High Temperature Coatings Market Size Forecast to Reach $5.2 Billion by 2026
High Temperature Coatings Market size is forecast to reach $5.2 billion by 2026, after growing at a CAGR of 4.5% during 2021-2026. Surging demand for high temperature resistance coatings across various end-use industries like aerospace, petrochemical, power, manufacturing and military. Moreover, growing focus by end-user to minimize downtime by utilizing quality products further drive the market growth. Whereas implementation of governments stringent regulations will enhance the overall market demand for high temperature coatings market.
The rapid spread of coronavirus has had a major impact on global markets, as major economies of the world were completely shut down due to this pandemic. One of the major difficulties, market is facing are the shutdown of all kinds of transportation. India’s largest paint and coatings producer, Asian Paints reported net profit falling by 2.1 percent year-on-year to INR 4,619 million ($61.58 million) in the quarter ended March 2020.
High Temperature Coatings Market Segment Analysis – By Resin Type
Epoxy Coatings segment held the largest share of more than 35% in the High Temperature Coatings market in the year 2020. Epoxy coatings are durable coatings that can be used for a variety of purposes from strong adhesives to durable paint and coatings for floors and metals. The epoxy composite coating withstands continuous temperatures up to 250°C and peak temperatures as high as 300°C. Because of its ability to create a strong, durable, and chemically resistant substance, epoxy and epoxy coating compounds can be used for a variety of purposes. One of the most popular use of epoxy compounds are as raw materials in paints and coatings. Epoxy coatings are popular because they provide a quick drying, tough, and protective coating for metals and other materials which are used in the high temperature areas.
High Temperature Coatings Market Segment Analysis – By End Use
Automotive sector is projected to witness the highest CAGR of 6.3% during the forecast period in the High Temperature Coatings market. With the requirement of automotive and diesel engines to run cleaner and more efficient than ever before, there is a continued need for thermal management and high-temperature resistant coatings. High temperature flameproof automotive paint is designed for exterior and interior dress-up application. Premium high heat automotive spray paint withstands temperatures up to 1200°F. High heat spray paint is mainly used on exterior surfaces that are exposed to constant heat above 500°. High heat paint is also called high temperature paint or heat resistant paint. According to sales statistics of OICA, there is an increase of 1.6 million unit vehicles sales from 2015 to 2019, this is expected to drive the demand for high temperature coatings in the near future. Whereas, the growing demand for electric vehicles is also contributing to the market growth.
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High Temperature Coatings Market Segment Analysis – By Geography
APAC held the largest share of more than 45% in the High Temperature Coatings market in the year 2020. Countries such as China and India are the major countries in this region and with the growing manufacturing of vehicles in this region the demand for high temperature coatings will increase, as they were used to paint engines and other high combustion parts. According to International Trade Administration (ITA), China is the world’s largest vehicle market. The Chinese government is expecting that automobile output will reach 35 million by 2025. According to the China Association of Automobile Manufacturers, over 27 million vehicles were sold in 2018. In 2017, according to International Trade Administration (ITA), 1.2 million new passenger cars, SUVs and commercial vehicles were sold in the Australian market, an increase of 0.9% from 2016. Therefore, as the no. of vehicles increases the market for high temperature coatings will also grow.
High Temperature Coatings Market Drivers
Development of advanced high temperature resistance coatings are strengthening the market growth
The surface temperature of the material increases due to the accumulated heat as it absorbs solar energy, and the high temperature caused by solar radiation causes many inconveniences and even problems in industrial development and daily life. Researchers and manufacturers are looking at effective and advanced temperature resistance coating material to reduce the energy consumption. Numerous industries are incorporating the temperature resistance coating at industrial level to attain the energy saving needs. As an example, in heavy duty gas turbines continuously increasing hot gas temperatures leads to increased thermal loadings of the hot gas path materials. In this scenario, temperature resistance coating comes into important role as they provides reduction in the superalloys temperature and cooling air needs. It has been estimated that the temperature resistance coating material with increased temperature capability enables the next generation of gas turbine with >60% combined cycle efficiency. Similarly, air conditioning accounts for a large portion of overall energy consumption in residential and commercial buildings. The most affordable and reliable way to minimize the energy used by air conditioning is to add a reflective temperature resistance coating on the exterior surface of buildings. However, most of the coatings currently available on the market are organic and vulnerable to UV deterioration, high VOC and relatively have short lifespan. In order to overcome the above stated demerits inorganic reflective temperature resistance coating comes into broader role.
High Temperature Coatings Market Challenges
Decline in growth of End Use industries has impacted the demand and overall market of thermal insulation coatings
In building and construction sector the high temperature coating are used to shield a building’s interior so that it’s less affected by the exterior temperature, thereby substantially reducing the building’s energy usage, as well as energy costs. Construction is the largest industry in the world, but it is not performing well even outside crises. The environment accounts for 13 per cent of global GDP, but construction has seen low productivity growth of 1% annually over the last two decades. The construction industry was already witnessing an unprecedented rate of disruption in the run-up to the COVID-19 pandemic. In the coming years, structural changes are likely to be catalysed by changes in market characteristics, such as the lack of skilled labour, the persistent strain on infrastructure and affordable housing, tighter regulations on sustainability and safety at the workplace, and the changing complexity and desires of consumers and owners. Emerging disruptions, including industrialization and new materials, the digitization of goods and processes and new entrants, would shape the future dynamics of the industry. The decline in the construction sector will have impact on the high temperature coating demand which will impact the market growth.
High Temperature Coatings Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the High Temperature Coatings market report. Major players in the High Temperature Coatings Market are AkzoNobel N.V., The Sherwin-Williams Company, PPG Industries Inc., The Valspar Corporation, Whitford, Weilburger Coatings GmbH, Axalta Coating Systems, Jotun A/S, Aremco, Carboline, Hempel, Belzona International Ltd., and Chemco International Ltd., among others.
Acquisitions/Technology Launches
In March 2020, Akzo Nobel N.V. completed the acquisition of the remaining 25% stake in Akzo Nobel Boya Sanayi ve Ticaret A.S., a leading powder coatings joint venture in Turkey.
Key Takeaways
In 2020, Asia-Pacific dominates the high temperature coatings market owing to increasing demand from various end use such as automotive, aviation and others.
The growing aviation and renewable energy sector in APAC region, is likely to aid in the market growth of High Temperature Coatings.
Implementation of government’s stringent regulations or schemes such as Electric Vehicle policy will further drive the market for high temperature coatings.
High ductility of high temperature coatings compared with other coatings is also one of the factors increasing the market growth for high temperature coatings.
Related Reports :
A. Low Temperature Coatings Market
https://www.industryarc.com/Research/Low-Temperature-Coatings-Market-Research-503090
B. Heat Resistant Coating Market
https://www.industryarc.com/Report/16506/heat-resistant-coating-market.html
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