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Global Low Temperature Coatings Market InsightJanuary 19, 2022 Comments
The low temperature coating is expected to recover，trailing a post-COVID-19 CAGR of 7.36% over the analysis period 2021 to 2026. According to the WK-chem Research “Global Low Temperature Coatings Professional Survey Report 2022, Forecast to 2027”, With the demand for environmentally friendly products across the world is increasing, the low temperature coating industry is developing at an incredible speed. The compound annual growth rate (CAGR) for the 2022-2027 period is projected to be 7.36% base on WK-chem Research regression analysis model.
“They are mostly used in cold temperature conditions as they have the ability to cure down to 0°C. The increase in energy savings due to reduction in cure temperatures is boosting the growth of the market”, said Linda Gates, Senior analyst, Chemical and Material Market Research Center in WK-chem Research.
The low temperature coatings are more eco-friendly compared to other coatings. They will also reduce the risk of volatile organic compound (VOC) emissions into the atmosphere. The eco-friendly nature of the low temperature coatings is determined to drive the low temperature coatings market. As the demand for environmentally friendly products across the world is increasing, the need for low temperature coatings is also expected to grow significantly.
The longer and costlier drying and curing for large parts is hindering the growth of the low temperature coating market. The low temperature coating is costly and requires proper skill to use. Secondly, low temperature coatings is not suitable for thin film application. Due to the cost factor the end use industry face difficulty to use the low temperature coating in there manufacturing and production houses. This is a major factor which hamper the market of Low temperature coating near future.
In April 2018, Axalta Coatings Systems Ltd has inaugurated new coating manufacturing plant in India. The newly installed plant will tend to double the coating manufacturing capacity Axalta so that it can meet the growing demand in the various industry verticals like automotive and others. Some of the leading players will include in our report: PPG Industries, Inc., DuPont, Bowers Industrial, Axalta Coating Systems, DSM, The Valspar Corporation, Specialty Polymer Coatings Inc., Phygen Coatings, Inc., Michelman, Inc., and Vitracoat America.
Segmentation of Low Temperature Coating Market:
Regarding type, the low temperature coatings market has been divided into powder coatings and liquid coatings. The powder coatings segment is expected to have the largest share. The powder coatings are again bifurcated into thermoplastic and thermoset powders. The powder coatings segment is expected to have the largest share in the entire period as they are eco-friendly than liquid coatings. The powder coatings also emit less volatile organic compounds (VOC) than liquid coatings.
Regarding resin type, the low temperature coatings market can be segmented as epoxy, acrylic, polyurethane (PU), and others. Among all the resins, the acrylic resin is anticipated to be the fastest growing resin segment. The demand for acrylic resins primarily comes from the automotive, and paints and coatings, industries. The acrylic resins are used in wide range of applications, due to its chemical properties.
Based on application, the low temperature coatings market can be bifurcated into oil & gas, automotive, manufacturing, construction, and others. The automotive industry vertical is predicted to hold the highest market share. The increasing demand for the protection of automotive parts from corrosion is expected to drive this segment at a significant growth rate over the forecast period. The oil & gas industry is projected to compete with the automotive industry vertical regarding market size. The low temperature coatings are applied to pipelines where the pipes are exposed to very low temperatures.
Low Temperature Coating Market: Regional Analysis:
The North America region is predicted to be the major consumer and producer of low temperature coatings. As most of the regions of the United States, and Canada experience mostly very lower temperatures, the use of low temperature coatings is expected to be huge. This growing demand is also anticipated to grow in the coming years and make this region lead regarding consumption of low temperature coatings.
Geographically, the Asia Pacific region is determined to become the most mature market by the end of the forecast period. The increasing manufacturing units in this region is expected to drive the demand for low temperature coatings over the coming years. The growing automotive, and manufacturing industry verticals are expected to propel the demand for the low temperature coatings over the forecast period. Also, the tightening regulations towards the environmental conservation in countries like China, and India are expected to attribute to the growth of low temperature coatings market in the Asia Pacific region.
The growing automotive industry in Europe region accounted for the growth of Europe’s low temperature coatings market. In Europe, Germany is predicted to account for a significant share. The increasing automobiles in this region have created a high demand for low temperature coatings, thereby predicted to escalate this market in the coming years.
Largest share area：North America
Largest share country：United States
Product Type：Powder Coatings and Liquid Coatings.
Product Type(by resin): Epoxy, Acrylic, Polyurethane (PU), and Others.
Application：Oil & Gas, Automotive, Manufacturing, Construction, and Others.
Leading Company：PPG Industries, Inc., DuPont, Bowers Industrial, Axalta Coating Systems, DSM