October 21, 2020 22:00 ET | Source: Reports and Data Reports and Data
New York, New York, UNITED STATES
New York, Oct. 21, 2020 (GLOBE NEWSWIRE) -- The rising demand for the product in the industrial & manufacturing market, the expanding automotive industry, and an increase in government & private spending toward defense and aerospace activities are driving the thermal insulation coating market growth.
The global Thermal Insulation Coating market size is forecast to reach USD 13.12 Billion by 2027, according to a new report by Reports and Data. Manufacturing & industrial sector trends are expected to affect demand positively. Thermal insulation coatings minimize heat loss in various appliances and increase efficiency while reducing total maintenance costs. Thermal insulation coating has high co-efficient properties and low thermal conductivity. It can avoiding reflections of ambient lights and provides protection for workers. Application of thermal insulation coating leads to decreased heat loss in different machines, increases their efficiency, and minimizes the total cost, thus driving industry growth.
A growing number of commercial buildings, skyscrapers, renovation, in the industrial, automotive, and marine sectors will further boost demand for thermal insulation coatings in such applications. Government policies and legislation to improve the manufacturing industry and expand the use of energy-saving and environmentally friendly goods will enhance the size of the market.
Increasing use of heat insulation technologies in the commercial, defense, engineering, and aerospace industries are expected to drive manufacturers to support supply chain integration in the coming years. Greater integration of the supply chain is expected to lead to reduction in time to turn raw materials into finished goods and leading to cost advantages.
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Fluctuations in the cost of raw materials along with higher demand for the product will impact the competitiveness of the industry and the rise in consumer demand for thermal insulation coating. Nevertheless, product innovation, along with steps taken by companies to expand and cooperate in the value chain that establishes new business avenues, will drive the thermal insulation coating market.
The 2020 pandemic situation led to lower demand for the product in the automobile, mining and telecommunications sectors. For the industry, the road to return of normal production is dependent on the extent of the sanctions imposed and their impact on global economic activity. The Asia Pacific region suffered the most from this pandemic, with China and India at the frontline of the outbreak. Production and delivery were put on hold, forcing suppliers, retailers, and customers to incur losses. The stock can face down time, for the time being. Soon, new technologies are anticipated to add demand to the market as the situation resolves.
Further key findings from the report suggest
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented into the Global Thermal Insulation Coating market on the basis of Product, Distribution Channel, application, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/thermal-insulation-coating-market
Regional Outlook (Revenue, USD Billion; 2017-2027)
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