High Temperature Coatings are designed to withstand high temperatures while affording protection from oxidation and corrosion. The High Temperature Coatings Market is expected to generate CAGR of 8.3 % during the forecast period of 2017 to 2023.
The growing demand from end users industries such as aerospace, petrochemical, defense and others and product development are the critical drivers of the market.
Product development is expected to be the best strategy!
There has been a strong demand for products incorporating multiple benefits. For example, Alkyds which are heat resistant with longer setting-times have been merged with epoxy coatings which afford chemical and environmental resistance. Developments in rheology has resulted in greater control over applications, flow, leveling, and thickness control.
Aviation Industry is expected to generate a stronger growth
Aviation has expanded ion the few years with a liner growth in demand for High Temperature Coatings for turbines blades and engines. The industry is also demanding a thinner coating product so as to reduce the weight on the aircraft. Thus innovative products incorporating these benefits will drive a faster growth of the market.
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Thermal Barrier coating (TBC) type has shown technological advancements needed for critical high temperature applications such as combustion chamber, turbine blades, etc. TBC offers advantages such as increasing in the life time of part, engine efficiency and reduced coolant use. Multilayered TBC products is expected to be one of the fastest growing segment.
Increasing mergers is expected to result in concentration of value chain and growing competitiveness of the industry due to end to end integration.
The scarcity of raw materials especially the titanium dioxide is hurting the market. Environmental regulations such as volatile organic compounds (VOC) regulations are other constraint resulting in shift of market away from solvent based systems.
Asia Pacific possess the largest market share owing to faster developing economies and aviation sector. China, Japan and India are driving the growth of the market with China delivering the fastest growth.
North American region led by the U.S. is the second largest market owing to large demand from its aviation, electronics industries industry. European market is led by U.K., Germany, France and Russia. The large defense industry in these regions is driving the market.
The Middle East & Africa is anticipated to witness a moderate growth skewed in favor of the Gulf economies of Saudi Arabia, Kuwait and UAE owing to demand from the oil & gas, petrochemical, and energy sectors.
Some of the prominent players in the Global High Temperature Coatings Market are AkzoNobel N.V., Belzona International Ltd., Hempel, Jotun, Aremco, Sherwin-Williams Company, PPG Industries Inc., Axalta Coating Systems, Carboline, and others.
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