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.
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http://www.grandviewresearch.com/industry-analysis/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
·
Europe
·
Asia Pacific
·
Central & South America
·
Middle East & Africa
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, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
