Heat Resistant Coating Market size is forecast to reach $7.25 billion by 2025, after growing at a CAGR of 5.23% during 2020-2025. In a variety of industries and markets, the high-temperature resistant coating is used to prevent corrosion of steel that is subjected to extreme temperatures while in service. The coating comes in white color& can be applied by applying a primer coat on the substrate Increasing use of a heat-resistant coating to reduce heat from rooftops and application on tiles, asphalt metal, walls & concrete will accelerate the growth of heat resistant coating industry in the forecast era.
By Type – Segment Analysis
Epoxy coating is widely used in Heat Resistant Coating Market. Epoxy coatings are commonly used in oilfield, offshore, and petrochemical facility applications and are favored for their impact and abrasion resistance. Epoxy coatings are organic polymers produced between epoxy resins and hardeners / co-reactants / curatives through chemical reactions. Epoxies are also thermosets, which means that once cured they cannot be melted and reformed like a vinyl or plastic can. Excessive heat will deteriorate chemical bonds within a thermoset and cause it to degrade, discolor, lose ductility, and/or become brittle. Epoxy resins are also vulnerable to solar radiation and will chalk when exposed to sunlight. Due to these properties, epoxy coatings are anticipated to boost the market in the forecast period.
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By Technology- Segment Analysis
Water Based technology held the largest share in the Heat Resistant Coating Market in 2019. Water Based technology makes the coatings eco-friendly and easy to apply. Shifting trend towards non-solvent based technologies has resulted in increased adoption of waterborne based products in various industrial sectors. Also, water-based technology are ideal primers as they possess good resistance to heat and abrasion, provide excellent adhesion, reduces emissions, and use conventional application techniques. Besides, low toxicity and flammability due to low VOC content and HAP emissions, surging demand for cost-effective products with minimal environmental impact are expected to drive the demand for water-based technology over the next few years.
By End Use –Segment Analysis
Power and Energy held the largest share in the Heat Resistant Coating Market in 2019 and is projected to grow at a CAGR of 4.98% during the forecast period 2020-2025. Equipment such as heaters, furnaces, towers, and ducts used in refining and chemical plants is exposed to the atmosphere of heat and high temperature. Thermal barrier coatings (TBCs) are advanced material systems that are usually applied as a form of exhaust heat management to metal surfaces operating at elevated temperatures, such as gas turbines and duct parts. Growing concerns about equipment reliability and downtime are expected to boost demand for heat resistant coatings with enhanced color consistency and resistance to corrosion. Also, power generation from renewable resources has gained growing attention in recent years as clean energy policy has been introduced globally. These power plants, however, suffer from extreme corrosion of critical components such as water walls and superheater tubes at high temperatures. Hence, the demand for power and energy is anticipated to rise in the heat resistant coating market during the forecast period.
Geography- Segment Analysis
The Asia Pacific held the largest share with 37.65% in Heat Resistant Coating Market in 2019. Countries in this region such as China, India, Japan, South Korea, and Malaysia are witnessing a significant increase in the use of the heat-resistant coating in industrial as well as commercial sectors. The growth is mainly due to the growing demand from the Asia-Pacific consumer for power and energy. Energy and power are some of the most important components of infrastructure vital to nations’ economic development and welfare. The presence and creation of adequate infrastructure are necessary for economic growth to be sustained. According to India Brand Equity Foundation, India ranked fourth out of 25 nations in the Asia Pacific region in May 2018 on an index that measures its overall power. As of 2018, India ranks fourth in wind power, fifth in solar power and fifth in renewable power installed capacity. With US$ 90 billion, India ranked sixth in the list of countries to make the most investment in clean energy. Also, the electricity demand has increased rapidly in India and is expected to grow further in the years ahead. A major addition to the installed generating capacity is needed to meet the country’s growing demand for electricity.
Drivers –Heat Resistant Coating Market
The growing need for heat resistant coating in the building and construction industry
Heat Resistant Coating is intended to battle overheating in exterior walls or metal or asbestos or flat roof structures. Extremely reflective in the near-infrared (non-visible) portion of the solar spectrum, thus keeping the interiors cool during hot summer. Heat resistant coating has a less thermal impact on the roof surface, flexibility to withstand dynamic motions, greater efficiency from the existing air-conditioning plant through reduced peak loads, and significant abatement of greenhouse gas resulting from the power saved due to which it is used in buildings. Heat resistant coating and protective coatings are commonly used to protect culturally significant works, such as outdoor sculptures and architectural elements. It is also used in exterior walls in buildings exposed to radiation, warehouses, workshops and garages, industrial sheds kennels, and aviaries due to its aesthetic appeal, cost-effective, environmentally friendly, and better performance characteristics. Owing to these properties the use of heat resistant coating will lead towards the growth of the heat resistant coating market in the forecast period.
Increasing demand for heat resistant coating in automotive
The coating is used in several parts of the car including engines, radiators, transmissions, and exhaust systems. The most important thing to look for, while choosing is its heat tolerance used for a particular application. Owing to the durability, safety, and reliability silicone resin coatings are widely preferred in automotive. The various paints and coatings used in automotive are designed to withstand different thresholds of temperature. If constantly exposed to high temperatures, heat resistant automotive coating won’t crack, blister, or get chalky. It will not change color, or ruin equipment’s aesthetics over time. Unlike regular coatings, this type of coating lasts longer and is resistant to scratches. Also, spray paint is considered as the most popular for automotive application because it is easy to use, cover the surface quickly, and dry in minutes.
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Challenges –Heat Resistant Coating Market
Raw material issues in the coating industry
Raw materials play a far greater role in the case of the paint and coating industry due to the raw material intensive nature of the industry. Reduced raw material supply plays a decisive role. The procurement of raw materials is under threat due to the increasing restrictions on trade. Companies, especially those needing industrial raw materials such as metal, plastics, and chemicals, face major challenges. The uncertainty of raw material pricing trends means that 65 percent of businesses are now negotiating fixed price agreements with their suppliers at high spot price mark-ups. At the same time, the duration of those price agreements is gradually becoming shorter providing less predictability. Hence, raw material problems in heat resistant coating will further create hurdles for the heat resistant coating market in the forecast period.
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Heat Resistant Coating Market. In 2019, the market of Heat Resistant Coating Market has been consolidated by the top five players accounting for xx% of the share. Major players in the Heat Resistant Coating Market are AkzoNobel N.V., Jotun A/S., PPG Industries Inc., Carboline Company, General Magnaplate Corporation, Hempel AS, Chemco International, Whitford Corporation, Weilburger Coatings GmbH, Belzona International Ltd., and Aremco Products Inc. among others.
The Asia Pacific dominates the Heat Resistant Coating Market since it is not produced to extinguish the fire, and it is formulated to prevent the flames from spreading and hence further effectively controlling the fire and curbing further damage to a certain extent.
Owing to changing lifestyle trends construction method is now increasingly deploying fire-resistant materials and coatings for residential, commercial, infrastructure, and industrial development which is estimated to drive the growth of the market in the forecast period.
The prevailing pandemic situation COVID-19 has led to weakened demand for paints and coatings in automotive, construction, electronics, and white goods. The path to recovery of growth for the industry is highly dependent on the duration of restrictions imposed and their influence on economic activity across the globe.
Related Reports :
A. Coating Materials Market
B. Heat Resistant Polymers Market
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