Feb 15, 2021
Epoxy Resins to Witness Highest Growth in High Temperature Coatings Market: Fact.MR
by Team Fact.MR
High temperature coatings are gaining rapid traction since the past decade, owing to their resistance to high-temperature corrosion and oxidation. Other exclusive properties such as flexibility in terms of thickness and composition of coatings, high ductility, and others, are making them highly sought-after in metal processing, coil coatings, automotive, and other industries.
According to a report titled “Global Steel Report”, published by the International Trade Administration on 1st November 2019, global crude steel production has been growing in a majority of years since 2006. As per the report, in 2014, global production hit a then record high of 1.67 billion metric tons, while it increased to 1.80 billion metric tons in 2018, a new record. While these statistics depict high potential from the steel industry, which is a part of the metal processing industry, especially for epoxy resins, it also indicates the growth scope awaiting high temperature coating manufacturers in the years to come.
According to Fact.MR, the global high temperature coatings market is predicted to ascend at over 4% CAGR during the forecast period of 2021 to 2031.
Key Takeaways from High Temperature Coatings Market Study
- Surge in demand for epoxy high temperature coatings to bolster growth of manufacturers.
- Rise in requirement from aerospace & defense and automotive industries to fuel sales of high temperature coatings.
- China and Japan to remain among the fastest-growing markets.
- Asia Pacific to maintain its lead in the global market, followed by Europe and North America.
- The United States to hold a major share in the North America market.
- Germany remains the epicenter of the high temperature coatings market in Europe.
“With demand from key end-use industries such as automotive, stoves & grills, metal processing, and others skyrocketing, high temperature coating manufacturers are resorting to consolidation as a key for better inventions in order to increase their sales footprint,” says a Fact.MR analyst.
Rise in Demand from Automotive Industry Fuelling Sales
With increase in requirement for automotive and diesel engines to run cleaner and more efficiently than ever before, the need for thermal management and high temperature-resistant coatings is rising rapidly. High temperature coatings are an integral part of the automotive sector, as they are required in various applications such as-
- Electrical components which are sensitive to high temperature
- Intake manifolds
- Exhaust manifolds
- Exhaust gaskets
As a result, steady growth of the automotive industry is working in favor of stakeholders in the high temperature coatings industry. According to a report titled “Automotive Industry Spotlight”, published by Select USA, the United States has one of the largest automotive industries in the world, while in 2018, U.S. light vehicle sales reached 17.2 million units. This implies higher demand for high temperature coatings over the coming years.
Who is Winning in this Space?
The global high temperature coatings market is becoming tougher in terms of competition with each passing year. In order to sail through the cut-throat competition, key players are launching a variety of quality products. For instance,
- Akzo Nobel NV launched its new extensive range of high temperature coatings, such as AkzoNobel High Heat Resistant Paint S 21/8, AkzoNobel C 3/37V Aerospace Coatings, AkzoNobel Heat Resistant Powder Coatings, and others, in 2017.
- Aremco Products, Inc. launched its new range of products, such as Aremco Ceramacoat 845-WHT High Temperature Coatings, Aremco High Temperature Silicone Emulsion Coatings, and others, from 2014 to 2015.
More Valuable Insights on High Temperature Coatings Market
In its latest report, Fact.MR offers unbiased analysis of the global high temperature coatings market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of application (aerospace & defense, automotive, coil coatings, petrochemicals, marine, metal processing, stoves & grills, and other applications) and resin (epoxy, silicone, polyester, acrylic, alkyd, and other resin types), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Chemicals & Materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the Chemicals & Materials industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Consultant - Chemicals & Materials