Glass Flake Coatings Market Size Forecast to Reach $2.1 Billion by 2026

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Glass Flake Coatings Market Size Forecast to Reach $2.1 Billion by 2026

July 29
14:19 2021
Glass Flake Coatings Market Size Forecast to Reach $2.1 Billion by 2026

Glass Flake Coatings Market
Increasing Demand for Advanced Coatings Including Polyesters, Epoxy, Vinyl Ester and Water-based Acrylics, Due to Light Weight, Low Cost, and High Tensile Is Creating Growth in Glass Flake Coatings Market.

Glass Flake Coatings Market size is forecast to reach $2.1 billion by 2026, after growing at the CAGR of 4.4% over the forecast 2021-2026. Glass flake coatings are used to reduce moisture, oil, and vapor through paints & coatings. Epoxy coatings are used for a purpose from strong adhesive to durable paint & coating for floors and metals. Glass flake coatings market is improving the life span of the equipment. Polyesters and vinyl esters are known for their chemical resistance, which helps to protect steel and concrete tanks, pipelines, and offshore infrastructure. Hence, the rapid expansion of construction, petrochemical industry, marine, and increasing shipbuilding are propelling the market growth of glass flake coatings. However, there is a continuous fluctuation in the price of glass flake coatings, which is affecting the market growth.

The COVID-19 pandemic and subsequent halt in manufacturing activities had an impact on the glass flake coatings market growth. Also, insufficient supply of raw materials owing to the supply chain disruptions decreased the production rate of coating materials such as, major coating-based resins (like epoxy and polyester) that are derived from crude oil. But due to the decrease in production of crude oil, the production of resins has also decreased. Thus, there has been a decrease in import and export of resins, which has a negation impact on the market.

Glass Flake Coatings Market Segment Analysis – By Product

Epoxy held the largest share in the glass flake coatings market in 2020. Epoxy is broadly used for their chemical resistance, corrosion resistance, anti-absorption, durability, and tensile strength. Epoxy and acrylic products are used for decorative paints in residential construction, infrastructure of home, and commercial offices. Apart from this, acrylics are used in wet coatings because of higher volatile organic compound (VOC). Acrylic have a wide variety of application such as roof coating, floor coating, wall coating, cured by water evaporation, weather resistance, and others. Epoxy is thinner and solvents, is utilized for floor coatings. Hence, growing demand for that product along with polyester and vinyl ester is expected to contribute to an increase in the protecting against high temperatures and sagging. Due to high temperature resistance of epoxy and acrylic, its demand is expected to increase during the forecast period.

Glass Flake Coatings Market Segment Analysis – By Substrate

Based on substrate, Steel segment acquired a significant share in the glass flake coatings market in 2020 owing to increasing demand from shipbuilding industry due to their high strength, durability, resistance to abrasion, corrosion. Steel is low cost material therefore; it is used in infrastructure, tools, trains, electrical appliances, and weapons. Steel used as a material in marine construction that has excellent corrosion resistance, good workability, and excellent weld ability. A steel pipe provides support to protect of the oil well, transportation from the well to the oil refinery, and tubing to carry gas on the surface. Steel are increasingly in shipbuilding, pipelines, and tanks has been rising, this is boosting the demand for glass flake coatings industry.

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Glass Flake Coatings Market Segment Analysis – By End Use Industry

Oil & gas and marine have been the primary users for glass flake coatings market and is expected to grow at a CAGR 4.6% during the forecast period. Coatings works like anti-corrosion for the oil & gas industry, including drilling, and subsea equipment. Glass flake coatings minimize the effects of corrosion, abrasion, and gives costly equipment for long time. Oil & gas industries use glass flake coating material for reducing the effect of erosive environments of the steel pipes which are used for refining of crude oil. Marine industry can be used of coatings to protect marine vessels, fouling, air, and UV degradation. Glass flake is used as a pigment for under seawater coatings. Glass flake coatings industry is growing as a result of its increasing application in shipbuilding, tanks, along with infrastructure pipelines. The National Infrastructure Pipeline (NIP) is an effort to augment India’s infrastructure through an identified investment of INR 111 Lakh crores between FY 2020-25. The demands of glass flake coatings are growing rapidly for many industries, such as oil & gas, marine, and petrochemical are expected to augment the growth of glass flake coating market.

