High Temperature Coatings Market-Global Industry Trends and Forecast 2023
High Temperature Coating Market Overview
The global high temperature coatings market is projected to showcase a steady growth and reach a significant valuation by the end of the forecast period of 2017-2023, as per a research report published by Market Research Future (MRFR). High temperature coatings are used in a number of industrial applications owing to its properties of being heat-resistant which can withstand temperatures ranging from 150°C (300°F) to over 760°C (1,400°F) and being anti-corrosive. The market has observed a surge in demand for high temperature coatings from the automotive industry for its usage in vehicle protection and is a crucial driver of the market. High temperature coatings are extensively used cookware, stoves & grills, bakeware as it provides excellent resistance against heat. High temperature protects against corrosion and also offers the advantage of fireproofing owing to which it finds application in the construction industry. Revision of building safety norms have helped high temperature coatings gain significance. Numerous incidents of building accidents such as building collapse have encouraged the use of high temperature coatings owing to their high intransigence properties.
High temperature coatings find their application in various industry verticals such as aerospace, power, manufacturing, petrochemical, and military and it is on account of growth in the end-user industries that the market is propelling. Powder coatings are enjoying increased popularity as it provides better durability, toughness and does not contain any solvents or VOCs which is expected to boost the market growth over the forecast period. Stringent guidelines pertaining to VOC emission has augmented the demand for water-borne high temperature coatings as they have low emission levels of VOC and other air pollutants and offers potential growth opportunities.
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High Temperature Coating Market Segmentation
The global high temperature coatings industry has been segmented based on resin type, technology, and end-use. By resin type, the market has been segmented into epoxy, silicone, polyester, acrylic, alkyd, and others. The acrylic resin segment accounts for the majority of the market share on account of growing use in end-use industries. The silicone resin segment finds its application in the food & beverage, construction, automotive and chemical industries as it is age resistant and heat stable. By technology, the market has been segmented into water, solvent, and powder. The water segment is expected to witness high growth over the forecast period due to its ease and convenience of use. Additionally, the powder segment will exhibit high growth which will be facilitated by the implementation of new rules by the government for the use of the product owing to the long-lasting, durable and non-voc nature. By end-use, the market has been segmented into aerospace, automotive, coil, petrochemical, marine, metal, and stoves. The automotive segment is leading due to the increased use of high temperature coatings in the production of vehicles.
High Temperature Coating Market Regional Analysis
The key markets of the global high temperature coatings market trends include Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Asia Pacific is the largest market for high temperature coatings due to high demand from end-use industries such as aerospace, automotive, coil, petrochemical, and others. Moreover, the growth of the automotive industry in countries such as China, Japan, and India translates into demand for high temperature coatings. The North America market for high temperature coatings is expanding significantly due to increased demand from the construction and automotive industries. The US, Canada, and Mexico are the key contributors in the region. The Europe market is driven by growing innovation and technological advancements in countries such as the UK, Italy, France, and Germany. The Latin America market is expected to depict considerable growth over the forecast period owing to the burgeoning usage of silicone resins and acrylic in the chemical, construction and energy sectors. The Middle East & Africa market is projected to grow due to high demand for high temperature coatings from the oil & gas, petrochemical, energy, and aviation sectors.
Competitive Landscape
The major players of the global high temperature coatings market include AkzoNobel N.V. (the Netherlands), PPG Industries Inc. (U.S.), Axalta Coating Systems (U.S.), Aremco (U.S.), Hempel (Denmark), The Sherwin-Williams Company (U.S.), The Valspar Corporation (U.S.), Jotun (Norway), Carboline (U.S.), and Belzona International Ltd. (U.K.).
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