The global high temperature
coatings market is expected to reach USD 4.74 billion by 2024, according to a
new report by Grand View Research, Inc. Surging thermally efficient coatings
requirement that can protect industrial and commercial equipment in moderate to
extreme temperature conditions is expected to drive industry growth over the
next eight years.
Technological innovations and
significant R&D spending by key industry participants regarding
commercializing single-component coatings for multiple applications is
anticipated to stimulate market growth over the forecast period. Companies have
been constantly involved in developing finished products which can be used for
wide range of operating temperatures ranging from 150 degrees Celsius to 750
degrees Celsius in addition to providing corrosion resistance.
High temperature coating demand
in cookware is anticipated to emerge as fastest growing end-use segment over
the forecast period. In terms of demand, the sector is expected to grow at a
CAGR of 5.5% over the forecast period.
Major appliances such as
bakeware, induction appliances, and food processors have gained significance in
commercial and residential sectors. This segment has witnessed significant
growth in France, Japan, and South Korea owing to growing awareness towards
innovative cooking technologies that sustain the nutrient levels of the food.
In depth research report on High Temperature Coatings
Market
Further key findings from the study suggest:
•
The global high temperature
coatings market demand was 1,009.9kilo tons in 2015 and is expected to reach
1,444.1 kilo tons by 2024, growing at a CAGR of 4.1% from 2016 to 2024
•
Acrylic was the leading product
segment and accounted for 23.3% of global high temperature coatings revenue in
2015.The segment is anticipated to reach a net worth of USD 1,117.1 million by
2024.
•
Powder coating is anticipated
to witness the highest growth over the forecast period. The segment is
anticipated to grow at a CAGR of 5.4% in terms of demand from 2015 to 2024.
•
The energy & power sector
emerged as the leading high temperature coating end-use segment and accounted
for 16.4% of total demand in 2015. The segment is expected to reach a net
volume of 34.7 by 2024 in the U.S.
•
Asia Pacific was the major high
temperature coating market and was valued at USD 1,174.8 million in 2015. The
region is also expected to witness the fastest growth rate over the forecast
period.
•
Key players operating in the
global industry include BASF, PPG Industries, Sherwin-Williams, Axalta Coating
Systems, Jotun AS, and AkzoNobel NV. Major strategy adopted by the global
players includes sourcing of raw materials at low cost thereby enhancing their
profit margin and gain competitive edge over other industry participants.
Grand View Research has
segmented the high temperature coatings market on the basis of product,
technology, end-use, and region:
Global High Temperature Coatings Product Outlook (Volume,
Kilo Tons; Revenue, USD Million, 2014 - 2024)
•
Epoxy
•
Silicone
•
Polyethersulfone
•
Polyester
•
Acrylic
•
Alkyd
•
Others
Global High Temperature Coatings Technology Outlook
(Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
•
Solvent borne
•
Waterborne
•
Powder
Global High Temperature Coatings End-Use Outlook (Volume,
Kilo Tons; Revenue, USD Million, 2014 - 2024)
•
Energy & Power
•
Metal processing
•
Cookware appliances
•
Stoves & grills
•
Marine
•
Automotive
•
Coil coating
•
Aerospace
•
Building & Construction
•
Others
Global High Temperature Coatings End-Use Outlook (Volume,
Kilo Tons; Revenue, USD Million, 2014 - 2024)
•
North America
o
U.S.
o
Canada
o
Mexico
•
Europe
o
France
o
Germany
o
UK
o
Italy
o
Russia
•
Asia Pacific
o
China
o
India
o
Japan
o
South Korea
•
Central & South America
o
Brazil
•
Middle East & Africa
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About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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