The global glassflake coatings market was valued at US$ 1480.00 Mn in 2017and is anticipated to expand at a CAGR of 4.51% from 2018 to 2026, according toa new report titled ‘Glass Flake Coatings Market: Global Industry Analysis,Size, Share, Growth, Trends, and Forecast, 2018–2026,’ published byTransparency Market Research (TMR). The global glass flake coatings marketis driven by the rise in demand for these coatings in the marine industry. AsiaPacific accounts for major share of the global glass flake coatings marketowing to the high demand for these coatings in various end-user industries inthe region.
Risein Demand for Glass Flake Coatings in Marine and Oil & Gas industriesProjected to Drive Market
Glass flakecoatings possess excellent physical and mechanical properties. Therefore, thesecoatings are suitable for usage in high-end applications in marine and oil& gas industries. High demand for these coatings in marine and oil &gas industries is expected to be a major driver of the global glass flakecoatings market during the forecast period. The power generation end-usersegment is also estimated to expand at a fast pace during the forecast period.
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Growth in Shipbuilding Industry inEmerging Economies in Asia Pacific Propelling Demand for Glass Flake Coatingsin Marine Applications
Glass flakecoatings are employed in water tanks to protect the internal body fromcorrosion. Expansion in various end-user industries in emerging economies suchas China, India, and Singapore and rise in demand for high-end products inmarine, power generation, and oil & gas industry are anticipated to boostthe glass flake coatings market. Glass flake coatings are used in the powergeneration industry owing to their properties of abrasion and corrosionresistance from high temperatures and harsh environment conditions. Powergeneration is expected to be a rapidly growing segment of the glass flakecoatings market during the forecast period. The glass flake coatings marketoffers high potential in developing economies. Demand for high-end products inmarine and power generation industries is estimated to increase in the nearfuture. This is likely to offer lucrative opportunities to the glass flakecoatings market. Better technical knowhow and ability to reach a wide range ofcustomers are projected to boost the adoption of glass flake coatings in thenear future.
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Epoxy Segment to Dominate GlobalGlass Flake Coatings Market
Based onresin type, the global glass flake coatings market has been segmented intoepoxy, polyester, and vinyl ester. Epoxy is a widely used resin type in glassflake coatings. The epoxy segment is anticipated to dominate the global glassflake coatings market during the forecast period due to the high temperatureresistance of epoxy-based glass flake coatings and their compatibility withsubstrates used in various end-user industries. Ecofriendly attributes of epoxyresins are also driving the demand for glass flake coatings.
Marine Segment Leads Global GlassFlake Coatings Market
In terms ofend-user industry, the global glass flake coatings market has been divided intooil & gas, marine, power generation, industrial, wastewater treatment, andothers (paper & pulp, infrastructure, and transportation). Demand for glassflake coatings in the marine industry is increasing at a rapid rate owing to theirsuperior properties such as high resistance to elevated temperatures, hightensile strength, and excellent water resistance. Power generation andwastewater treatment industries are also projected to expand at a significantpace during the forecast period.
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Asia Pacific Expected to DominateGlobal Glass Flake Coatings Market
Based onregion, the global glass flake coatings market has been classified into NorthAmerica, Europe, Asia Pacific, Middle East & Africa, and Latin America.Asia Pacific is estimated to be the leading region of the glass flake coatingsmarket during the forecast period. The market in the region is estimated toexpand at a rapid pace during the forecast period owing to the growth inshipbuilding industry and power generation industries in emerging economies.Demand for glass flake coatings is expected to increase significantly in MiddleEast & Africa and Latin America in the near future. The glass flakecoatings market in Europe is anticipated to expand at a sluggish pace, as ithas reached the stage of maturity. Manufacturers based in developed regionshave limited presence in Middle East & Africa and Latin America. Therefore,these regions are anticipated to provide lucrative opportunities formanufacturers of glass flake coatings in the next few years.
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High Degree of Competition amongMarket Players
High degreeof competition exists among players operating in the glass flake coatingsmarket. The market is dominated by large players that are technologicallysound. They account for significant share of the market. Prominent playersoperating in the glass flake coatings market are Akzo Nobel N.V., PPGIndustries, Sherwin-Williams, Jotun, Hempel A/S, Chugoku Marine Paints, andNippon Paint Holdings Co., Ltd.
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