MARKET ANALYSIS
Heat reflective paints and coatings are widely used worldwide due to the rising concern over climate change and rising energy costs. Heat reflective paints and coatings help cool down the roof. This is due to the paint's and coating's ability to reflect solar radiation. It eradicates solar heat before entering the building while drawing out excess heat. As a result, buildings can benefit from better insulation. It helps preserve the roof as it protects it from thermal shock and corrosion. It also reduces leaking. Having a heat reflective painted roof can even increase the value of the construction. These heat reflecting paints and coatings are of different types, such as solvent-based, water-based, and powder-based, and manufacturers often use resin types such as epoxy, polyester, silicone, acrylic, and other types of resins.
GROWTH DRIVERS AND CHALLENGES
The growing demand for heat resistant construction materials from different end-use industries across the globe has aided the heat reflective paints and coatings market growth in the past few years. Heat reflective paints and coatings reduce the indoor temperature of the building, and reduce the need for air conditioning; its waterproof formula cross-linked elastomers offer water proofing and fill roof cracks. Its innovative nano-technology-based formulations offer high solar reflectivity thermal emittance, prominently reducing the roof temperature where roofs get exposed to intense UV rays in the summer. The US Census Bureau announced that in April 2023, the US's construction spent US$ 1,908.4 billion, 1.2% above the revised March estimate of US$ 1,885.0 billion. The April figure was 7.2% above April 2022. During the first four months of this year, construction spending amounted to US$ 566.7 billion, 6.1% above the US$ 533.9 billion for the same period in 2022. Hence, the rising government initiatives in developing new infrastructures, transportation construction projects, and windmill projects extend lucrative opportunities to the key industry participants. In addition, new innovations and advancements in nanotechnology coupled with the increasing prevalence of the benefits of using heat resistance paints and coatings would further expand the growth of the heat reflective paints and coatings. However, the considerable cost requirement for labor and transportation of heat reflective paints and coatings may hinder the heat reflective paints and coatings market growth; also high maintenance cost is the primary factor limiting the heat reflective paints and coatings market growth. Furthermore, owing to the properties of heat reflective paints and coatings such as resistance to heat, chemicals, and corrosion and their broad scope of applicability in residential and commercial equipment, and flammable fluid pipelines would likely to propel the heat reflective paints and coatings market growth during the forecast period.
REPORT SEGMENTATION AND SCOPE
The "Global Heat Reflective Paints and Coatings Market Analysis to 2030" is a specialized and in-depth study with a significant focus on the global heat reflective paints and coatings market trends and growth opportunities. The report aims to provide an overview of the global heat reflective paints and coatings market with detailed market segmentation by resin type, application, and geography. The global heat reflective paints and coatings market has witnessed high growth over the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on using heat reflective paints and coatings worldwide along with their demand in major regions and countries. In addition, the report provides a qualitative assessment of various factors affecting the heat reflective paints and coatings market performance in major regions and countries. The report also includes a comprehensive analysis of the leading players in the heat reflective paints and coatings market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative heat reflective paints and coatings market opportunities that would, in turn, aid in identifying the significant revenue pockets.
Further, ecosystem analysis and Porter's five forces analysis provide a 360-degree view of the global heat reflective paints and coatings market, which helps understand the entire supply chain and various factors affecting the market growth.
SEGMENTAL ANALYSIS
The global heat reflective paints and coatings market is segmented based on resin type, and application. Based on resin type, the heat reflective paints and coatings market is segmented as, silicone, epoxy, acrylic, and others. The heat reflective paints and coatings market is categorized based on application into, construction, automotive, consumer goods, and others.
Based on resin type, the epoxy resin type accounted for a significant heat reflective paints and coatings market share, which can be attributed to its global popularity and wide availability. Epoxy resins are the most preferred matrix resin when heat resistance materials are used for structural applications requiring optimal mechanical properties. Unlike thermoplastic resins, epoxy resins connect molecules by fixed bonds, forming large macro-molecules. Bonding starts by using specific curing agents, e.g., amines or anhydride.
