PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397109
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397109
Glass Flake Coatings Market size was valued at USD 2,114 Million in 2022, expanding at a CAGR of 4.8% from 2023 to 2030.
Glass flake coatings are applied over paints and coatings to minimize moisture, oil, and vapor. Strong adhesives and long-lasting paint and coatings for metals and flooring are two applications of epoxy coatings. Equipment longevity is being increased by the market for glass flake coatings. The chemical resilience of polyesters and vinyl esters is well-known, and it contributes to the protection of offshore infrastructure, pipelines, and steel and concrete tanks.
The market for glass flake coatings is expanding as a result of rising demand for sophisticated coatings such as polyesters, epoxy, vinyl ester, and water-based acrylics because of their low weight, high tensile strength, and affordability. Exhaust systems with advanced coatings are protected from severe temperatures and frequent temperature swings. Polyester coatings are extensively utilized because of their many benefits, including increased durability, high efficiency, and thinner coatings that lighten the weight of moving components. Modern epoxy-based coatings exhibit excellent absorption over the whole UV spectrum and exceptional transparency in the visible range. As a result, the market for glass flake coatings will expand in the future due to the need for sophisticated coatings.
The Global Glass Flake Coatings Market is segmented based on Product, Substrate, Industry Vertical, and Region.
Based on the product, the market is bifurcated into Polyesters, Epoxy and Others. The Epoxy segment captures a significant market share during the forecast period. Epoxy coatings are a kind of thermosetting polymer that solidifies into a tough, long-lasting, and chemically resistant finish after curing. Epoxy coatings are frequently used to safeguard a variety of surfaces, such as industrial equipment, metal buildings, and concrete floors. They are ideal for use in industrial, automotive, aerospace, and construction sectors because of their superior adhesion, abrasion resistance, and chemical resistance.
Based on the substrate, the industry is segmented into Metal, Concrete, and Others. The Metal segment is expected to dominate the market during the forecast period. The growth in the segment is attributed to the growing demand from the shipbuilding sector as a result of their superior abrasion, corrosion, and strength resistance. Steel is a cheap material that is utilized in railroads, weaponry, tools, infrastructure, and electrical appliances. Steel with outstanding corrosion resistance, exceptional workability, and great welding ability is utilized in maritime construction. Steel pipes are used for carrying gas to the surface, moving oil from the well to the refinery, and supporting and safeguarding the oil well. The use of steel in tanks, pipelines, and shipbuilding has increased, which is driving up demand for glass flake coatings.
Based on the industry vertical, the market is bifurcated into Transportation, Building & Construction, Power & Energy, Consumer Goods, Chemical & Petrochemical and others. The Power & Energy segment is expected to capture a substantial market share over the forecast period. The development of energy projects, the requirement for reliable corrosion protection solutions, and the growth of infrastructure all have an impact on the need for glass flake coatings in the power and energy industry.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The Asia Pacific is expected to dominate the market during the forecast period. This expansion may be attributed to the rising demand for these coatings from the region's end-user sectors, which include shipbuilding, marine, and oil & gas. In the region, the need for glass flake coatings in the maritime sector is expanding quickly. Because of their strong tensile strength and resistance to high temperatures and water, these coating solutions are used to protect maritime vessels and structures against erosion, fouling, abrasion, salinity, air, and UV deterioration.
The key players operating in the market are BASF SE, Akzo Nobel N.V., Hempel A/S, Chugoku Marine Paints, Ltd., Jotun A/S, Kansai Paint, KCC CORPORATION, Nippon Paint Singapore, The Sherwin-Williams Company, PPG Industries, Inc., Demech Chemical Products Pvt Ltd., GLASSFLAKE, Clean Coats, Chemco International Ltd, Ameriflake Glass Company and Noelson Chemicals among others.
In April 2023, PPG declared the conclusion of a $15 million investment to modernize its powder coatings manufacturing plant in Brazil, Indiana. The 90-person factory has undergone 20,000 square feet of expansion to make room for two cutting-edge lines for automated packing and bonded metallic powder.