Market Synopsis
The Glass Flake Coatings Industry was valued at USD 2.40 Billion in 2020 and is projected to reach USD 2.82 Billion by 2028, at a CAGR of 4.50% during the forecast period (2021-2028).asserts Market Research Future (MRFR). Glass flakes are extensively used in end-user industries such as oil and gas, petrochemical and chemical, marine, construction industry, and others. The laminar arrangement in glass flakes in coating offers excellent barrier against weather conditions. Glass flakes can also be applied to concrete or steel base substrate.
Drivers and Constraints Impacting the Market
With the growing need for lifespan of devices and equipment along with improving performance is predicted to fuel the demand for Glass Flake Coatings Industry in marine, oil and gas, construction, and marine industries over the assessment period. With the growing offshore oil and gas industry owing to the increasing demand for energy is also estimated to drive the global market in pipeline construction projects. Moreover, the growing marine industry owing to increasing global trade on account of trans-free trade agreements is also estimated to stimulate the demand for glass flake coatings for shipbuilding and maintenance projects in the coming years.
On the flip side, fluctuation in the prices of glass flake coatings along with slow growth in the industrial sectors is expected to inhibit the market growth during the assessment period. Moreover, rise in the protection by some of the regions might encourage local consumption and production, which is likely to hamper the marine industry and inhibit the market growth over the forecast period.
Glass Flake Coatings Industry: Segmental Analysis
The Glass Flake Coatings Industry has been segmented on the basis of substrate type, resin type, application, application method, end-use industry, and region.
By mode of resin type, the market has been segmented into vinyl ester, epoxy, polyester, and others. The polyester segment is further sub-segmented into bisphenol and isophthalic polyester. Epoxy is sub-segmented into hybrid and pure epoxy. Hybrid epoxy is sub-segmented into polyamide cured epoxy and polyamine cured epoxy. Among these, the epoxy segment is anticipated to lead the market as they are one of the most versatile materials available in marine environment.
By mode of substrate type, the market has been segmented into concrete and steel. Among these, the steel segment is estimated to exhibit the highest growth rate owing to the growing use of glass flake coatings to coat steel which is used in constructing medium and large ships, storage tanks, onshore and offshore platforms, and pipelines.
By mode of application method, the glass flake coatings market has been segmented into conventional spray, brush/roller, and airless spray.
By end-user industries, the market has been segmented into construction, oil and gas, chemical, marine, and others. The segment for oil and gas is further sub-segmented into onshore and offshore. Among these, the marine segment is expected to showcase the highest growth during the review period owing to the growth in global trading which has led the marine industry to invest in several shipbuilding projects.
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Regional Insights
Geographically, the glass flake coatings market spans across regions namely, North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa.
Among all the regions, Asia Pacific is predicted to hold the maximum share during the assessment period. End-use industries such as chemical, marine, and construction industry are likely to stimulate the demand for glass flake coatings over the review period.
The North American and the European region are expected to showcase a steady demand during the assessment period. End-use industries like construction and chemical industries are likely to contribute to the market growth during the assessment period.
Meanwhile, Latin America and the Middle East and Africa are predicted to show growing demand for glass flake coatings during the assessment period.
Industry News
August 8, 2018: The Subsea Industries reported that its Ecospeed coating system has been applied to the aluminum-hulled 750-passenger capacity Spaulding class ferry M/S Marin which is operated and owned by the Golden Gate Bridgem Highway and Transportation District.
Competitive Analysis
Some of the major players operating the Glass Flake Coatings Industry are Jotun (Norway), KCC Corporation (South Korea), PPG Industries Inc. (the U.S.), CHEMIPROTECT ENGINEERS (India), Corrosioneering Group (UK), Hempel A/S (Denmark), Berger Paints India Limited (India), Clean Coats. (India), The Sherwin-Williams Company (the U.S.), Winn & Coales (Denso) Limited (England), Akzo Nobel N.V. (Netherlands), Shalimar Paints Limited (India), Nippon Sheet Glass Co. Ltd. (Japan), Samhwar Paints Industrial Co. Ltd (South Korea), BASF SE (Germany), and more.
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