The increase in sustainability initiatives and focus on energy efficiency across the globe is driving the adoption of energy saving coatings, particularly in the building and construction sectors, which typically account for 40 percent of a nation’s energy consumption, according to research by Frost & Sullivan.
To boost the use of these coatings across multiple industries, market participants should revamp their innovation portfolio and customize energy saving coatings to cater to the unique needs of each application segment. The US and the EU are leading the way in this regard, according to the analysis, which is titled Innovations in Energy Savings Coatings.
Energy saving coatings reduce a building’s cooling load, minimize solar gain, extend the life of roofing systems, and can be fine-tuned to emit zero or near zero volatile organic compounds. This, along with the other benefits arising from its anti-corrosion, hydrophobic, anti-radiating, and anti-microbial properties, is spurring the uptake of these solutions globally, according to the report.
However, the lack of durability can hinder the adoption of energy saving coating products in various application areas. The high capital and operating costs incurred in the development of these products using non-renewable sources is also a challenge to market development, the report says.
Ultimately, developers should strike an optimum balance between cost, materials used, and durability by applying the principles of design for manufacture, identifying better materials, and fashioning simplified systems. In doing so, they could use biodegradable materials such as biocomposites and nanobiocomposites to produce bio-based coatings, the report says.
According to research released in March by Markets and Markets, the demand for environmentally friendly coatings is expected to increase to $85.7 billion over the next five years.
In 2013, the global green coatings demand was estimated to be worth nearly $64.2 billion and is expected to reach $85.7 billion by 2018 at a compound annual growth rate of 5.9 percent from 2013 to 2018, according to Green Coatings Market by Types & Applications – Global Trends & Forecast to 2018.