Asia Pacific to lead the glass flake coatings market due to growth in the shipbuilding and chemical manufacturing industries

Glass flake coatings are advanced coatings with improved corrosion and abrasion resistance, and strong impermeability barrier resistance for chemicals and solvents. Glass flake coatings provide superior protection to steel and concrete substrates in the marine, oil & gas, chemical & petrochemical, power plants, and paper & pulp industries. The global glass flake coatings market size is estimated at USD 1.44 Billion in 2017 and is projected to reach USD 1.80 Billion by 2022, growing at a CAGR of 4.48%.

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The Asia Pacific region is expected to be the largest market for glass flake coatings mainly due to the rapidly-growing economies of China and India in the region. Manufacturers of glass flake coatings are targeting this region as the shipbuilding and chemical industries in the region are the largest. The China glass flake coating market has grown rapidly in recent years and is projected to witness high growth in the near future, due to a large number of established shipbuilding and chemical industries in the country. Countries such as India, Indonesia, and Australia are making significant developments in marine and chemical & petrochemical projects, which is anticipated to propel the growth of the glass flake coatings market in these countries.

This, along with the low cost of production and availability of cheap labor, has caused various chemical companies in the market to shift their production bases to the Asia Pacific region. Also, the global shipbuilding industry, a major end-user of epoxy-based glass flake coatings, is led by Asia Pacific—particularly by China, South Korea, and Japan due to the presence of the top five shipbuilding groups in the region.

The increase in global trading has forced the marine industry to invest in various shipbuilding projects. These projects have increased the demand for novel coating solutions for the protection of marine vessels and structures from corrosion, fouling, abrasion, salt water, air, and UV degradation.  Glass flake coatings reduce the effects of the abrasive & corrosive environments steel substrates are mostly used in, thereby increasing their durability.

Key Target Audience:

• Manufacturers of glass flake coatings
• Raw material suppliers
• End-users of glass flake coatings, such as the oil & gas, marine, and chemical & petrochemical industries
• Traders, distributors, and suppliers of glass flake coatings
• Regional manufacturer associations and various general coatings associations
• Governments, investment banks, venture capitalists, and private equity firms

Key manufacturers of glass flake coatings include Akzo Nobel (Netherlands), PPG Industries (US), Jotun (Norway), Hempel (Denmark), Chugoku Marine (Japan), The Sherwin-Williams Company (US),  KCC Corporation (South Korea), Nippon Paint (Japan), Kansai Paint (Japan), and RPM International (US).

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Glass Flake Coatings Market by End-Use Industry (Oil & Gas, Marine, Chemical & Petrochemical)- Global Forecast to 2022

The global glass flake coatings market size is estimated at USD 1.44 Billion in 2017 and is projected to reach USD 1.80 Billion by 2022, growing at a CAGR of 4.48%.

Glass flake coatings are advanced coatings with improved corrosion and abrasion resistance, and strong impermeability barrier resistance for chemicals and solvents. Glass flake coatings provide superior protection to steel and concrete substrates in the marine, oil & gas, chemical & petrochemical, power plants, and paper & pulp industries.

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Glass Flake Coatings Market, Based on End-use Industry:

• Oil & Gas
• Marine
• Chemical & Petrochemical
• Others

The oil & gas segment is projected to lead the market
The growth in this segment can be attributed to the increased use of glass flake coatings in offshore & onshore platforms, pipelines, tanks, submerged surfaces, concrete bunds, and associated infrastructures. Glass flake coatings provide sufficient protection to these assets and pipelines, which increases their durability by reducing the effects of the corrosive and abrasive environment under which they operate.

The Asia Pacific region is expected to be the largest market for glass flake coatings mainly due to the rapidly-growing economies of China and India in the region. This, along with the low cost of production and availability of cheap labor, has caused various chemical companies in the market to shift their production bases to the Asia Pacific region. Also, the global shipbuilding industry, a major end-user of epoxy-based glass flake coatings, is led by Asia Pacific—particularly by China, South Korea, and Japan due to the presence of the top five shipbuilding groups in the region.

Key market players in the glass flake coatings market
Key players in the glass flake coatingsmarket are Akzo Nobel (Netherlands), PPG Industries (US), Chugoku Marine (Japan), Jotun (Norway), Hempel (Denmark), The Sherwin-Williams Company (US), KCC Corporation (South Korea), Nippon Paint (Japan), Kansai Paint (Japan), and RPM International (US).

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Glass flake coatings market- Forecast & Opportunities 2022

The glass flake coatings market is projected to reach USD 1.80 billion by 2022, at a CAGR of 4.48% from 2017 to 2022. Asia Pacific is estimated to lead the market for glass flake coatings in 2017, in terms of value, due to the increased demand for glass flake coatings from countries such as China, South Korea, Japan, India, and Indonesia.

