Award-winning consulting firm Fact.MR’s recent report on the glass flake coatings market forecasts a relatively modest outlook, with the market poised to reach nearly US$ 2 billion by 2031, expanding at a CAGR of 3% throughout the forecast period (2021 to 2031). The market registered significant incline in recent years, being valued at around US$ 1.4 billion in 2016. Growth prospects dipped significantly amid COVID-19, attributed to cessation of key industrial activities, being valued at just over US$ 1 billion in 2020. Fortunately, flattening infection curves have permitted resumption of industrial operations, expected to restore pre-pandemic level projections.
According to the International Chamber of Shipping, as of 2019, total value of annual world shipping trade reached over US$ 14 trillion. In volume terms, nearly 11 billion tons of goods are transported every year via shipping, representing around 1.5 tons per person, based on current global population levels.
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Key Market Segments Covered
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Substrate
- Steel Glass Flake Coatings
- Concrete Glass Flake Coatings
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Resin
- Epoxy Glass Flake Coatings
- Vinyl Ester Glass Flake Coatings
- Polyester Glass Flake Coatings
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End-use Industry
- Glass Flake Coatings for Oil & Gas
- Glass Flake Coatings for Marine Industry
- Glass Flake Coatings for Chemical & Petrochemical Industry
- Glass Flake Coatings for Other End-Use Industries
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Region
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Europe
- Germany
- U.K.
- France
- Spain
- Italy
- Russia
- Rest of Europe
- East Asia
- China
- Japan
- South Korea
- South Asia
- India
- Rest of South Asia
- Oceania
- Australia
- Rest of Oceania
- Middle East & Africa
- GCC
- South Africa
- Rest of MEA
- North America
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Key Takeaways from Market Study
- Epoxy glass flake coatings to remain most widely used, reaching around US$ 890 million by 2031
- Vinyl ester coatings to experience enhanced uptake, expanding at nearly 3% CAGR through 2031
- Polyester glass flake coatings poised to experience over 2% CAGR across the forecast period
- By end-use industry, marine grade glass flake coating demand to expand at around 5% CAGR
- By substrate, steel glass flake coatings to capture around 40% of total market share
- Demand for glass flake coatings in the U.S. to incline, being valued at over US$ 400 million in 2020
- The market in China to experience a CAGR of around 6% and reach nearly US$ 380 million amid uptake across vessel maintenance
Competitive Landscape
Prominent glass flake coating manufacturers are reliant on a slew of expansion strategies, ranging from offering innovative products to forging strategic alliances or acquiring existing players within the market.
- Chemiprotect Engineers, for instance, offers a broad range of glass flake coating and lining systems which are 100% solid and manufactured from epoxy, polyester, vinyl ester, novalac vinyl ester, novalac epoxy and bisphonel.
- In January 2020, Corossioneering Group launched a new epoxy glass flake lining providing durable chemical protection in aggressive atmospheric conditions and immersed environments through its CORROCOAT subsidiary.
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