High Temperature Coatings Market Analysis, Key Players, Share Dynamic
Overview of the High-Temperature Coatings Market
During the forecast period, the market for high-temperature coatings is anticipated to increase by USD 5.9 billion at a CAGR of 4.9%. Materials are coated with high-temperature coatings to prevent corrosion and oxidation. These coatings are created using either organic or inorganic resins. They have excellent adhesion and are abrasion- and corrosion-resistant. These coatings are applied to equipment to increase its performance and lifespan. Because of these characteristics, they are used in a wide range of industries, including aerospace, automotive, coil, petrochemical, and others.Read More : BioInteractions’ antimicrobial coating for medical devices The market for high-temperature coatings has grown moderately to quickly in recent years, as have its uses; this trend is anticipated to continue in the years to come. This growth is being fueled by the region’s expanding application markets for oil and gas, metal processing, cookware, stoves, and power and chemical facilities. Because of their excellent heat and chemical resistance, epoxy coatings are frequently used in refineries, power plants, and secondary containment. 550 degrees Celsius is the maximum temperature that silicone coatings can withstand. The petrochemical industry’s need for high-temperature coatings is anticipated to increase throughout the projected period as a result of the aforementioned factors.
Will the automotive industry’s need for high temperature coatings grow?
Due to the automotive industry’s enormous growth and the fact that it is a crucial component of it, high temperature coatings will experience increased demand in the years to come. Almost every significant European, Japanese, and Korean automaker has produced vehicles and invested more than US$ 75 billion in the United States since Honda opened its first U.S. plant in 1982, according to the Select USA report “Automotive Spotlight- The Automotive Industry in the United States,” while the total Foreign Direct Investment (FDI) in the U.S. automotive industry reached US$ 114.6 billion in 2018. In the automobile industry, India ranked first in a report released in September 2020 by the Ministry of Commerce & Industry of India.
The composition and testing of the substances used in coatings are regulated by several governmental and regulatory organisations like ASTM, ANSI, ISO, and NFPA. Numerous adjustments to the safety standards have been made in order to incorporate flame retardant inorganic agents in coating materials as a result of building collapse incidents and workplace fire accidents. Products made of silicon, phosphorus, and halogens have become more popular because of how well they can withstand high temperatures.
Why does China dominate the world market for high-temperature coatings?
China is the centre of the Asia Pacific region, which is the largest market for high-temperature coatings and offers limitless opportunities for those involved in this sector. Through 2031, it is anticipated that the market value in China would increase due to the fast-paced growth of the automobile industry and an increase in demand from the petrochemical, aerospace, and other important end-use industries.
The “China Country Commercial Guide” division of the China Privacy Shield Framework published a report titled “China-Automotive Industry” in which it was stated that China continues to have the largest automotive industry in the world, with the Chinese government anticipating that production will reach 35 million units by 2030
Since the past ten years, the United States has dominated North America, the second-largest market for high temperature coatings in the globe. Sales in the nation are being fueled by highly developed industrial sectors and significant growth in the automobile, aerospace, and other industries. The United States Department of the Treasury reported in a report titled “The United States Auto Industry” that on December 19, 2014, it sold its remaining 54.9 million shares of Ally Financial Inc. (Ally) common stock and ended its final Troubled Asset Relief Program (TARP) equity investment under the Auto Industry Financing Program.
During the forecast period, the market for high-temperature coatings is anticipated to increase by USD 5.9 billion at a CAGR of 4.9%. Materials are coated with high-temperature coatings to prevent corrosion and oxidation. These coatings are created using either organic or inorganic resins. They have excellent adhesion and are abrasion- and corrosion-resistant. These coatings are applied to equipment to increase its performance and lifespan. Because of these characteristics, they are used in a wide range of industries, including aerospace, automotive, coil, petrochemical, and others.
Will the automotive industry’s need for high temperature coatings grow?
Due to the automotive industry’s enormous growth and the fact that it is a crucial component of it, high temperature coatings will experience increased demand in the years to come. Almost every significant European, Japanese, and Korean automaker has produced vehicles and invested more than US$ 75 billion in the United States since Honda opened its first U.S. plant in 1982, according to the Select USA report “Automotive Spotlight- The Automotive Industry in the United States,” while the total Foreign Direct Investment (FDI) in the U.S. automotive industry reached US$ 114.6 billion in 2018. In the automobile industry, India ranked first in a report released in September 2020 by the Ministry of Commerce & Industry of India.
The composition and testing of the substances used in coatings are regulated by several governmental and regulatory organisations like ASTM, ANSI, ISO, and NFPA. Numerous adjustments to the safety standards have been made in order to incorporate flame retardant inorganic agents in coating materials as a result of building collapse incidents and workplace fire accidents. Products made of silicon, phosphorus, and halogens have become more popular because of how well they can withstand high temperatures.
Why does China dominate the world market for high-temperature coatings?
China is the centre of the Asia Pacific region, which is the largest market for high-temperature coatings and offers limitless opportunities for those involved in this sector. Through 2031, it is anticipated that the market value in China would increase due to the fast-paced growth of the automobile industry and an increase in demand from the petrochemical, aerospace, and other important end-use industries.
The “China Country Commercial Guide” division of the China Privacy Shield Framework published a report titled “China-Automotive Industry” in which it was stated that China continues to have the largest automotive industry in the world, with the Chinese government anticipating that production will reach 35 million units by 2030
Since the past ten years, the United States has dominated North America, the second-largest market for high temperature coatings in the globe. Sales in the nation are being fueled by highly developed industrial sectors and significant growth in the automobile, aerospace, and other industries. The United States Department of the Treasury reported in a report titled “The United States Auto Industry” that on December 19, 2014, it sold its remaining 54.9 million shares of Ally Financial Inc. (Ally) common stock and ended its final Troubled Asset Relief Program (TARP) equity investment under the Auto Industry Financing Program.
Source: www.newstrail.com
