The global high temperature coatings market is likely to grow at a notable CAGR between 2020- 2027, according to the recent report by Market Research Future (MRFR). Hot temperature coatings, simply put, are protective coverings that are put on equipment or materials to offer protection from abrasion and corrosion to the substrate. Owing to its excellent features such as reduced thermal fatigue, anti-oxidative property, and UV-resistance, it has wide applications in stoves, metal, marine, petrochemical, coil, automotive, and aerospace. High temperature coatings are used to offer biocompatibility, comfort, and flexibility to the product.
Various factors are fuelling to the global high temperature coatings market growth. Such factors, according to the new MRFR report, include its increasing use in different sectors namely stoves, metal, marine, petrochemical, coil, automotive, and aerospace, increasing use in pipe networks and cookware products, and shifting preference towards high temperature coatings that are solvent-free.
On the contrary, legislations curbing the usage of hazardous chemicals and volatility in cost of raw materials are factors that may limit the high temperature coatings market growth over the forecast period.
The MRFR report offers an inclusive segmental analysis of the global High Temperature Coatings Market report based on technology, end use, and resin type.
By resin type, the high temperature coatings market is segmented into alkyd, acrylic, polyester, silicone, epoxy, and others. Of these, the acrylic segment will lead the market over the forecast period owing to its extraordinary features such as corrosion resistance, antioxidant, and biocompatible.
By technology, the high temperature coatings market is segmented into powder segments, solvent, and water. Of these, the powder segment will dominate the market over the forecast period for its increasing use as a feasible and biocompatible product.
By end use, the high temperature coatings market is segmented into stoves, metal, marine, petrochemical, coil, automotive, and aerospace. Of these, the automotive segment will have a major share in the market over the forecast period.
Based on the region, the high temperature coatings market report covers the recent trends & growth opportunities across the Americas, Europe, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, the APAC region will lead the market over the forecast period for its burgeoning demand in different end use industries such as petrochemical, coil, automotive, aerospace, and others. It is widely used in the automotive segment for the increasing consumption of silicone resins, epoxy, and acrylic for producing vehicles in India, Japan, and China that are efficient and of high standard. This again is adding to the market growth.
The high temperature coatings market in North America is predicted to have significant growth over the forecast period for the surging demand for epoxy and acrylic resins in automobile and construction & buildings sectors. Besides, the burgeoning need for protection coatings in the electronics and aerospace industries in Mexico, Canada, and the US are also adding market growth in the region.
The high temperature coatings market in Europe is predicted to have healthy growth over the forecast period for the rising use of coatings especially in cookware products. Besides the constant technological advancements and growing innovation in France, Germany, Italy, and the UK are also adding market growth in the region.
The high temperature coatings market in Latin America is predicted to have a remarkable growth during the forecast period. The increasing consumption of acrylic resins and silicon resins in the energy, construction and buildings, and chemical sectors is adding market growth.
The high temperature coatings market in the MEA is predicted to have favorable growth over the forecast period for its increasing demand in the energy and aviation, petrochemical, and oil and gas sectors.
Covid-19 Analysis on High Temperature Coatings Market/Covid-19 ABC Market Analysis
The prevailing COVID-19 pandemic has resulted in weakened demand for high temperature coatings for steel. The recovery is dependent highly on the time period of restrictions imposed as well as their impact on economic activity worldwide. Unfavorable conditions and strict environmental regulations due to the pandemic are hindering the market growth. The rising inability both in the production as well as manufacturing processes on account of self-quarantined workforce has resulted in huge disruption in supply chains. Restrictions encouraged via this pandemic are hindering the production of high temperature coatings.
Prominent players profiled in the global high temperature coatings market report include Belzona International Ltd. (U.K.), Hempel (Denmark), Carboline (U.S.), Aremco (U.S.), Jotun (Norway), Axalta Coating Systems (U.S.), The Valspar Corporation (U.S.), PPG Industries Inc. (U.S.), The Sherwin-Williams Company (U.S.), and AkzoNobel N.V. (the Netherlands), among others.