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I AgreeAnalysis of U.S. High Temperature Coatings market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The U.S. high temperature coatings market is predicted to expand at a CAGR of 3.3% and generate an absolute dollar opportunity worth US$ 474.9 million during the forecast years of 2022-2032. Sales of high temperature coatings in the United States are expected to reach a market valuation of US$ 1.69 billion by the end of 2032.
Report Attributes |
Details |
---|---|
U.S. High Temperature Coatings Market Size (2021A) |
US$ 1.18 Billion |
Estimated Market Value (2022E) |
US$ 1.22 Billion |
Forecasted Market Value (2032F) |
US$ 1.69 Billion |
U.S. Market Growth Rate (2022-2032) |
3.3% CAGR |
South-West U.S. Market Share (2021) |
~27.2% |
South-West U.S. Growth Rate (2022-2032) |
~3.9% CAGR |
Market Share of Top 5 Companies |
~47% |
Key Companies Profiled |
|
The market is poised to grow on the back of high demand for coatings across end-use industries such as marine, petrochemicals, chemicals, water treatment, etc. Along with this, application centric-offerings provided by manufacturers are likely to support market growth over the coming years.
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High temperature coatings have shown gradual demand growth in recent years and are expected to exhibit higher growth over the coming years. These coatings are thermal-resistant layers that are used in several end-use industries such as marine, aerospace, petrochemicals, water treatments, etc., to reduce the potential threats of surface abrasion, corrosion, etc.
Use of high temperature coatings improves component lifecycle and is effective in reducing the surface temperature of various components.
The historic CAGR registered by the United States high-temperature coatings market was 2% from 2017 to 2021. The market is projected to expand at a higher CAGR of 3.3% during the assessment period, according to analysis by Fact.MR, a market research and competitive intelligence provider.
“Augmented Demand for Anti-Corrosion Coatings in Marine & Water Treatment Applications”
Deploying corrosion-resistant coatings has always remained a major concern for almost every industry to provide a healthy lifespan for the equipment and components. This concern has created the potential for the adoption of high-temperature coatings to provide corrosion resistance and extra insulation for a wide range of applications such as water & wastewater treatment and marine engineering.
Almost every industry is susceptible to the effects of moisture present in the environment, leading to the surface oxidation of industrial components, further leading to surface corrosion, reduced product lifespan, and making them less reliable for operation.
Thus, high-temperature coatings have emerged as a crucial solution to reduce the challenges faced by end-use industries, in turn leading to the wide-scale application of high temperature coatings in the United States.
“Application-Centric Offerings to Enhance Revenue Generation Capacity of Manufacturers”
Technology advancements dominate the market for high temperature coatings, wherein, manufacturers are engaged in providing a pool of products suitable for a range of applications.
To satisfy current demand in the oil & gas, chemical, and petrochemical industries, these coatings demand product differentiation. Manufacturers of high temperature coatings offer products that comply with industry standards to meet the required demand. Thus, product diversification is likely to drive market growth over the coming years.
“Restricted Application Possibility of High Temperature Coatings”
High temperature coatings account for a fair consumption percentage in the overall coating business; yet, demand has been significantly dominated by other coating products. This is attributed to the exclusiveness offered by high temperature coatings in the market. These coating solutions are feasible only for high thermal applications, and thus, keep other coating applications under-addressed.
High temperature coating solutions lack versatility in application, which might pose a threat to their penetration when compared to other coating segments. Thus, these mentioned factors are poised to hamper the market growth in the coming years.
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The South-West U.S. high temperature coatings market dominates the United States high temperature coatings market with 27.2% share and is projected to register 3.9% CAGR through 2032. The next leading region is West U.S., which holds 25.3% market share and is projected to expand at 3.6% CAGR.
Growth in manufacturing, construction, and petrochemical industries is supporting market growth. High temperature coatings protect metal substrates against corrosion by acting as a thermal barrier on engine components, thereby minimizing frequent maintenance requirements.
Rising concerns over the stability of automotive components in sports and racing activities are prompting automobile manufacturers to use heat-resistant coatings to provide thermal resistance and offer enhanced adhesion in wide temperature ranges.
Under the type segment, the high temperature coatings market in the U.S. is segmented into silicone, epoxy novolac, aluminium, polyurethane, perfluoroalkoxy alkane, PPS, PTFE, high temperature epoxy coatings and others.
Amongst them, silicone dominates the market with the largest market share of 22.6% and is projected to expand at 3.6% CAGR over the assessment period.
The use of silicone in high temperature coatings improves the cyclic oxidation resistance and carries the innate ability to withstand prolonged exposure to higher temperatures. It has the property of being humidity- and moisture-resistant, along with being transparent, low toxic, light transmission capabilities, and excellent performance in extreme temperatures. Silicone high temperature coatings also carry one of the significant advantages of being stable over a wide temperature range.
The next leading segments are epoxy and epoxy novolac, which hold 19.4% and 15.2% market share, respectively, and are projected to expand at 3.8% and 4.8% CAGRs. These segments are likely to grow on the back of their high durability and chemical-resistant characteristics. Also, epoxy-based products find high usage in corrosion-resistant applications.
The high temperature coatings market, under technology, is segmented into solvent-based high temperature coatings, water-based high temperature coatings, and solid-based high temperature coatings.
The water-based high temperature coatings segment continues leading market growth with 71.8% share and is projected to expand at 3.2% CAGR, higher than other segments.
One of the main advantages of water-based coatings is that they use water as a liquefying agent instead of chemical solvents and emit less volatile organic compounds or VOCs, which otherwise can lead to irritation in the eyes, nose, and throat, along with causing damage to the central nervous system.
The solvent-based and solid-based segments hold 23.1% and 5.1% market share, respectively and are projected to expand at CAGRs of 2.5% and 2.9% over the assessment period. Solvent-based coatings carry one significant advantage over water-based coatings; they are less susceptible to environmental conditions such as humidity and temperature.
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Prominent players in the United States high temperature coatings market are introducing innovative offerings that can protect products and components against corrosion and resistance. Furthermore, market players are acquiring other prominent companies to diversify and expand their product portfolios to accelerate growth and expand their market access.
Fact.MR has provided detailed information about the price points of key manufacturers of high temperature coatings positioned across regions in the U.S., sales growth, production capacity, and speculative technological expansion, in the recently published report.
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The U.S. high temperature coatings market is worth US$ 1.22 billion and is anticipated to reach US$ 1.69 billion by 2032.
Between 2017 and 2021, the U.S. market for high temperature coatings expanded at 2% CAGR.
Prominent high temperature coating producers in the U.S. are Axalta Coating Systems, Carboline, General Magnaplate Corporation, Magnetic Component Engineering, Inc., and Master Bond, Inc.
South-West U.S. leads the market accounting for 27.2% share in 2022.
Water-based high temperature coatings account for 71.8% share in overall sales of high temperature coatings in the United States.