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The presence of key players of glass flake coatings in the Asia Pacific region is one of the main factors driving the growth of the market in this region. Key players in the market, such as Chugoku Marine (Japan), KCC Corporation (South Korea), Nippon Paint (Japan), and Kansai Paint (Japan), have their manufacturing bases in Asia Pacific. Other top companies operating in the global glass flake coatings market are also shifting their production bases to Asia Pacific, owing to the low cost of production and ease of serving emerging local markets. The glass flake coatings in the marine industry will be dominated by Asia Pacific, particularly China, South Korea, and Japan, due to the presence of major shipbuilding companies in these countries. The rapid developments in glass flake coating technology in India, Indonesia, and Australia, is another reason expected to fuel the growth of the Asia Pacific glass flake coatings market.

Based on resin, the epoxy segment is expected to witness the highest growth during the forecast period. The growth of this segment can be attributed to the increasing use of epoxy-based glass flake coatings in the building of marine offshore & onshore infrastructures, large cargo ships, interior & exterior of storage tanks, and various chemical processing areas. Epoxy glass flake coatings impart excellent corrosion, abrasion, chemical, and temperature resistance to oil, gas, solvents, and chemical & petrochemical products.

Based on substrate, the steel segment is projected to witness the highest growth during the forecast period. Steel meets the strength and toughness criteria required for the manufacture of pipes for the oil & gas; tanks for the chemical & petrochemical; and various parts of cargo ships for the marine end-use industries. The use of glass flake coatings protects steel from corrosion, fouling, and abrasion.

Based on end-use industry, the marine segment is projected to witness the highest growth during the forecast period. This is due to increase in use of glass flake coatings to protect cargo ships and various onshore & offshore infrastructures from harsh weather conditions. Glass flake coatings are also vital in enhancing the fuel efficiency of a ship and decreasing the impact on the environment.

3M Company (US) and Nitto Denko Corporation (Japan) are the Key Players in the Splicing Tapes Market

The splicing tapes market size is projected to grow from USD 527 million in 2018 to USD 593 million by 2023, at a CAGR of 2.37% during the forecast period. The global paper & printing industry is undergoing a rapid transformation and plays a significant role in driving the splicing tapes market globally. Splicing tapes are used in the production of paper, films, label, and packaging products (such as corrugated boxes, paperboards, or envelopes). However, the environmental regulations related to the paper & pulp sector could act as a major constraint. The developed countries, in regions such as Europe and North America, are anticipated to cut back on the growth level in the near future, owing to the stagnant nature of their markets.

The key players of the market include tesa SE (Germany), 3M Company (US), Nitto Denko Corporation (Japan), Avery Dennison Corporation (US), Intertape Polymer Group, Inc. (Canada), Scapa Group PLC (UK), Shurtape Technologies, PLC (US), Echotape (US), and Adhesive Research, Inc. (US). New product launch has been the most dominating strategy adopted by major players between 2015 and 2018, which helped them broaden their customer base.

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In-line with the rising demand for splicing tapes, tesa has been working to deliver efficient splicing tape products to various applications in the paper & printing industry. This company operates through business segments, namely, Direct Industries and Trade Markets. Direct Industries caters to various end-use industries such as automotive, electronics (mobile phones and laptops), paper & printing, and building & construction. The Trade Markets division is further divided into two segments, namely, General Industrial Markets (adhesive solutions for packaging, tapes required during transporting, assembling, and repairing products) and Consumer & Craftsmen (product solutions required for daily use in homes, offices, and crafts). The company launched a new product called tesa Easy Splice in Feb 2018 which is used in the paper & printing industry to increase output volume and reduce the change over time. Through the strategy of new product launch, the company is able to cater to the demands of a wide range of industries, especially from APAC. This will boost the growth of the company and, also, its splicing tapes business, globally.

The second-most active company in the market is 3M Company. The company operates through five business segments, namely, industrial, safety & graphics, electronics & energy, health care, and consumer. It manufactures splicing tapes for varied applications through its electronics & energy segment. Its splicing tapes products in the paper & printings application have global brand recognition. The company has planned to adopt organic and inorganic strategies such as new product launch, investment & expansion, and merger & acquisition in the future which will surely increase its presence and revenue globally.

Related Reports:

Splicing Tapes Market by Resin (Acrylic, Rubber, Silicone), Backing Material (Paper/Tissue, Pet/Polyester, Non-Woven & Others), Application (Paper & Printing, Packaging, Electronics, Labeling), and Region - Forecast to 2023

Modernization of Infrastructure for Better Performance and Long Service Life Across Various Industries is a Key Factor Expected to Fuel the Growth of the FRP Gratings Market

FRP gratings are used in various applications, due to their versatile properties. FRP gratings in stair treads, walkways, and other applications are a cost-effective means of substituting engineering metals. These gratings are corrosion-resistant and lightweight, which leads to low maintenance and installation costs. The gratings have excellent mechanical properties and stiffness-to-weight ratio, which makes them suitable for use in the construction industry. The global FRP gratings market is projected to reach USD 574.2 Million by 2021, at a CAGR of 4.24% from 2016 to 2021.

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Key companies offering FRP gratings have established offices, manufacturing plants, and distribution centers globally to cater to the increasing demand for these gratings from various end-use industries. Companies such as Kemrock Industries & Exports Ltd. (India), Locker Group (Australia), Webforge (Australia), and Ferro Tech International (UAE) are manufacturing FRP gratings in emerging economies in the Middle East & Africa and Asia-Pacific.

