Glass Flake Coatings Market Size, Share, Industry, Forecast and outlook (2023-2030)

Global Glass Flake Coatings Market is segmented By Resin Type (Epoxy, Vinyl Ester, Polyester), By End User (Oil & Gas, Petrochemical, Marine and others), By Substrate (Steel, Concrete), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Glass Flake Coatings Market Overview

A report by DataM Intelligence estimates the Global Glass Flake Coatings market to grow at a high CAGR Of 15.9% during the forecast period 2023- 2030. The market is expected to grow due to increasing demand from Users of Oil & Gas, Petrochemical, Marine etc . The competitive rivalry intensifies with Akzo Nobel, Nippon Paint., PPG Industries, and others operating in the market.

Glass Flake Coatings Market Scope

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Glass flakes are used to reduce moisture vapor diffusion and gas through the coating and paint having properties such as anti-abrasion and anti-corrosion and also offers resistance to moisture, gas, oil, chemicals, and many solvents.Glass flake coatings consist of resin matrix protected with properly graded and micron thick glass flakes that can overlap in multiple layers.This laminar arrangement of glass flakes provides an excellent barrier to external weather conditions. For instance, acid ions follow a circuitous path through the glass flakes to attack the base substrate.

Glass Flake Coatings Market Dynamics

• The principal characteristics of glass flake coating like low volatile organic compounds content, user friendly can be easily applied over a wide range of specified film thicknesses, Glass flake coatings offer excellent physical and mechanical properties, superior resistance to water ingress, Good mechanical properties such as adhesion, abrasion resistance, high tensile strength, high-temperature resistance, and excellent moisture resistance, flexibility, and is Capable to withstand a wide range of chemical resistance and high-temperature conditions, depending on the binder system used, all these factors are boosting the market. And the use of glass flakes in combination with other functional pigments or more advanced epoxy polymers offers efficient long-term protection of chemical tanks, pipelines, and vessels, as well as maintenance and repair of such steelwork whether it’s immersed or atmospheric.

• However, variation in glass flake coatings prices is hampering the market growth.

Glass Flake Coatings Market Segmentation Analysis

• Based on resin type the global market for glass flake coatings is broadly segmented as epoxy, vinyl ester, and polyester. Among all these epoxy occupied the significant segment and is projected to increase at a CAGR of YY%.

• The growth of the epoxy segment is due to the epoxy-type glass flake coatings providing excellent protection against corrosion and abrasion in extreme atmospheric environment conditions. And the increasing use of epoxy-based glass flake coatings in various applications in the oil & gas, marine, and chemical & petrochemical industries are driving the demand for this segment.

• Based on the substrate, the global glass flake coatings market is segmented into two main types- steel and concrete substrates. These two steel segment occupied the dominant market and is projected to grow at a higher pace during the forecast period

• An increase in the use of glass flake coatings to coat the steel used in the building of large and medium ships, offshore & onshore platforms, storage tanks, and pipelines is a significant factor that is boosting the growth of this segment.

• Based on end-user global glass flake coatings market is segmented into a few main industry sectors. Among them, the oil & gas segment occupies a significant market share.

• The growth in this segment can be due to an increase in the use of glass flake coatings in onshore & offshore platforms, tanks, pipelines, submerged surfaces, concrete bunds, and associated infrastructures. Glass flake coatings provide sufficient protection to these assets and pipes, which increases their durability by reducing the effects of the abrasive and corrosion environment under which they operate.

• The oil industry is one of the most strong industry sectors in the world economy. And the marine industry is projected to grow at a higher rate in the forecast period due to its resistance to high temperature and high tensile strength. These coating solutions are used to protect marine vessels and structures from erosion, salt water, abrasion, and UV degradation.

• The below statistic gives information about the total oil and gas industry worldwide from 2002 to 2020. In 2015, the oil and gas equipment global market was worth around USD 168 billion. By 2020, it will be worth approximately USD 205 billion.

Glass Flake Coatings Market Geographical Share

• Global glass flake coatings market is segmented by geographic region which includes North America, South America, Europe, Asia-Pacific, and ROW. The Asia Pacific occupies the dominant share in the glass flake coatings market. In the forecast period, the glass flake coatings market in the Asia Pacific is expected to grow at a CAGR of YY%.

• Due to the rapidly developing economies of China and India in this region. This, along with the low production cost and availability of labor is cost-effective, has been a reason for many chemical companies in the market to shift their production bases to the Asia Pacific region.

• This can be endorsed to the expansion in the shipbuilding industry in developing economies such as India, China, and other countries in the Asia Pacific.

• Also, the global shipbuilding industry, a major end-user of epoxy-based glass flake coatings, is led by the Asia Pacific particularly by China, South Korea, and Japan due to the presence of the top five shipbuilding groups in the region. For instance, in 2017, the shipbuilding order volume in South Korea accounted for six million CGT, which is two million more than the previous year. In the forecast period, South America & Africa is expected to expand at a rapid pace due to the expansion in the oil & gas industry in these regions.

Glass Flake Coatings Company and Competitive Landscape

• Prominent players in the global glass flake coatings market are Akzo Nobel, Chemiprotect Engineers, PPG Industries, Jotun, Hempel, Chugoku Marine, Clean Coats., Berger Paints India Limited, Shalimar Paints Limited, Sherwin-Williams Company, Nippon Paint, Kansai Paints, RPM International, KCC Corporation, Corrosioneering Group, Winn & Coales (Denso) Limited, and others. Product launches, partnerships, and expansions are some of the strategies adopted by players to increase their market share.

• For instance, in July 2018, Akzo Nobel developed a new epoxy glass flake coating containing a high level of lamellar glass flake for enhanced corrosion and abrasion protection.