High Temperature Coating Market Demand, Application, COVID-19 Analysis, Share, Forecast 2023
High Temperature Coating Market Analysis
The
global high temperature coatings market is likely to grow at a notable CAGR
between 2017 2023, according to the recent report by Market Research Future
(MRFR). Hot temperature coatings, simply put, are protective coverings that are
put on equipment or materials to offer protection from abrasion and corrosion
to the substrate. Owing to its excellent features such as reduced thermal
fatigue, anti-oxidative property, and UV-resistance, it has wide applications
in stoves, metal, marine, petrochemical, coil, automotive, and aerospace. High
temperature coatings are used to offer biocompatibility, comfort, and
flexibility to the product.
Various
factors are fuelling to the global high temperature coatings market growth.
Such factors, according to the new MRFR report, include its increasing use in
different sectors namely stoves, metal, marine, petrochemical, coil,
automotive, and aerospace, increasing use in pipe networks and cookware
products, and shifting preference towards high temperature coatings that are
solvent-free.
On
the contrary, legislations curbing the usage of hazardous chemicals and
volatility in cost of raw materials are factors that may limit the high
temperature coatings market growth over the forecast period.
Covid-19 Analysis on High Temperature Coatings Market
The
prevailing COVID-19 pandemic has resulted in weakened demand for high
temperature coatings. The recovery is dependent highly on the time period of
restrictions imposed as well as their impact on economic activity worldwide.
Unfavorable conditions and strict environmental regulations due to the pandemic
are hindering the market growth. The rising inability both in the production as
well as manufacturing processes on account of self-quarantined workforce has
resulted in huge disruption in supply chains. Restrictions encouraged via this
pandemic are hindering the production of high temperature coatings.
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Market Segmentation
The
MRFR report offers an inclusive segmental analysis of the global high
temperature coatings market report based on technology, end use, and resin
type.
By
resin type, the high temperature coatings market is segmented into alkyd,
acrylic, polyester, silicone, epoxy, and others. Of these, the acrylic segment
will lead the market over the forecast period owing to its extraordinary
features such as corrosion resistance, antioxidant, and biocompatible.
By
technology, the high temperature coatings market is segmented into powder
segments, solvent, and water. Of these, the powder segment will dominate the
market over the forecast period for its increasing use as a feasible and
biocompatible product.
Competitive Landscape
Prominent players profiled in the global high
temperature coatings market report include Belzona International Ltd. (U.K.),
Hempel (Denmark), Carboline (U.S.), Aremco (U.S.), Jotun (Norway), Axalta
Coating Systems (U.S.), The Valspar Corporation (U.S.), PPG Industries Inc.
(U.S.), The Sherwin-Williams Company (U.S.), and AkzoNobel N.V. (the Netherlands),
among others.
High Temperature Coating Market Regional Analysis
Based
on the region, the high temperature coatings market report covers the recent
trends & growth opportunities across the Americas, Europe, the Asia Pacific
(APAC), and the Middle East and Africa (MEA). Of these, the APAC region will
lead the market over the forecast period for its burgeoning demand in different
end use industries such as petrochemical, coil, automotive, aerospace, and
others. It is widely used in the automotive segment for the increasing
consumption of silicone resins, epoxy, and acrylic for producing vehicles in
India, Japan, and China that are efficient and of high standard. This again is
adding to the market growth.
The
high temperature coatings market in North America is predicted to have
significant growth over the forecast period for the surging demand for epoxy
and acrylic resins in automobile and construction & buildings sectors.
Besides, the burgeoning need for protection coatings in the electronics and aerospace
industries in Mexico, Canada, and the US are also adding market growth in the
region.
The
high temperature coatings market in Europe is predicted to have healthy growth
over the forecast period for the rising use of coatings especially in cookware
products. Besides the constant technological advancements and growing
innovation in France, Germany, Italy, and the UK are also adding market growth
in the region.
The
high temperature coatings market in Latin America is predicted to have a
remarkable growth during the forecast period. The increasing consumption of
acrylic resins and silicon resins in the energy, construction and buildings,
and chemical sectors is adding market growth.
The
high temperature coatings market in the MEA is predicted to have favorable
growth over the forecast period for its increasing demand in the energy and
aviation, petrochemical, and oil and gas sectors.
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NOTE: Our team of researchers are studying Covid19 and
its impact on various industry verticals and wherever required we will be
considering covid19 footprints for a better analysis of market and industries.
Cordially get in touch for more details.
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