Low Temperature Coatings Market size is forecast to reach $6.72 billion by 2025 after growing at a CAGR of 7% during 2020-2025. Low temperature coating is widely used to apply coatings to valves, pipes, fittings and welds. They are mostly used in cold temperature conditions as they have the ability to cure down to 0°C. The increase in energy savings due to reduction in cure temperatures is boosting the growth of the market.
By Coating Type – Segment Analysis
The powder based coating held the largest share in the low temperature coatings market in 2019. Powder coating is a high-quality finish found on thousands of products. Powder coating protects the roughest, toughest machinery as well as the household items. Powder based Coating provides a more durable finish than liquid coating can offer, while still providing an attractive finish. Powder coated products are more resistant to diminished coating quality as a result of impact, moisture, chemicals, ultraviolet light, and other extreme weather conditions. In turn, this reduces the risk of scratches, chipping, abrasions, corrosion, fading, and other wear issues. The powder based coating is tough and looks attractive. And it lasts for a long time. In addition to being durable, Powder based Coating is an attractive choice due to environmental advantages.
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By Chemistry – Segment Analysis
Acrylic segment held the largest share in the low temperature coatings market in 2019 as it is widely used in automotive industry. Acrylic formulations provide an ideal solution combining balanced performance, good weather resistance, and advantageous processing. Acrylic based coatings are tremendously versatile. They have low-cost and a broad performance range, from ultra-removable to ultra-high durability depending on the formulation. Due to this benefit, the application of low temperature coatings based on acrylics is increasing greatly in heavy-duty equipment’s. Epoxy segment is the second largest segment in low temperature coating market. Epoxy coatings are widely used due to their exceptional chemical resistance, low porosity, durability, and bond strength. Epoxy coating films are strongly resistant to most chemicals and make excellent anticorrosion coatings. They are one of the principal materials used to control corrosion in the cold environment.
By Application – Segment Analysis
Construction sector has been the primary market of low temperature coatings in terms of application. Many of the commercial buildings in the United States and china are incorporating low temperature coatings for reducing energy consumption in the buildings. the growth of low temperature coatings can be taken as directly proportional to the growth of construction industry. by 2020, construction output is estimated to grow by 70% to $12.7 trillion and will account for 14.6% of the world output with some of the larger emerging markets such as china, India, Russia, brazil and Poland driving growth, along with U.S. global GDP growth of 3.5% and 3.6% is expected in 2017 and 2018 respectively however the meteoric growth that outpaces global GDP will be concentrated in countries like china, India and U.S. India will overtake japan as the third-largest construction market with annual growth averaging 7.4% annually in construction. Automotive industry held the second largest share in the low temperature coatings market.
By End Use Industry- Segment Analysis
Automotive sector has been the primary market for low temperature coatings in 2019 growing at CAGR of 8%. The growth of the low temperature coatings market can be attributed to the rise in production of automobiles. It is expected that the amount low temperature coatings used in the production of automobiles will double in the next 15 years. According to international organization of motor vehicle manufacturers the total production of automobile (commercial as well as personal) in Asia-pacific in the year 2018 was 52,449,078 units compare to 53,395,211 units in 2017. The increase in the global automobile production is a major factor leading to the growth of low temperature coatings in terms of volume across the globe. The heavy duty equipment is the second major market of low temperature coatings. Heavy duty equipment requires coatings that meet the demands of aggressive environments and a complex supply chain. Thus, the low temperature coatings is used to protect them.
The coronavirus pandemic has had far-reaching consequences beyond the spread of the disease and efforts to quarantine it. South Korea, Italy and Japan are the most affected among the major industrialized economies. Consequently, 80 percent of automotive and related companies report that Coronavirus will have a direct impact on their 2020 revenues. 78 percent of companies do not have enough staff to run a full production line. More than 80 percent of the world’s auto supply chain is connected to China. In January 2020 China’s car sales plunged by 18 percent. The China Passenger Car Association (CPCA) considers that the first two-month sales could decline by 40 percent or more compared to the same period in 2019. Production shortfalls resulting from supply chain disruptions in China will impact global automakers. The impact of COVID-19 on automotive sector can be spotted till year 2020 followed by which the industry will have persistent growth during forecast period.
Geography – Segment Analysis
APAC dominates the low temperature coatings market with a share of 38% followed by North America and Europe. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, but with growing foreign direct investment for economic development of South East Asia, the current scenario is changing. Countries in South East Asia are witnessing high growth in the heavy duty equipment and automotive industries. According to the International Organization of Motor Vehicle, on an average 95 million vehicles are being produced world-wide every year. While the total production of automobile (commercial as well as Personal) globally in the year 2019 was 91,786,861 units compare to 96,869,020 units in 2018. The increase in the global automobile production is a major factor leading to the growth of low temperature coatings in terms of volume across the globe The Low Temperature Coatings are now used for nearly every new vehicle. With the help of these coatings we can maintain excellent mechanical properties of any metal substance.
Drivers – Low Temperature Coatings market
Low Temperature Coatings are environment friendly
The low temperature coatings are more eco-friendly compared to other coatings. They will also reduce the risk of volatile organic compound (VOC) emissions into the atmosphere. The eco-friendly nature of the low temperature coatings is determined to drive the low temperature coatings market. As the demand for environmentally friendly products across the world is increasing, the need for low temperature coatings is also expected to grow significantly.
Growing demand for the protection of components in all the industry
The growing demand for the protection of components in all the industry verticals is one of the factor expected to drive the growth of the global low temperature coating market. Many equipment’s are used in the industry require a regular maintenance, these low temperature coating are best alternative for them.
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Challenges – low temperature coatings market
Longer and costlier drying and curing for large parts
The longer and costlier drying and curing for large parts is hindering the growth of the low temperature coating market. The low temperature coating is costly and requires proper skill to use. Secondly, low temperature coatings is not suitable for thin film application. Due to the cost factor the end use industry face difficulty to use the low temperature coating in there manufacturing and production houses. This is a major factor which hamper the market of Low temperature coating near future.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the low temperature coatings market. Major players in the low temperature coatings Market are The Valspar Corporation, Axalta Coating Systems, Platinum Phase SDN BHD, Cytec Solvay Group, BASF SE and among others.
In May 2019, Axalta Coating Systems, which is a leading supplier of powder and liquid coatings globally, received the Ducks Unlimited Corporate Conservation Achievement Award in the 82nd Annual National Convention which was held in Hawaii. These types of prestigious awards would trigger the company’s recognition.
In April 2018, Axalta Coatings Systems Ltd has inaugurated new coating manufacturing plant in India. The newly installed plant will tend to double the coating manufacturing capacity Axalta so that it can meet the growing demand in the various industry verticals like automotive and others.
Asia-Pacific dominates the low temperature coatings Market owing to increasing demand from growing automotive industry in the region.
The use of environment friendly coating is driving the growth of the low temperature coatings market.
The longer and costlier drying and curing for large parts is hindering the growth of the low temperature coatings market.
Related Reports :
A. High Temperature Coatings Market
B. Architectural Coatings Market
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