High Temperature Coatings Market Analysis, Size, Share, Growth, Trends, and Forecast 2020 – 2027
Author : ankita Belsare | Published On : 03 May 2021
Hot Temperature Coatings are the protective coverings which are applied on materials or equipment to provide the substrate, protection from corrosion and abrasion. It has various significant properties such as excellent UV resistance, anti-oxidative property, and reduced thermal fatigue. It is used to provide flexibility, comfort, and biocompatibility to the product.
The Global High Temperature Coatings Market has been driven by its growing consumption in various sectors such as aerospace, automotive, coil, petrochemical, marine, metal, and stoves. Moreover, it is estimated that the automotive segment is set to witness the highest growth in the market due to rising substitution of heavy metals by lightweight materials.
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Some of the major players functioning in the Global High Temperature Coatings Market are AkzoNobel N.V. (the Netherlands), The Sherwin-Williams Company (U.S.), PPG Industries Inc. (U.S.), The Valspar Corporation (U.S.), Axalta Coating Systems (U.S.), Jotun (Norway), Aremco (U.S.), Carboline (U.S.), Hempel (Denmark), Belzona International Ltd. (U.K.), among others.
The Global High Temperature Coatings Market is segregated into resin type, technology and end-use. On the basis of resin type, the market is further categorized into epoxy, silicone, polyester, acrylic, alkyd, and others. The most widely used resin type in the market is acrylic, due to its growing consumption in construction and buildings, petrochemical and electronics industries. It is predicted that the silicone segment is set to grow at a higher CAGR due to its increasing use as a covering in food & beverages industry and the benefits offered by the product such as ageing resistance and heat stability.
On the basis of Technology, the market is segmented into water, solvent and powder. Between these, the powder based product is the leading segment in the market and is anticipated to observe a rapid growth due to its non-toxic and reliable nature over chemical products. Moreover, the growing demand of protection coatings in paints & coating, ink industries is likely to fuel the water based products during the assessment period.
The Global High Temperature Coatings Market is spanned across five key regions of the world namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major portion of the global market and is anticipated to continue its dominance due to rising demand for High Temperature Coatings in various applications. Countries such as China, Japan and India are the major players in this region. The North America region is estimated to witness a higher growth in the U.S., Canada and Mexico owing to increasing demand for protection coverings in aerospace, automotive, and energy sectors. A recognized growth is observed in the European region owing to the growing consumption of protection coatings in kitchenware applications such as non-stick pans, cookers, and other equipment. Moreover, it is projected that the advancing research & development of product in the market has propelled this region to witness a significant growth in Germany, the U.K. and Italy.
The Middle East & Africa is estimated to observe a significant growth due to increasing consumption of High Temperature Coatings in oil & gas, petrochemical and automobile industries. Additionally, the growing demand of silicon and acrylic resins in architectural, paints and coating industries is projected to boost the market in the Latin American region.
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