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I AgreeAnalysis of Europe High Temperature Coatings market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Consumption of high temperature coatings across Europe is estimated to reach a value of US$ 2.15 billion by the end of 2032, up from US$ 1.46 billion at present, expanding at a CAGR of 3.9% during the forecast years of 2022-2032.
Report Attributes |
Details |
---|---|
Europe High Temperature Coatings Market Size (2021A) |
US$ 1.41 Billion |
Estimated Market Value (2022E) |
US$ 1.46 Billion |
Forecasted Market Value (2032F) |
US$ 2.15 Billion |
Europe Market Growth Rate (2022-2032) |
3.9% CAGR |
Russia Market Share (2021) |
~25.8% |
Russia Market Growth Rate (2022-2032) |
~3.7% CAGR |
Market Share of Top 5 Companies |
~44% |
Key Companies Profiled |
|
The Europe high temperature coatings market size is expected to grow steadily due to factors such as escalating demand for high temperature coatings in the petrochemical industry and for foundry & refractory applications. Additionally, investments in research & development to introduce innovative coatings coupled with application-centric offerings will support market growth over the assessment period.
Over the next ten years, the European market for high temperature coatings is poised to generate an absolute dollar opportunity worth US$ 691.1 million.
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Gradual growth over the years has been witnessed in the high temperature coatings market in Europe. As these coatings are thermal-resistant layers, they find widespread application in several end-use sectors such as power generation, chemicals, aerospace, defence, water treatment, etc. These coatings help in improving the lifecycle of components and are effective in reducing their surface temperature, thus preventing corrosion and abrasion.
Exponential growth in industries such as defence, aerospace, petrochemicals, etc., is leading to high demand for high temperature coatings. The exclusive set of properties such as improving the horsepower of engines and providing insulation from high temperatures, along with continuous efforts by manufacturers to introduce a wide variety of products is catering to market growth.
In addition, rise in the number of manufacturing hubs and highly advanced supply chains are supporting high temperature coatings market growth across the European region.
The European high temperature coatings market witnessed a CAGR of 2.5% during the years 2017-2021. The market is slated to progress at 3.9% CAGR across the forecast years 2022-2032, as per detailed industry analysis by Fact.MR, a market research and competitive intelligence provider.
Market share analysis based on technology and country is provided in a nutshell in the above image. Under the technology segment, water-based high temperature coatings dominated the market with 72.8% share in 2021.
“Augmented Need for Heat-Resistant Coatings in Petrochemical Applications”
The application of high temperature coatings in the petrochemical industry has been rising steadily over the years. Applying coatings to high-pressure pumps and vessels is the key market enabler for greater adoption. As the pumps in the petrochemical industry are operated at very high temperatures, they demand protective coatings to reduce damage.
Since hot oils and gases are inherently involved in the industry’s operations, strong protective coatings become a necessity for long-term durability. Thus, high-temperature coatings play a pivotal role in enhancing the lifecycle of high-pressure pumps and vessels in the petrochemical industry, thereby supporting demand growth.
“Escalating Demand for Coatings in Foundry & Refractory Applications”
There has been a strong emergence of demand for high temperature coatings in foundry and refractory applications. High-temperature foundry mold coatings are used for graphite molds to protect molten metals such as uranium that come directly in contact with graphite to reduce carbon pickup.
Majority of industrial components are still produced using die casting and extrusion molding, leading to sustained demand for high-temperature coatings to keep the molding and casting material protected from high temperatures.
Refractory-based temperature coatings are generally made with a dry mix of aluminium oxide, Tennessee ball clay, bentonite, and soluble silicate salt to keep the material suitable for a wide pool of foundry applications.
As such, demand for these coatings is expected to witness a rise during the assessment period on the back of rising foundry and refractory activities.
“Risk-Exposed Sourcing of Raw Materials to Create Roadblocks in Market Growth”
The market has not witnessed large-scale Greenfield investments, resulting in the clustered growth of production bases. Manufacturers of high temperature coatings are dependent on a handful of suppliers for their raw materials such as epoxy, silicone, etc.
