High temperature coating market was valued USD 3.27 billion in 2015 and is anticipated to achieve moderate growth globally over the forecast period. The demand for the market is increasing steadily owing to the growth of numerous end-use industries such as cookware and bake ware, construction, and metal processing.
High
temperature coatings material can withstand a temperature of more than 150°C
(302°F) while protecting against corrosion. Depending upon the level of
temperature resistance required, coatings are composed of organic or inorganic
materials such as epoxy, epoxy novolac, silicone, and epoxy phenolic. Fire
proofing plays a vital part in buildings and other structures as it protects
structured steel and other building parts.
However,
the construction sector is hampered by the lack of synergy in building codes
for different companies. Stable regulatory norms help the coatings
manufacturers to enhance their investments in R&D.
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Regulatory
& government agencies such as UL, ANSI, NFPA, and ASTM issues guidelines
and standards for testing and formulation of the coating ingredients. Fatal
incidents due to fire outburst in industrial as well as in residential area
which causes occupational injuries has led multiple revisions in safety
policies to minimize the losses by integrating flame repulsive inorganic agents
in materials of the coating. Properties to resist high temperature shown by
phosphorous, silicon and halogen based products have made them quite
significant.
Product Insight
The
acrylic coating was the largest product segment covering over 20% of total
demand in 2015. Aesthetic looks coupled with high heat resistance property
makes it an ideal technology that can be used in building and transportation
infrastructure. Low volatile organic compound (VOC) presence in formulation has
led its rapid adaptation in various industrial activity.
Physical
properties of Polyethersulfone (PES) such as adhesiveness, long run thermal
stability and transparency are expected to be responsible for its growth over
the forecast period. Owing to these features, the product usage is found in a
broad range of applications including automotive refinishing, wood furniture,
construction, and marine. Global PES high temperature coatings market value is
estimated to exceed USD 470 million by 2024.
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Compatibility
of Epoxy coatings with a broad range of color and solvent free ingredients has
contributed to its demand in 2015. Characteristics such as high durability and
chemical resistant are anticipated to be the major factors for the growth of
this segment.
The
segment is expected to grow at a CAGR of over 4.0% from 2016 to 2024.
Epoxy-based products find enhanced usage in corrosion resistant applications in
automobiles, boats, steel pipes, and transmission pipelines that are exposed to
high temperature environment.
Technology Insights
The
liquid-based technology was the largest technology segment in 2015 which
accounted for over 75%. The industrial trend is shifting towards non-solvent
based technologies with the adoption of waterborne and powder based products in
various sectors.
With
minimum environmental impact due to low VOC content, surging demand for
effective products is anticipated to drive waterborne high temperature coatings
demand over the next eight years.
Strict
ecological regulations for using solvent based products have led coating
manufacturers to shift focus towards powder-based products. Powdered coatings
are anticipated to be the fastest developing formulation technology by 2024.
Higher
utilization rates and application ease are a major driver of powder coating
market over the forecast period. This segment is expected for a net demand of
over 95-kilo tons by 2024.
End-Use Insights
Around
16% of the total revenue in 2015 was generated from Energy & power sector
which was the leading end-use segment. Growing concern towards equipment
durability and downtime is expected to drive the demand for heat resistant
coatings with enhanced color stability and corrosion resilience.
Metal
processing segment was the second major end-use segment for coatings market in
2015. Demand in this segment has been increasing owing to increasing demand for
metal equipment in the commercial and industrial sector.
Various
applications include heavy equipment, machine and metal piping for
agricultural, forestry, waste treatment facilities, and manufacturing. U.S.
demand for the market in automotive sector was valued over USD 60 million in
2015 and is estimated to grow at a CAGR of 3.6% from 2016 to 2024. The coating
protects from corrosion and acts as a thermal barrier on automobile components.
Regional Insights
Asia
Pacific was the largest market and accounted for more than 35% of total volume
in 2015. Steady growth in automotive & construction sectors especially in
India, China, and Japan is anticipated to drive the demand in the region.
European coatings accounted for more than 30% of the market in 2015 globally.
However,
slow growth observed for numerous end-user such as aerospace, construction, and
oil & gas, in the European region is anticipated to obstruct market and
consequently, lose their share in the industry over the forecast period.
North
America high temperature coatings market is anticipated to grow at a CAGR of
4.0% from 2015 to 2024. Increasing application of these products in major
end-use industries including electronics, automobile, energy, and construction
sectors have contributed significantly to the growth in this region. Renewal of
reforms to incorporate thermally efficient materials and environment-friendly materials
are expected to play a major role in steering product demand in the region.
Competitive Insights
The
global market is temperately divided with the presence of a great number of
companies such as, PPG Industries, Akzo Nobel NV, BASF, Axalta Coating Systems,
Jotun AS, and Sherwin-Williams.
Other
companies operating in the global industry include Valspar Corporation,
Carboline Company, General Magnaplate Corporation, Hempel AS, Chemco
International, Whitford Corporation, Weilburger Coatings GmbH, Belzona
International Ltd. and Aremco Products Inc.
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