Global Heat Resistant Coatings Market - Segmented by, Resin, Product Type, End-User, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global heat resistant coatings market is estimated to record a CAGR of 5.1% during the forecast period (2018 - 2023). Asia-Pacific is estimated to lead the market due to the ongoing growth in the construction, and transportation sector in the region. Epoxy-based coatings are to dominate the market during the forecast period.
Growing Transportation Industry in Asia-Pacific
The automotive and other transportation industry in Asia-Pacific has been undergoing rapid growth in the recent years owing to the shifting manufacturing base from western economies. This is majorly due to the low costs of labor, along with the presence of large and approachable consumer base in the region. The automotive production in the region has been on the increase in the past few years and is expected to grow further at a significant rate, majorly in countries such as China, India, Indonesia, and Vietnam. Heat resistant coatings are employed during automotive manufacturing processes, majorly for automotive spline, exhausts, grills, and few electrical components. They aid in maintaining the color as well as providing necessary thermal and chemical resistance to the applied components. The booming automotive production activities in Asia-Pacific are expected to increase the consumption of heat resistant coatings in the region at a significant rate in the coming years.
Epoxy-Based Heat Resistant Coatings to Dominate the Market
Due to their superior mechanical and chemical properties, the demand for epoxy-based heat resistant coatings is expected to increase. Epoxy-based heat resistant coatings are majorly used in the transportation sector. These coatings are known for durability, strength, low maintenance, resistance to chemicals, etc. With the growing demand from automotive and industrial end-users, the market for heat resistant coatings is to grow through the forecast period.
Asia-Pacific to Lead among Other Regions
Asia-Pacific is expanding at a higher rate for heat resistant coatings market. Some of the main reasons for the expansion are growing and emerging economies, transportation industry, increasing FDI, low-cost labor, etc. With the ongoing rapid industrialization in the region, mainly in China and India, the usage of heat resistant coatings in flammable fluid pipelines is growing significantly due to new innovations and technological advancements in the region. These are to support the growth for heat resistant coatings in the region.
Notable Developments in the Market
April 2017: Wacker launched silicone resins for heat-resistant coatings.
September 2016: Teknos to acquire Dutch Drywood Coatings.
Major Key Players Wacker Chemie AG, Sherwin Williams Company, Jotun, PPG Industries, Nippon Paints, amongst others.
Reasons to Purchase this Report
To understand the impact of end-user industries on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating technology in the market
Countries expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares and strategies employed by the major market players
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