Glass Flake Coatings Market Analysis, Key Growth Drivers, Challenges, Leading Key Players Review, Demand and Upcoming Trend by Forecast to 2023
Glass Flake Coatings Market Overview:
Global Glass Flake Coatings Market Information: By Resin Type (Epoxy, Polyester, Vinyl Ester), Substrate Type (Steel, Concrete), Application Method (Brush, Airless Spray), End-Use Industry (Offshore, Marine, Chemical, Construction), And Region – Forecast Till 2023. Glass flake coatings consist of resin matrix reinforced with properly graded and micron thick glass flakes that can overlap in multiple layers creating a barrier to permeation and extend the service life of the coating. The laminar arrangement of glass flakes in the coating provides an excellent barrier against external weather conditions. For instance, corrosive ions follow a tortuous path through the glass flakes to attack the base substrate. Glass flake coatings find wide applications in end-user industries as marine, oil & gas, chemical & petrochemical, construction industry, and others. They can be applied to steel or concrete base substrate.
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Increasing need for improving performance and lifespan of equipment & devices are likely to boost demand for glass flake coatings in oil & gas, marine, chemical, and construction industries over the forecast period. Growing offshore oil & gas industry due to rising demand for energy is expected to drive strong demand for glass flake coatings in new pipeline construction projects over the forecast period. Additionally, growing marine industry due to rising global trade on account of trans-free trade agreements is expected to boost the demand for glass flake coatings to a large extent for shipbuilding & maintenance projects during the forecast period 2018-2023.
However, fluctuation in glass flake coatings prices is likely to hamper the market growth to some extent during the forecast period. Furthermore, the rise in the protection by some regions may encourage local production and consumption, which may hamper the marine industry and might restrict the glass flake coatings growth during the forecast period.
The global glass flake coatings market is segmented by resin type, substrate type, application method, end-use industry, and region.
On the basis of the resin type, the global glass flake coatings market is segmented into the epoxy, polyester, vinyl ester, and others. The polyester is sub-segmented to isophthalic polyester and bisphenol polyester. The epoxy is sub-segmented to pure epoxy and hybrid epoxy. The hybrid epoxy glass flake coatings are further segmented to polyamine cured epoxy and polyamide cured epoxy. The vinyl ester is sub-segmented into standard vinyl ester and brominated vinyl ester. Epoxy resin accounted for the major share of the global glass flake coatings market in 2017 owing to its superior properties such as excellent corrosion, abrasion, and impact resistance as well as strong wettability & moisture retention property.
On the basis of the substrate type, the global glass flake coatings market is segmented into steel and concrete. The steel substrate consumed glass flake coatings on a large scale under substrate type category due to increased use of steel in shipbuilding, offshore & onshore platforms, chemical storage tanks, pipelines in 2017 and is expected to continue the dominance during the forecast period.
On the basis of the application method, the global glass flake coatings market is segmented into brush/roller, conventional spray, and airless spray. Airless spray accounted the major share of the global glass flake coatings market owing to the precision centric and large-scale application in marine, oil & gas, chemical and constructions industries.
On the basis of the end-use industries, the global glass flake coatings market is segmented into oil & gas, marine, chemical, construction, and others. The oil & gas industry is sub-segmented into offshore and onshore. The marine and oil & gas industries are collectively expected to become major consumers of the global glass flake coatings market owing to its wide application in oil & gas tanks and pipelines, offshore & onshore infrastructure and shipbuilding during the forecast period.
The global glass flake coatings market is segmented into five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. Asia Pacific is expected to dominate the global glass flake coatings market during the forecast period. North America and Europe are followed Asia Pacific in terms of market size in 2017 and are expected to show steady demand during the forecast period. The Middle East & Africa and Latin America are likely to show rising demand for glass flakes coatings during the forecast period, 2018–2023.
Some of the prominent players operating in the global glass flake coatings market are Akzo Nobel N.V. (Netherlands), Nippon Sheet Glass Co., Ltd. (Japan), PPG Industries, Inc. (U.S.), Jotun (Norway), Hempel A/S (Denmark), CHEMIPROTECT ENGINEERS (India), The Sherwin-Williams Company (U.S.), KCC CORPORATION. (South Korea), Corrosioneering Group (UK), Winn & Coales (Denso) Limited (England), BASF SE (Germany), Clean Coats. (India), Berger Paints India Limited (India), Shalimar Paints Limited (India), and Samhwar Paints Industrial Co. Ltd (South Korea).
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