ROCKVILLE, Md., Feb. 17, 2022 (GLOBE NEWSWIRE) -- 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.
A new study by Fact.MR provides detailed insights on the global demand of high temperature coatings market, along with demand-supply trajectories, driving and restraining factors, and other key aspects across the globe for the forecast period of 2021 to 2031.
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.
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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.
How is Steady Growth of the Aerospace & Defense Industry Fuelling Sales of High Temperature Coatings?
High temperature coatings can operate up to 1,200º C, and offer excellent outgassing properties in aerospace systems. With growth of the aerospace and defense industry, demand for these coatings has risen substantially in this sectors.
According to a report titled “Aeronautics Industries- Internal Market, Industry, Entrepreneurship and SMEs”, by the European Commission (EC) on 22nd March 2019, aeronautics is one of the European Union’s (EU’s) high-tech sectors in the global market, comprising developing and manufacturing civil and military aircraft, helicopters, drones, aero-engines, and other systems and equipment. As per the report, research, development, and innovation (RDI) expenditures represent 10% of the industry’s turnover, one-third of which is being financed by the public sector.
This gives an idea about how big the opportunity is for high temperature coating manufacturers around the world.
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Key Segments Covered in the Biofuels Industry Survey
By Application
- Aerospace & Defense
- Automotive
- Coil Coatings
- Petrochemical
- Marine
- Metal Processing
- Stoves & Grills
- Other Applications
By Resin
- Epoxy
- Silicone
- Polyester
- Acrylic
- Alkyd
- Other Resin Types
By Region
- North America
- Latin America
- Europe
- Middle East and Africa (MEA)
- East Asia
- South Asia
- Oceania
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.
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Key players in the Biofuels Market
- Akzo Nobel NV
- Aremco Products, Inc.
- Axalta Coating Systems
- Belzona International Ltd.
- Carboline Company
- Chemco International Ltd.
- General Magnaplate Corporation
- Hempel A/S
- Jotun A/S
- PPG Industries, Inc.
- The Sherwin-Williams Company
- The Valspar Corporation
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.
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