(MENAFN- GetNews) Global High Temperature Coatings Market is bifurcated into resin type, technology, and end-use. The market by resin type is further divided into epoxy, silicone, polyester, acrylic, alkyd, and others. Among these, the acrylic resin segment holds the major portion of the market on account of its growing use in end-use industries such as paints and coating, aerospace, marine, and others.
High temperature coatings Market Market Overview:
High temperature coatings are a lucrative market and is expected to have a steady growth during the forecast years. High temperature coatings or HTC's are a type of coatings that are used for the protection of materials or systems that are subjected to high temperature on a regular basis. They help in withstanding high temperature ranging from 150 degree Celsius to 800 degree Celsius. The use of high temperature coatings in the industries helps in reducing heat loss, reduce thermal fatigue and most importantly helps in maintaining the corrosion under insulation (CUI) percentage which further leads to energy and cost savings.
The growing demand for high temperature coatings from the various end-user industries such as petrochemical, automotive, and building and construction, among others are the major factor driving the growth of the market during the forecast period. The global market of high temperature coatings is segmented on the basis of resin type, technology and end user industry. On the basis of end user industry, petrochemical industry are expected to be the largest segment owing to the increasing use in the heater treaters, furnaces, separators and others. Moreover, the growing use of high temperature coatings on engine components to decrease the heat fatigue also makes automotive a lucrative segment.
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According to the analysis of MRFR, the major market forces and trends driving growth of the global High temperature coatings Market includes growth of oil and gas sector and the burgeoning growth in the automobile industry and construction industry. Moreover, the increasing personal disposable income in the developing economies throughout the globe has augmented the construction activities especially in India and china which in turn is further expected to fuel the growth of the global High temperature coatings market during the forecast period. In addition, the growing government investment in development of residential and commercial infrastructure throughout the globe coupled with the propelling automotive and energy sector are other factors contributing to the market growth.
Competitive Landscape:
AkzoNobel N.V. (the Netherlands), The Sherwin-Williams Company (U.S.), PPG Industries Inc. (U.S.), The Valspar Corporation (U.S.), Axalta Coating Systems (U.S.), Jotun (Norway), Aremco (U.S.), Carboline (U.S.), Hempel (Denmark), Belzona International Ltd. (U.K.), Whit ford (U.S), and Weilburger Coatings GmbH (Germany), among others are some of the prominent players at the forefront of competition in the global High temperature coatings Market and are profiled in MRFR Analysis.
Asia pacific is expected to be the fastest growing region during the forecast years. The increasing Globalization and urbanization in the developing economies of the region has propelled the construction of residential and commercial infrastructure which is a dominant factor for the demand for high temperature coatings in the region. Moreover, the shifting of the petrochemical industry from North America to India and China owing to the low labor cost and encouraging government regulations is also surging the demand in the region. Furthermore, the growing automobile industry in the region is also augment ting the growth of the market.
Industry/ Innovation/ Related News:
16 February 2017- Jotun a company based in Sandefjord, Norway, has launched a new innovative coating solution Jotatemp 1000 Ceramic that has improved temperature resistivity with a range up to 1000 degree Celsius. This development is expected to boost the demand in the European region owing the presence of major end user industries.
5 October 2017 - Tnemec Co. Inc. a coating and linings manufacture added a new product to the portfolio that has the ability to provide surface protection up to a temperature range of 649 degree Celsius. This product provides additional corrosion resistance and durability which is expected to boost the demand form the power facilities and refineries among others.
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