The High Temperature Coatings Market study analyzes each market player encompassed in the market study as per its market share, production footprint, current launches, agreements, ongoing R&D projects, and market strategies. SWOT analysis has been performed in the market study to investigate the strengths, weaknesses, opportunities and threats of each player.
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High temperature coatings are gaining rapid traction since the past decade, owing to their resistance to high-temperature corrosion and oxidation. Other exclusive properties such as flexibility in terms of thickness and composition of coatings, high ductility, and others, are making them highly sought-after in metal processing, coil coatings, automotive, and other industries.
According to a report titled “Global Steel Report”, published by the International Trade Administration on 1st November 2019, global crude steel production has been growing in a majority of years since 2006. As per the report, in 2014, global production hit a then record high of 1.67 billion metric tons, while it increased to 1.80 billion metric tons in 2018, a new record. While these statistics depict high potential from the steel industry, which is a part of the metal processing industry, especially for epoxy resins, it also indicates the growth scope awaiting high temperature coating manufacturers in the years to come.
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According to Fact.MR, the global high temperature coatings market is predicted to ascend at over 4% CAGR during the forecast period of 2024 to 2031.
Key Takeaways from High Temperature Coatings Market Study
- Surge in demand for epoxy high temperature coatings to bolster growth of manufacturers.
- Rise in requirement from aerospace & defense and automotive industries to fuel sales of high temperature coatings.
- China and Japan to remain among the fastest-growing markets.
- Asia Pacific to maintain its lead in the global market, followed by Europe and North America.
- The United States to hold a major share in the North America market.
- Germany remains the epicenter of the high temperature coatings market in Europe.
“With demand from key end-use industries such as automotive, stoves & grills, metal processing, and others skyrocketing, high temperature coating manufacturers are resorting to consolidation as a key for better inventions in order to increase their sales footprint,” says a Fact.MR analyst.
Rise in Demand from Automotive Industry Fuelling Sales
With increase in requirement for automotive and diesel engines to run cleaner and more efficiently than ever before, the need for thermal management and high temperature-resistant coatings is rising rapidly. High temperature coatings are an integral part of the automotive sector, as they are required in various applications such as-
- Electrical components which are sensitive to high temperature
- Intake manifolds
- Exhaust manifolds
- Exhaust gaskets
As a result, steady growth of the automotive industry is working in favor of stakeholders in the high temperature coatings industry. According to a report titled “Automotive Industry Spotlight”, published by Select USA, the United States has one of the largest automotive industries in the world, while in 2018, U.S. light vehicle sales reached 17.2 million units. This implies higher demand for high temperature coatings over the coming years.
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Key findings of the report:
- Prominent manufacturers, raw material suppliers, equipment providers, traders, and distributors in the market.
- In-depth analysis of important market segments, market potential, impacting trends, and challenges.
- Critical examination of the strengths, weaknesses, opportunities and threats of each player.
- Extensive investigation of the effects of the growth of relevant industries.
- Accurate data regarding the future prospects of the during the forecast period.
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