Major manufacturers profiled in this report are Strongwell Corporation (U.S.), Techno Composites Domine GmbH (U.K.), McNichols Company (U.S.), Meiser GmbH (Germany), Bedford Reinforced Plastics (U.S.), AGC Matex Co. Ltd. (Japan), Kemrock Industries & Exports Ltd. (India), Eurograte Fiberglass Grating (Italy), Fibergrate Composite Structure (U.S.), Ferrotech International FZE (UAE), and Exel Composites (Finland). These companies offer a wide range of FRP grating products and received approvals for new FRP gratings. For instance, Fibergrate Composite Structure has been certified for FRP installations in federally registered food establishments. The products manufactured by the company include molded grating, Rigidex mGrating, Safe-T-Span pultruded industrial, and pedestrian grating.

Strongwell Corporation (U.S.) is one of the key manufacturers of FRP gratings and offers a wide range of GRP, FRP, and heavy duty FRP gratings. The company has successfully completed projects to install FRP gratings in various industries with the required specifications. Strongwell Corporation (U.S.) focuses on differentiated business models, proprietary technologies, and competitive cost structures to gain a competitive edge. In December 2015, the company installed DURAGRID HD-4000 2.5 grating panels as trench covers in the Utah State University (USU) Electric Vehicle and Roadway (EVR) research facility in Logan, Utah.

Fibrolux GmbH (Germany) is also a major manufacturer of FRP gratings. The company completed the modernization of its Kaliningrad wastewater treatment plant in 2014. Fibrolux replaced the existing dilapidated steel components with FRP during the restorations. The project comprised of manufacturing, supply, and installation of approximately 400 meters of FRP grating walkways, railings, and platforms.

Related Reports:

FRP Grating Market by Resin Type (Polyester, Vinyl Ester, Phenolic), Process (Molded, Pultruded), Application (Stair Treads, Walkways, Platforms), End-use Industry (Industrial, Water Management, Cooling Towers, Marine), and Region – Global Forecast to 2021

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Investments & Expansions, New Product Developments/Launches, and Mergers & Acquisitions were the Key Strategies Adopted by Industry Players to Achieve Growth in the Glass Flake Coatings Market.

The glass flake coatings market is projected to reach USD 1.80 Billion by 2022, at a CAGR of 4.48% from 2017 to 2022. Glass flake coatings are manufactured by adding glass flakes in anti-corrosive coatings to improve barrier and reinforcement properties, along with wear & tear and abrasion resistance properties. Glass flake coatings are best used in the oil & gas, marine, chemical & petrochemical, water & wastewater systems, power plants, and pulp & paper end-use industries to protect steel and concrete substrates from corrosive fluids and impart resistance against solvents, chemicals, and high-temperature fluids.

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Investments & expansions, new product developments/launches, and mergers & acquisitions were the key strategies adopted by industry players to achieve growth in the glass flake coatings market. Companies are focusing on investments & expansions to expand their businesses and fulfill the growing demand for glass flake coatings from consumers. Besides these strategies, companies are also adopting new product launches and mergers & acquisitions to expand and cater to the rising demand for glass flake coatings from emerging economies.

In terms of strategic developments between January 2015 and September 2017, investments & expansions was the most preferred strategy adopted by manufacturers to strengthen their position and product portfolio in the global glass flake coatings market, followed by new product developments/launches and mergers & acquisitions.

Chugoku Marine (Japan), KCC Corporation (South Korea), Nippon Paint (Japan), and Kansai Paint (Japan) are some of the key players in the Asia Pacific glass flake coating market. Akzo Nobel (Netherlands), Jotun (Norway), and Hempel (Denmark) are key players in the European region, while PPG Industries (US), The Sherwin-Williams Company (US), and RPM International (US) are key players in the North American region.

Key manufacturers including Akzo Nobel (Netherlands), PPG Industries (US), Jotun (Norway), Hempel (Denmark), Chugoku Marine (Japan), The Sherwin-Williams Company (US), KCC Corporation (South Korea), Nippon Paint (Japan), Kansai Paint (Japan), and RPM International (US) have been profiled in this report.

Akzo Nobel, PPG Industries, and Jotun were the most active players in the global glass flake coatings market between January 2015 and September 2017. For instance, in May 2017, Akzo Nobel opened a Performance Coatings production facility in Santo André, Brazil. With this development, the company will become more agile in responding to local customer needs and regional market demands. The company will also strengthen its international portfolio of high-performance industrial and marine coatings in South America.

PPG Industries is another key manufacturer of glass flake coatings. In February 2016, the company invested USD 7.8 million in its Coatings Innovation Center in Allison Park, Pennsylvania (US). With this investment the company enhanced all three main business segments, namely performance coatings, industrial coatings, and glass coatings. Glass flake coatings are manufactured under its performance coatings business segment.

In November 2015, Jotun opened a new marine and protective coating plant in Brazil with a production capacity of 10 million liters per annum. The new plant will help the company become a market leader in marine and protective coatings within Brazil.