High Temperature Coatings Market Forecast Report, 2024 – Top Companies Involve PPG Industries, Akzo Nobel NV, BASF, Axalta Coating Systems, Jotun AS, and Sherwin-Williams | Million Insights

High Temperature Coatings Market Forecast Report, 2024 - Top Companies Involve PPG Industries, Akzo Nobel NV, BASF, Axalta Coating Systems, Jotun AS, and Sherwin-Williams | Million Insights

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According to new report available with Million Insights, the global high temperature coatings industry research report offers thorough insights on product, technology, end-user & regional demand. It also offers ready, data-driven answers to several industry-level questions.

Industry Insight:

High temperature coating market was valued USD 3.27 billion in 2015 and is anticipated to achieve moderate growth globally over the forecast period. The demand for the market is increasing steadily owing to the growth of numerous end-use industries such as cookware and bake ware, construction, and metal processing.

High temperature coatings material can withstand a temperature of more than 150°C (302°F) while protecting against corrosion. Depending upon the level of temperature resistance required, coatings are composed of organic or inorganic materials such as epoxy, epoxy novolac, silicone, and epoxy phenolic. Fire proofing plays a vital part in buildings and other structures as it protects structured steel and other building parts.

However, the construction sector is hampered by the lack of synergy in building codes for different companies. Stable regulatory norms help the coatings manufacturers to enhance their investments in R&D.

Regulatory & government agencies such as UL, ANSI, NFPA, and ASTM issues guidelines and standards for testing and formulation of the coating ingredients. Fatal incidents due to fire outburst in industrial as well as in residential area which causes occupational injuries has led multiple revisions in safety policies to minimize the losses by integrating flame repulsive inorganic agents in materials of the coating. Properties to resist high temperature shown by phosphorous, silicon and halogen based products have made them quite significant.

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Product Insight:

The acrylic coating was the largest product segment covering over 20% of total demand in 2015. Aesthetic looks coupled with high heat resistance property makes it an ideal technology that can be used in building and transportation infrastructure. Low volatile organic compound (VOC) presence in formulation has led its rapid adaptation in various industrial activity.

Physical properties of Polyethersulfone (PES) such as adhesiveness, long run thermal stability and transparency are expected to be responsible for its growth over the forecast period. Owing to these features, the product usage is found in a broad range of applications including automotive refinishing, wood furniture, construction, and marine. Global PES high temperature coatings market value is estimated to exceed USD 470 million by 2024. 

Compatibility of Epoxy coatings with a broad range of color and solvent free ingredients has contributed to its demand in 2015. Characteristics such as high durability and chemical resistant are anticipated to be the major factors for the growth of this segment.

The segment is expected to grow at a CAGR of over 4.0% from 2016 to 2024. Epoxy-based products find enhanced usage in corrosion resistant applications in automobiles, boats, steel pipes, and transmission pipelines that are exposed to high temperature environment.

Technology Insights:

The liquid-based technology was the largest technology segment in 2015 which accounted for over 75%. The industrial trend is shifting towards non-solvent based technologies with the adoption of waterborne and powder based products in various sectors.

With minimum environmental impact due to low VOC content, surging demand for effective products is anticipated to drive waterborne high temperature coatings demand over the next eight years.

Strict ecological regulations for using solvent based products have led coating manufacturers to shift focus towards powder-based products. Powdered coatings are anticipated to be the fastest developing formulation technology by 2024.

Higher utilization rates and application ease are a major driver of powder coating market over the forecast period. This segment is expected for a net demand of over 95-kilo tons by 2024.

End-Use Insights: 

Around 16% of the total revenue in 2015 was generated from Energy & power sector which was the leading end-use segment. Growing concern towards equipment durability and downtime is expected to drive the demand for heat resistant coatings with enhanced color stability and corrosion resilience. 

Metal processing segment was the second major end-use segment for coatings market in 2015. Demand in this segment has been increasing owing to increasing demand for metal equipment in the commercial and industrial sector. 

Various applications include heavy equipment, machine and metal piping for agricultural, forestry, waste treatment facilities, and manufacturing. U.S. demand for the market in automotive sector was valued over USD 60 million in 2015 and is estimated to grow at a CAGR of 3.6% from 2016 to 2024. The coating protects from corrosion and acts as a thermal barrier on automobile components. 

Regional Insights: 

Asia Pacific was the largest market and accounted for more than 35% of total volume in 2015. Steady growth in automotive & construction sectors especially in India, China, and Japan is anticipated to drive the demand in the region. European coatings accounted for more than 30% of the market in 2015 globally. 

However, slow growth observed for numerous end-user such as aerospace, construction, and oil & gas, in the European region is anticipated to obstruct market and consequently, lose their share in the industry over the forecast period. 

North America high temperature coatings market is anticipated to grow at a CAGR of 4.0% from 2015 to 2024. Increasing application of these products in major end-use industries including electronics, automobile, energy, and construction sectors have contributed significantly to the growth in this region. Renewal of reforms to incorporate thermally efficient materials and environment-friendly materials are expected to play a major role in steering product demand in the region. 

Competitive Insights: 

The global market is temperately divided with the presence of a great number of companies such as, PPG Industries, Akzo Nobel NV, BASF, Axalta Coating Systems, Jotun AS, and Sherwin-Williams. 

Other companies operating in the global industry include Valspar Corporation, Carboline Company, General Magnaplate Corporation, Hempel AS, Chemco International, Whitford Corporation, Weilburger Coatings GmbH, Belzona International Ltd. and Aremco Products Inc.   

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Market Segment:

Global High Temperature Coatings Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2024)
        • Epoxy
        • Silicone
        • Polyethersulfone
        • Polyester
        • Acrylic
        • Alkyd
        • Others

Global High Temperature Coatings Technology Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2024)
        • Solvent borne
        • Waterborne
        • Powder

Global High Temperature Coatings End-Use Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2024)
        • Energy & Power
        • Metal processing
        • Cookware appliances
        • Stoves & grills
        • Marine
        • Automotive
        • Coil coating
        • Aerospace
        • Building & Construction
        • Others

Global High Temperature Coatings End-Use Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2024)
        • North America
                • U.S.
                • Canada
                • Mexico
        • Europe
                • France
                • Germany
                • UK
                • Italy
                • Russia
        • Asia Pacific
                • China
                • India
                • Japan
                • South Korea
        • Central & South America
                • Brazil
        • Middle East & Africa

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