Glass Flake Coatings Market Segment Analysis – By Geography

The market of glass flake coatings market share was dominated by Asia-pacific region with 30% in 2020, due to established shipbuilding and chemical industries in the region. China and India are rapidly developing their economy because of low cost of production and availability of labor is cost effective; therefore, many chemical companies shift their production bases to the Asia-Pacific region. Asia-pacific accounted for the largest paints & coatings, in terms of value & volume. Rising spending in the residential sector and infrastructural developments in India is projected to make this region an ideal destination for glass flake coatings size. According to India Brand Equity Foundation (IBEF), India will require investment Rs. 50 trillion (US$ 777.73 billion) across infrastructure by 2022 for sustainable development in the country. This influence the glass flake coatings market growth.

Glass Flake Coatings Market Drivers

Growing Demand for Advanced Coatings

Increasing demand for advanced coatings including polyesters, epoxy, vinyl ester and water-based acrylics, due to light weight, low cost, and high tensile is creating growth in glass flake coatings market. Advanced coatings are protective exhaust systems, and exposed continuously to extreme temperatures and rapid fluctuations in temperatures. Polyester coatings are widely used due to its various properties, such as highly efficient, better durability, and thinner coatings to reduce weight of moving parts. Advance epoxy based coating show high transparency in visible range and highly efficient absorption in the entire UV radiation. Hence, the demand of advanced coatings will boost the growth of glass flake coatings market in future.

Upcoming Pipeline Construction Projects

In 2020, Indian Minister of petroleum and natural gas reviewed pipeline projects worth approximately Rupees 8000 crore. GAIL processed pipeline tenders of more than Rupees 1000 crore for around 1 lakh tons of steel procurement in 2020. This project work along the Pradhan Mantri Urja Ganga has resumed in full swing post-Covid-19 lockdowns and is gearing up to connect Eastern India with the West to Central natural gas pipeline corridor for boosting gas-based economy in the country. According to Indian Oil Corporation Limited (IOCL), Indian Oil is implementing 1450 km long natural gas pipeline project in southern India with a project cost of Rupees 6025 crore. This quantity is expected to be doubled in the coming years. Therefore, most of the coatings are used for underground pipes under high impact friction in soil condition. A coating is highly demanded aspect for all these protections in the pipe line projects, thus the market of glass flake coatings is expected to grow.

Glass Flake Coatings Market Challenges

Volatility in Pricing of Coating Materials

Epoxy based glass flake coatings is used in various applications in the oil & gas, marine, and chemical & petrochemical industries. Epoxy resins are an industrial product derived from petroleum and more expensive than polyester resin. Thus, the price fluctuation of crude oil can hamper the market growth. According to Energy Information Administration (EIA), in U.S. total crude oil production is fall from 12.2 million barrels a day in 2019 to 11.1 million barrels a day in 2021.

Glass Flake Coatings Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the glass flake coating market. Major players in the Glass Flake Coatings Market top 10 companies are AkzoNobel N.V, Nippon Sheet Glass Corporation limited, PPG Industries, Jotun, The Sherwin- Williams Company, Hempel A/S, BASF SE, Clean Coats, Berger Paints India Limited, Corrosioneering Group, CHEMIPROTECT ENGINEERS, KCC Corporation, Winn & Coales (Denso) Ltd, and Shalimar Paints Limited, among others.

Acquisitions/Technology Launches

In May May 2019, Akzo Nobel opened a performance coatings production facility in Santo Andre, Brazil. With this development, the company will become more agile in responding to local customer needs and regional market demand.

Key Takeaways

Asia-Pacific dominates the glass flake coatings market owing to increasing demand from applications such as oil & gas, infrastructure, and marine industries.

The demand for products such as epoxy, acrylics and polyurethanes (polyester, vinyl polyester) are growing as they provide water resistance to coating which likely to aid in the market growth.

Increasing demand for advanced coatings for shipbuilding and infrastructure development in the Asian countries will boost the growth of glass flake coatings market.

Increasing adoption of steel as a material in marine construction for good workability, and anti-corrosion will increase the market demand for glass flake coatings.

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