This has exposed them to procurement risks, evident in 2020. Therefore, manufacturers need to diversify the sources of their raw materials and balance the risks to maintain the stable production of high temperature coatings at their facilities.
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“Russia & Germany to Lead Market Expansion in Europe”
Russia’s high temperature coatings market and Germany’s high temperature coatings market hold 25.8% and 15.2% market share, respectively, in Europe. These two markets are projected to grow at the rate of 3.7% and 4.4% during the forecast years.
Rising petrochemical and chemical industry along with the development of related industries in modern Russia is anticipated to lead to higher demand for high temperature coatings for wide usage in several end-use industries.
In addition, Russia is investing its resources to develop coatings to protect electronic equipment from rust and temperature changes, and resistant to chemical solvents.
“Market Players Thriving on Back of High Demand for Silicone High Temperature Coatings”
The European high temperature coatings market, under type segment, is segmented into silicone, epoxy, epoxy novolac, aluminium, polyurethane, perfluoroalkoxy alkane, PPS, PTFE, and others.
Amongst them, silicone high temperature coatings dominate the market by holding 22.6% share and are projected to rise at the rate of 4.4% over the decade.
Silicone-based coatings can endure elongated exposure to high temperatures. Their properties of being moisture- and humidity-resistant helps improves cyclic oxidation resistance. They also provide excellent performance in extreme temperatures, are stable over a wide temperature range, are transparent, carry light transmission capabilities, and are low toxic as well.
The segments that follow are epoxy and epoxy novolac, which hold 18.6% and 16.1% market share, respectively, and are projected to rise at 4.6% and 5.5% CAGRs during the forecast years of 2022-2032. Their chemical-resistant characteristics and high durability are promoting their use, along with epoxy-based products finding enhanced application in other corrosion-resistant applications, thereby fueling segment demand.
“Water-based High Temperature Coatings Account for Nearly Three-fourths Market Share”
The European market for high temperature coatings, under technology, is segmented into water-based high temperature coatings, solid-based high temperature coatings, and solvent-based high temperature coatings.
Water-based high temperature coatings hold 72.8% market share, and thus dominate the market. The segment is projected to rise at the rate of 4% during the assessment period.
Water-based coatings make use of water as a liquefying agent as opposed to chemical solvents that emit VOCs or volatile organic compounds having some harmful effects, such as irritating eyes, nose, throat, and sometimes even damaging the central nervous system. The less harmful nature of water-based coatings is driving segmental growth.
Solvent-based coatings hold 23.9% share in the overall market. The segment is projected to rise at the rate of 3.2% on the back of the advantage of solvent-based coatings over water-based coatings, as the former is less prone to environmental conditions, including temperature and humidity. This will propel the demand for solvent-based coatings over the coming years.
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Key players in the European high temperature coatings market are focusing on introducing innovative coatings to protect components and products against resistance and corrosion.
Companies are also investing their resources into developing new protective coatings for electronic equipment from extreme temperature changes and rust.
These strategies, along with acquisitions and product portfolio expansion, are set to provide market players with a larger market pie share over the years ahead.
For instance :
Fact.MR has provided detailed information about the price points of key manufacturers of high temperature coatings positioned across countries in Europe, sales growth, production capacity, and speculative technological expansion, in the recently published report.
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The Europe high temperature coatings market is currently valued at US$ 1.46 billion and is anticipated to surpass US$ 2.15 billion by 2032-end.
Between 2017 and 2021, the European market for high temperature coatings expanded at 2.5% CAGR.
Some of the prominent high temperature coating suppliers are AkzoNobel N.V., Beckers Group, Jotun A/S, Hempel A/S, and TEKNOS.
The Russia high temperature coatings market accounts for 25.8% share in the European region.
Water-based high temperature coatings hold 72.8% market share in Europe.