The penetration of IoT technology has already reached the chemicals industry, and certain industry leaders are deploying the same to achieve better connectivity between smart devices and equipment. IoT also enables chemical and material manufacturers to monitor real-time gaps in performance.
As sustainability trends, the industry, companies operating in the green or bio-based chemicals sectors hold promising growth prospects. Moreover, rapid consumer shift to green and smart chemicals, materials, and derived products is compelling industry stakeholders to prioritize green or sustainable attributes in new products, solutions, and applications.
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.
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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.
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.
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“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.
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.
Fact.MR’s research study assesses the global high temperature coatings market in terms of application, resin, and region. This report presents extensive market dynamics and trends associated with different segments of the market, and their influence on the growth prospects of the market.
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Key Questions Answered in Report
- Which are the most lucrative markets for high temperature coatings?
- Which factors will impact the growth of the high temperature coatings market?
- How will changing trends impact the strategies of market players?
- How can market players capture the low-hanging opportunities across regions?
- Which companies are leading the high temperature coatings market?
- What are the winning strategies of stakeholders in the high temperature coatings market?
Inspected Assessment on Regional Segments
Key sections have been elaborated in the high temperature coatings market report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the market during the forecast period.
Country-specific valuation on demand for high temperature coatings has been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value for emerging countries has also been included in the report.
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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