Albany, NY -- (SBWire) -- 04/19/2019 --The global glass flake coatings market was valued at US$ 1480.00 Mn in 2017 and is anticipated to expand at a CAGR of 4.51% from 2018 to 2026, according to a new report titled 'Glass Flake Coatings Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,' published by Transparency Market Research (TMR). The global glass flake coatings market is driven by the rise in demand for these coatings in the marine industry. Asia Pacific accounts for major share of the global glass flake coatings market owing to the high demand for these coatings in various end-user industries in the region.

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Rise in Demand for Glass Flake Coatings in Marine and Oil & Gas industries Projected to Drive Market

Glass flake coatings possess excellent physical and mechanical properties. Therefore, these coatings 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 flake coatings market during the forecast period. The power generation end-user segment is also estimated to expand at a fast pace during the forecast period.

Growth in Shipbuilding Industry in Emerging Economies in Asia Pacific Propelling Demand for Glass Flake Coatings in Marine Applications

Glass flake coatings are employed in water tanks to protect the internal body from corrosion. Expansion in various end-user industries in emerging economies such as China, India, and Singapore and rise in demand for high-end products in marine, power generation, and oil & gas industry are anticipated to boost the glass flake coatings market. Glass flake coatings are used in the power generation industry owing to their properties of abrasion and corrosion resistance from high temperatures and harsh environment conditions. Power generation is expected to be a rapidly growing segment of the glass flake coatings market during the forecast period. The glass flake coatings market offers high potential in developing economies. Demand for high-end products in marine and power generation industries is estimated to increase in the near future. This is likely to offer lucrative opportunities to the glass flake coatings market. Better technical knowhow and ability to reach a wide range of customers are projected to boost the adoption of glass flake coatings in the near future.

Epoxy Segment to Dominate Global Glass Flake Coatings Market

Based on resin type, the global glass flake coatings market has been segmented into epoxy, polyester, and vinyl ester. Epoxy is a widely used resin type in glass flake coatings. The epoxy segment is anticipated to dominate the global glass flake coatings market during the forecast period due to the high temperature resistance of epoxy-based glass flake coatings and their compatibility with substrates used in various end-user industries. Ecofriendly attributes of epoxy resins are also driving the demand for glass flake coatings.

Marine Segment Leads Global Glass Flake Coatings Market

In terms of end-user industry, the global glass flake coatings market has been divided into oil & gas, marine, power generation, industrial, wastewater treatment, and others (paper & pulp, infrastructure, and transportation). Demand for glass flake coatings in the marine industry is increasing at a rapid rate owing to their superior properties such as high resistance to elevated temperatures, high tensile strength, and excellent water resistance. Power generation and wastewater treatment industries are also projected to expand at a significant pace during the forecast period.

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Asia Pacific Expected to Dominate Global Glass Flake Coatings Market

Based on region, the global glass flake coatings market has been classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is estimated to be the leading region of the glass flake coatings market during the forecast period. The market in the region is estimated to expand at a rapid pace during the forecast period owing to the growth in shipbuilding industry and power generation industries in emerging economies. Demand for glass flake coatings is expected to increase significantly in Middle East & Africa and Latin America in the near future. The glass flake coatings market in Europe is anticipated to expand at a sluggish pace, as it has reached the stage of maturity. Manufacturers based in developed regions have limited presence in Middle East & Africa and Latin America. Therefore, these regions are anticipated to provide lucrative opportunities for manufacturers of glass flake coatings in the next few years.

High Degree of Competition among Market Players

High degree of competition exists among players operating in the glass flake coatings market. The market is dominated by large players that are technologically sound. They account for significant share of the market. Prominent players operating in the glass flake coatings market are Akzo Nobel N.V., PPG Industries, Sherwin-Williams, Jotun, Hempel A/S, Chugoku Marine Paints, and Nippon Paint Holdings Co., Ltd.