HOME Research Insight New Product Development and Expansion Were the Key Strategies Adopted by the Key Players to Achieve Growth in the Global Insulations Coatings Market

New Product Development and Expansion Were the Key Strategies Adopted by the Key Players to Achieve Growth in the Global Insulations Coatings Market

The global insulation coatings market size is projected to reach USD 8.29 Billion at a CAGR 7.9% of by 2021. Need for energy-efficient process with minimal heat loss and regulations pertaining to the use of diesel engines in the U.S., energy minimization demands in the European region, and growing industrial and construction & building industries are the key drivers of the market. The use of insulation for the prevention of corrosion has also gain much attention worldwide among the industrial segment. These drivers have encouraged the market players to adopt various growth strategies.

New product development and expansion were the key strategies adopted by the key players between 2013 and 2016 to achieve growth in the global insulations coatings market. These two strategies together accounted for the largest share of all the strategies adopted by market players. Some of the leading insulation coatings manufacturers such as The Dow Chemical Company (U.S.), Akzo Nobel N.V. (Netherlands), PPG Industries (U.S.), The Sherwin-Williams Company (U.S.), Kansai Paint (Japan), and Nippon Paint (Japan) adopted new product launch as their key growth strategy. Companies also adopted merger & acquisition to expand their market share and business reach.

PPG Industries unveiled its new PPG HI-TEMP 707 HB spray-on insulation coating, which delivers high level of personal protection and energy efficiency while preventing corrosion under insulation (CUI). The product is expected to find wide use in the industries involving high temperature and high heat-content process, which in turn will help the company to increase its market share and to strengthen the product portfolio. The company also adopted product differentiation strategy to enter in new markets.

Akzonobel developed its new product that reflects more infrared light to reduce heat absorption and reduce energy consumption. Akzonobel has also launched its new thin film insulation coating which can be used as insulating material in industrial applications. It focuses on better positioning of its products globally to capitalize on expected high market growth through development of innovative products and technologies.

Related Reports:

Insulation Coating Market by Type (Acrylics, Epoxy, Polyurethane, YSZ, Mullite, and Others), by End-Use Industry (Aerospace, Automotive & Transportation, Industrial, Marine, Buildings & Construction and Others), by Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) - Global Trends & Forecasts to 2021

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