Epoxy resins show high strength and low shrinkage during curing. Due to their toughness and resistance to chemical and environmental damage, epoxy resins are widely used in applications such as the construction of vehicles, snowboards, aircraft, bicycles, encapsulates, electrical conductors in microelectronic packaging, and adhesives in structural bonding applications. Mostly, two-part resins are cured at room temperature. Depending on the formulation, epoxy resins are used as casting, resin binders, potting agents, and laminating resins in fiberglass or construction. Hence due to its properties and functionality epoxy resins have high demand in many end-use industries such as construction, automotive, and consumer goods.
REGIONAL ANALYSIS
The report provides a detailed overview of the global heat reflective paints and coatings market with respect to five major regions, namely, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America. North America is estimated to account for a significant heat reflective paints and coatings market share globally. Increasing preference of heat resistance materials among the end users has positively contributed to the market growth in North America. Europe is also expected to grow considerably with the increasing demand for fire-resistance materials in the construction industry. Moreover, government support for developing the residential construction industry across various regions has propelled the growth of the heat reflective paints and coatings market. For instance, during the 14th Five-Year Plan (2021-2025) period, China has planned to add 6.5 million government-subsidized rental homes in 40 key cities to help an estimated 13 million people in need of affordable housing. To offer more comfort to the residents, about 219,000 old residential communities built before the end of 2000 in urban areas will be renovated by 2025. China also announced a plan to mend rickety rural homes or upgrade those in earthquake-prone rural areas, while the housing provident fund is expected to cover more people in the workforce. Therefore, various government support measures for developing the residential construction sector are increasing residential construction activities. This creates demand for different construction materials, driving the growth of heat reflective paints and coatings.
INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES
Partnership, acquisitions, and new product launches were found to be the major strategies adopted by the players operating in the global heat reflective paints and coatings market.
In April, 2023, Indicus Paints launched a new 'Heatseal' heat reflective coating that makes buildings more relaxed and energy efficient. It is a next-generation coating with advanced heat reflecting properties.
In February, 2023, Wacker launched 'Two Heat-resistant Silicone Resin Binders', which include SILRES M 51 E, and SILRES IC 900. These products are applicable for manufacturing industrial coatings that can withstand high temperatures.
IMPACT OF COVID/IMPACT OF GEOPOLITICAL SCENARIO/IMPACT OF RECESSION
The covid-19 pandemic led to a decline in the progress of many industries across the globe. The shutdown of manufacturing plants and restricted trade across the globe led to supply chain constraints for manufacturers across the globe. Heat reflective paints and coatings market experienced a slump during the pandemic owing to the limited trade of resins, and other chemical raw materials across the globe. Lockdowns imposed by different countries in 2020 hampered the ability of industries to maintain inventory levels. Moreover, sanitary measures and other COVID-19 precautions significantly reduced production capacity, creating a composites inventory shortage.
In 2021, the global marketplace began recovering from the losses incurred in 2020 as governments of different countries announced relaxation in social restrictions. Manufacturers were permitted to operate at full capacities, which helped them overcome the demand–supply gap. Moreover, rising vaccination rates contributed to improvements in the overall conditions in different countries, which led to conducive environments for industrial and commercial progress. According to the World Economic Forum, the COVID-19 pandemic has the potential to bring innovations in home designs and is expected to provide new opportunities in house renovation. This factor is projected to provide lucrative growth opportunities for the heat reflective paints and coatings market players during the forecast period.
COMPETITIVE LANDSCAPE AND KEY COMPANIES
Some of the key players operating in the heat reflective paints and coatings market include, BASF SE, Jotun, Axalta Powder Coating Systems GmbH , AkzoNobel NV, The Ultimate Coatings Company LLC., Nutech Paint, Seal Coatings, Coo-Var, Blackfriar, Nipponpaint Industrial Coatings Co., Ltd., AkzoNobel N.V., Sherwin Williams Company, PPG Industries Inc., Axalta Coating Systems, Hempel A/S, Teknos Group, Kansai Paints Co., Ltd , KCC Corporation, RPM International Inc., Right Choice Painting & Construction, and Tikkurila OYJ among others.
REGIONAL FRAMEWORK
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
The List of Companies
1. AkzoNobel N.V.
2. Axalta Coating Systems
3. BASF SF,
4. Dow Chemicals
5. Jotun A/S
6. Kansai Paint Co., Ltd
7. KCC Corporation
8. RPM International,
9. Sherwin Williams Company
10. Tikkurila Oyj
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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