New York, US, May 03, 2022 (GLOBE NEWSWIRE) -- Heat Resistant Coatings Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Heat Resistant Coatings Market Information by Type, Application and Region - Forecast till 2028”, the market is estimated to grow at a CAGR of 5.1% CAGR to reach USD 8 Billion by 2028.
Market Scope
Heat-resistant paints and coatings are intended to provide better protection to surfaces from the rapid changes in the temperatures. It can take heat up to 600° C. heat resistant coatings are known to offer several beneficial characteristics such as color retention, corrosion resistance, superior performance when exposed to heat, water resistance, and durability. Heat-resistant coatings are gaining importance in a wide range of industrial and commercial applications. The major application areas include oil & gas, packaging, transportation & aerospace, construction, and bedding & furniture.
Competitive Analysis
The global market for heat resistant coatings has prominent players such as:
- Jotun A/S (Norway)
- Tikkurila OYJ (Finland)
- AkzoNobel N.V. (Netherlands)
- Sherwin Williams Company (US)
- KCC Corporation (South Korea)
- Hempel A/S (Denmark)
- PPG Industries Inc. (US)
- Kansai Paints Co., Ltd (Japan)
- Axalta Coating Systems (US)
- RPM International Inc. (US)
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Market USP Covered
Market Drivers
The global heat-resistant coatings market has registered enormous growth in recent times. The market's growth is primarily credited to the rapid growth in the automotive industry. Furthermore, the increased use in buildings and the construction industry is another crucial parameter boosting the market's growth worldwide. In addition, the augmented government spending on public works projects is anticipated to positively impact the market's growth over the coming years. The emergence of bio-based resins for coatings is likely to offer lucrative opportunities to market players worldwide over the forecasted timeframe.
Market Restraints
On the other hand, the fluctuating raw material prices are likely to impede the heat-resistant coatings market's growth.
COVID-19 Impact
The COVID-19 pandemic has had a serious impact on the majority of the industry sectors. Heat resistant coatings market is no different. The shortages of raw materials and subcontractors, ban on travel, disrupted, or paused production, and supply chain interruptions are all inducing demand in the paints and coatings industry, impacting demand from the aerospace, automotive, and architectural sectors. Following the Covid-19 Pandemic, however, increasing demand from the general industrial sectors is anticipated to trigger demand for paints and coatings across the globe. The construction industry has been severely affected, given the city-wide lockdowns, self-isolation, and social alienation across the majority of the regions worldwide. The sector has witnessed a major fall in investments and demand.
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Segment Analysis
The global market for heat-resistant coatings has been segregated into several segments based on type, region, and application.
Based on type, the global market for heat-resistant coatings is split into modified resin, silicone resin, polyester resin, acrylic resin, epoxy resin, and others. Among all the silicone resin segment is anticipated to register the highest growth over the assessment era. They are almost UV-transparent and can originate in the form of inorganic silicate coatings that cure to produce a glassy layer and follow firmly to both masonry and steel substrates. However, epoxy resin is utilized in petrochemical, offshore, and oilfield plant applications due to its high impact and abrasion resistance. Other types include phenolic, PTFE resin, alkyd, vinyl-acrylic resin, and polyurethane, among others.
Based on application, the global market for heat-resistant coatings is divided into consumer goods, industrial, automotive & transportation, building & construction, and others. Among all, the automotive & transportation are anticipated to account for the highest revenue share over the forecasted era. Heat resistant coatings are used in the automotive industry in thrust cage bearings, gas filler tubes, wheel assembly, exhaust gaskets, door strikers, brake clips, etc. It is also used in the aerospace industry for pumps, turbine engines, pistons, blades, nozzles, combustion liners, compressor casing, etc. The other applications include chemicals, agriculture, storage tanks, and medical, among others.
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Regional Analysis
The global heat resistant coatings market is examined across five major regions: the Middle East & Africa, Latin America, North America, Asia-Pacific, and Europe.
As per the MRFR reports, the Asia-Pacific region is projected to hold the top position in the global heat-resistant coatings market over the assessment timeframe. The regional market's growth is mainly credited to the extraordinary population growth across the Asia-Pacific region. Furthermore, the growing utilization of heat-resistant coatings in infrastructure maintenance catalyzes the regional market's growth over the assessment timeframe. The enormous population across the region is raising the stress on the present infrastructure that is collapsing rapidly given the use deficient materials. Moreover, the growth of the heat-resistant coating market across the Asia-Pacific region is propelled by the rising investments in non-residential building renovations, new housing projects, new infrastructure, and growing demand from the transportation and automotive industries in Brazil India, and China.
The North American regional market for heat-resistant coatings is projected to grow substantially over the forecasted era. The US spent over USD 2 trillion in 2019 to repair outdated and damaged infrastructure such as highways, bridges, and roads. These factors have increased the demand for concrete repair materials across the region.
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