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The need for thermally useful coatings that can secure industrial and commercial machinery under moderate to intense temperature conditions is anticipated to propel the high-temperature coatings industry in the coming years.
The Global High-Temperature Coatings Market is forecast to reach USD 5.24 Billion by 2027, according to a new report by Reports and Data. Technological advances and substantial R&D investment in marketing single-component coatings for multiple applications by key industry players are anticipated to fuel demand growth over the expected period. Industries have been actively engaged in the production of finished goods, which, in addition to having corrosion resistance, can be used for a broad range of operating temperatures ranging from 150 degrees Celsius to 750 degrees Celsius. Over the forecast period, High-Temperature coating demand in cookware is projected to emerge as the fastest-growing end-use market. Throughout industrial and residential markets, large appliances such as bakeware, electric machines, and food processors have grown throughout significance. This segment has seen significant growth in France, Japan, and South Korea as a result of increasing awareness for innovative cooking technologies that sustain the food’s nutrient levels.
Regulatory & policy bodies, such as UL, ANSI, NFPA, and ASTM, are authorized to issue coating product checking and formulation guidance and requirements. Fatal fire accidents in both manufacturing and suburban environments involving casualties to the workers have contributed to many changes of protection measures to reduce risks by incorporating flammable inorganic agents into products of the coating. Properties demonstrated by phosphorous, silicon, and halogen-based goods to survive High-Temperature have rendered them very important. High-temperature substance coatings can tolerate temperatures over 150° C (302° F) while protecting against corrosion. The layers are composed of organic or inorganic materials such as epoxy, epoxy novolac, silicone, and epoxy phenolic depending on the degree of temperature resistance needed. Fireproofing plays an essential role in buildings and other structures as it protects regulated steel and other parts of the building. The construction sector, however, is hampered by the lack of synergy in constructing codes for various companies. Stable regulatory requirements enable the producers of coatings to develop their R&D investments.
The Asia Pacific area represents the most extensive and fastest-growing heat-resistant coating sector. High economic growth rates, growing industrial sectors, low-cost labor, increased foreign investment, increased demand from end-user industries, and the global shift in manufacturing from developed countries to the region’s emerging countries are some of the crucial reasons leading to the growth of the market in the area. Furthermore, the growing development of the region’s building and petrochemical industries will further boost the world demand in the coming years. The constant demand from the defense, power production, and aerospace industries is observed.
COVID-19 Impact Analysis:
While the COVID-19 epidemic is rising, manufacturers are gradually adapting their production and purchasing strategies to fulfill the challenges of a pandemic that has created market-based High-Temperature Coatings needs. There will be a series of negative and positive disruptions over the coming few months as retailers and their suppliers respond to growing customer demands. With the unstable global situation, several states look vulnerable to export-dependent economies. Due to a lack of downwind demand, the effect of this pandemic transformed the global High-Temperature coatings industry. Some manufacturing plants either shut down or decreased their capacity. Others, however, stopped their output by their respective governments as a precautionary move to prevent the spread of the virus. For other nations, by looking at the severity of the crisis and the consequent behavior of the state officials themselves, customers are centered on becoming more important. Market dynamics in Asia Pacific countries have become chaotic in this situation, collapsing frequently and finding it impossible to stabilize.
Further key findings from the report suggest
- Based on technology, Poly-Ether-Sulfone generated a revenue of USD 0.84 billion in 2019 and is estimated to grow with a CAGR of 4.6% in the forecast period due to the increasing demand for the product, which can be attributed to its physical characteristics, such as increased adhesion of metals, long-term thermal stability, and transparency.
- The powder coatings segment is expected to grow with a CAGR of 3.5% in the forecast period attributable to the significant advantages associated, including higher usage levels and ease of use coupled with the strict environmental regulations concerning solvent-based products.
- The energy & power application is a major contributor to the High-Temperature Coatings Market. The energy & power sectors of the Asia Pacific region are the major shareholder of the market and held around 20.6% of the market in the year 2019, due to the growing concerns about equipment durability with increased corrosion resilience, and color stability.
- Asia Pacific dominated the market for High-Temperature Coatings in 2019 due to the substantial growth in the building & construction and automotive industries, especially in China, India, and Japan. Asia Pacific region held approximately 37.2% of the market, followed by Europe, which contributed to around 26.2% of the overall market in the year 2019.
- Key participants include Aremco Products Inc., General Magnaplate Corporation, Axalta Coating Systems, Belzona International Ltd., Chemco International, Weilburger Coatings GmbH, Valspar Corporation, Sherwin-Williams, Whitford Corporation, and Carboline Company, among others.
Continue at: https://www.globenewswire.com/news-release/2020/09/03/2088867/0/en/High-Temperature-Coatings-Market-To-Reach-USD-5-24-Billion-By-2027-Reports-and-Data.html
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