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The increasing demand for glass flake coating in marine industries, and construction industries is propelling the market growth.
NEW YORK CITY, NEW YORK, UNITED STATES, September 27, 2022 /EINPresswire.com/ -- The global glass flake coatings market is forecast to reach USD 2.03 Billion by 2026, according to a new report by Reports and Data. Glass flake coatings are specialty chemicals that are used in the ship manufacturing industry since it is resistant to chemicals, moisture, oil, gas, and many other solvents. Glass flake coatings is also known as borosilicate. It is extensively used as a substrate in the production of effect pigments.
The market for glass flake coating chemicals is influenced by the rising demand for construction materials, the evolution of environmentally friendly chemicals required by construction industries, and development of automobile industries, which require large glass flake coating chemicals. The glass flake coating chemicals are improving the performance and life span of the devices and equipment. There is a continuous fluctuation in the price of glass flake coatings, which are affecting its market.
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Further key findings from the report suggest
Epoxy held the largest market share of 49.3% in the year 2018. Epoxy is widely used in this industry because it is resistant to high temperature, and they are compatible with various substrates which benefits the end-users. The epoxy coating is mainly used for tank lining, pipe coating, and ballast tank coating. In the oil and gas projects epoxy is used because it can repair leaky pipes, cost-effective, and less time is required to complete this coating. This coating is eco-friendly, which makes it more in demand in present scenarios. Marine Industry held the largest market share of 34.5% in the year 2018. In the Asia Pacific region, the marine industry is growing since high investment is being made in trading merchandise goods. There is an emergence of the marine industry in China which has driven the market of glass flake coating. Steel segment is forecasted to witness a higher CAGR of 5.6% during the forecast period. Steel is used in storage tanks, offshore and onshore platforms, pipelines and ship building because it increases the lifespan of the metal substrate. Key participants Chemiproject Engnieers, Nippon Sheet Glass Co., Ltd., Akzo Nobel N.V., Jotun, Hempel A/S, Corrosioneering Group, Berger Paints India Limited, Sherwin-Williams Company, Shalimar Paints Limited, and Samhwar Paints Industrial Co. Ltd among others.
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Segments covered in the report:
Substrate Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
Resin Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
Epoxy Polyester Vinyl Ester Others
End Users Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
Oil and gas Marine Chemical and Petrochemical Automobiles Construction Aerospace
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Key Regional Markets Covered in the Report:
North America (U.S.A., Canada, Mexico) Europe (Italy, U.K., Germany, France, Rest of Europe) Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific) Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America) Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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