • Food & Beverages
  • Manufacturing
  • Oil & Gas
  • Automotive
  • Others (Textiles, Electronics, etc.)

• By Region :

  • North America
  • Latin America
  • East Asia
  • South Asia & Pacific
  • Western Europe
  • Eastern Europe
  • Middle East & Africa