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Global Heat Resistance Coatings Market Insight 2022-01-04 Comments

The market for heat-resistant coatings is expected to grow at a CAGR of more than 5% during the forecast period. Major factors driving the market studied increasing construction activities in the Asia-Pacific region, and rising awareness toward fire protection equipment.Increasing applications of heat-resistant coatings in defense equipment are expected to grow during the forecast period.According to the World Knowledge Information (WKI) “Global Heat Resistance Coatings Professional Survey Report 2021, Forecast to 2026”, The compound annual growth rate (CAGR) for the 2021-2026 period is projected to be 5.50% base on WKI regression analysis model.

Analysts’ Viewpoint:

“The global heat resistant coating market is likely to tower in the near future. ”said Miriam, Senior analyst, Coating Market Research Center in WKI.” Increased use of heat-resistant coating in industrial as well as commercial applications has boosted the growth of the global market. In addition to this, increase the demand of heat resistant coatings from the industry is also driving the growth of the global heat resistant coating market. The use of advanced technology in the production of these types of coating is also one of the main reasons that are towering the global heat resistant coating market.

Market insight:
Increasing demand for highly efficient engine operations (efficiency increases at higher temperatures), better durability/lifetime, and thinner coatings to reduce the weight of components of moving/rotating parts. Property of resistance to heat, corrosion, and chemicals is thus expected to drive the global heat-resistant coatings market. Heat-resistant coatings or thermal barrier coatings (TBC) are highly advanced materials usually applied to metallic surfaces such as parts of gas turbines or aero-engines, which operate at elevated temperatures, as a part of exhaust heat management. Heat-resistant coatings limit thermal exposure to structural components from higher operating temperatures.

Furthermore, increasing investments in new infrastructure developments, new housing projects, and renovation of non-residential buildings along with increasing demand from the automotive & transportation industry in China, India, and Brazil are driving the heat resistant coating market. Industries and manufacturers are striving to reduce the loss of human lives in their operating plants, and with the use of heat resistant coating technology they are efficiently doing it; thus, the market is anticipated to grow in the near future. The use of heat resistant coatings in commercial equipment and flammable fluid pipelines is becoming easier and economical owing to new innovations and advancements being made in this technology. Therefore, it is expected that the heat resistant coatings market will see rapid growth in all – developed and developing countries in the future.

However, the high cost of labor is the main reason hindering the global heat resistant coating market. In addition to this, the high cost for transportation of heat-resistant coatings is also one of the significant factors that are hampering the growth of the global heat resistant coating market. Additionally, the hefty amount for maintenance is one of the main reasons that are decreasing the growth of the global market.

Competition Landscape:
This WKI market report is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading heat resistance coatings companies that include AkzoNobel NV、Axalta Coating Systems, LLC、Jotun、PPG Industries Inc.、Sherwin Williams Company and others.

Segmentation of heat resistance coatings Market:
Based on Technology, the market is bifurcated into Liquid Based, and Powder Based. Power Based segment are expected to emerge as the fastest growing formulation technology in terms of revenue and volume by 2024.Stringent environmental regulations regarding solvent based products have urged coating manufacturers to shift towards powder-based products. Major benefits associated with this technology include higher utilization rates and ease of application, which are expected to drive the segment demand over the forecast period.
Based on Resin Type, the market is bifurcated into Epoxy, Polyester, Silicon Resin, Modified Resins, Acrylic, Others. Silicone is the dominant resin type in the heat resistant coating market and is estimated to witness the highest growth rate between 2016 and 2021. Increased demand of heat resistant coating is mainly driven by its increasing use in the automotive, consumer products, and industrial applications and rising demand from developing countries such as India, China, and Brazil.
Based on Application, the market is bifurcated into Building and Construction, Automotive and Transportation, Industrial, Consumer Goods, Others. The automotive & transportation segment accounted for the largest market share, in terms of value, followed by the industrial and consumer goods applications. The automotive & transportation segment of the market is estimated to witness the highest growth rate between 2016 and 2021, in terms of value.

Heat Resistance Coatings Market: Regional Analysis
In terms of geography, the global heat resistance coatings market has been segmented into: North America, Asia Pacific, Europe, South America, and the Middle East and Africa.On the basis of regional analysis, the Global Heat Resistant Coatings Market is classified into North America, Europe, Asia Pacific, and Rest of the world. Asia-Pacific is expected to witness the highest growth rate in the heat resistant coating market, in terms of both value and volume, between 2016 and 2021. Rising investments by foreign companies; growing production facilities; a strong industrial base for industrial, consumer goods, and automotive sectors; and a rise in the standard of living are the other major factors contributing to the growth of the heat resistant coating market in this region.

 

Cagr: 5.50%
Largest share area:Asia Pacific
Largest share country:China and India