Heat Resistant Coatings Market Research Report—Global Forecast till 2028

Heat Resistant Coatings Market Research Report: Information By Type (Silicone Resin, Epoxy Resin, Acrylic Resin, Polyester Resin, Modified Resin, Others) By Application (Automotive & Transportaion, Industrial, Building & Construction, Consumer Goods, others) Forecast till 2028

ID: MRFR/CnM/9267-HCR | February 2023 | Region: Global | 100 Pages         

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Heat Resistant Coatings Market

The global Heat Resistant Coatings Market is expected to reach a value of over USD 8 billion by 2028, with a CAGR of around 5.1%.

Segmentation
By Type Silicone Resin Epoxy Resin Acrylic Resin Polyester Resin Modified Resin Others
By Application Automotive & Transportaion Industrial Building & Construction Consumer Goods others
Key Players
Companies Profiled   AkzoNobel N.V. (Netherlands)   Sherwin Williams Company (US)   PPG Industries Inc. (US)   Axalta Coating Systems (US)   Jotun A/S (Norway)   Hempel A/S (Denmark)   Kansai Paints Co. Ltd (Japan)   KCC Corporation (South Korea)   RPM International Inc. (US)   Tikkurila OYJ (Finland).
Drivers
Market Driving Forces   Growth of Construction Industry   Growth of Automotive & Transportation Industry
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Heat Resistant Coatings Market Overview


According to MRFR analysis, the global heat resistant coatings market is expected to reach a value of ovr USD 8 billion by 2028, with a CAGR of around 5.1%.


Heat-resistant paints and coatings are designed to protect surfaces from fast temperature fluctuations and extreme heat. High-temperature paint can withstand temperatures of up to 600° C. Durability, colour retention, water resistance, corrosion resistance, and great performance when exposed to high temperatures are all characteristics of heat-resistant coatings. Heat-resistant coatings are becoming an increasingly important aspect of a wide range of commercial and industrial applications. Construction, oil and gas, bedding and furniture, transportation and aerospace, and packaging are just a few of the sectors that employ them.


Covid Impact on Heat Resistant Coatings Market:


Shortages of subcontractors and raw materials, supply chain disruptions, interrupted or halted production, and travel restrictions are all influencing demand in the paints and coatings industry, affecting demand from the architectural, automotive, and aerospace sectors. Following the Covid-19 Pandemic, however, rising demand from the building and general industrial sectors is likely to stimulate demand for paints and coatings. The construction industry has been badly impacted, since social alienation, self-isolation, and city-wide lockdowns have prompted many construction sites throughout the world to halt operations, with the exception of those working on critical projects such as hospitals. All of this has had an influence on the total consumption of paints and coatings in all nations


Because of the coronavirus pandemic, the automotive paint and coatings industry has been one of the most impacted. Due to the lockdown measures, big manufacturers have had to shut down or suspend their ongoing projects and plans. The automobile coatings business has been impacted by the closure of other supporting industries. The interruption of the supply chain has become another important effect of the COVID-19 epidemic. The sector has seen a significant decrease in demand and investment.


Market Dynamics:


Drivers:

  • Growth of Automotive Industry


Due to its applications in the construction industry for restoring structural strength and architectural shape of historic buildings, demand for the product is expected to increase. Because these structures are erected for a longer period of time, and the mortar's greater structural strength adds to their endurance, the residential segment is likely to hold a large part of the market.



  • Use in Building & Construction Industry


In the building and construction industry, heat-resistant coatings are frequently utilised. They are used on a variety of construction materials and goods to ensure that they comply with critical fire safety regulations and rules. Heat-resistant coatings aid in the prevention of fires and improve people's safety and security. The construction industry in Asia-Pacific has been booming, thanks to expanding manufacturing and service sector infrastructure, rising home building, and increased government spending on public works projects.


Restraints:

  • Volatility in Raw Material Prices


Reisns, solvents, pigments & fillers, and additives are some of the key ingredients used in coatings production. Some of the widely used resins are epoxy, alkyd, acrylic, polyester, among others. The raw material prices for these coatings are highly influenced by crude oil prices. Crude oil prices fluctuate rapidly in reaction to news cycles, policy shifts, and market variations throughout the world. Oil prices have been on the decline since 2014, dropping from highs of over USD 115 per barrel. Crude prices intensified their collapse in February and March 2020, in response to the coronavirus outbreak and a projected substantial reduction in oil demand. Furthermore, major oil producers were unable to reach an agreement on output cutbacks, worsening the situation. The price of US crude oil was oscillating about USD 19 per barrel by mid-March 2020.


Much of the world's crude oil is found in areas that have seen political instability in the past, or have had their oil production halted as a result of political events. Political events have lately caused supply interruptions or stifled prospective resource development in Nigeria, Venezuela, Iraq, Iran, and Libya. According to figures from 2018, OPEC controls about 80% of the world's oil reserves. The consortium determines production levels to satisfy global demand and has the ability to affect oil and gas prices by raising or lowering output.


Opportunity:

  • Adoption of Bio-Based Resins for Coatings


Bio resins are made out of monomers originating from biological sources, either partly or entirely. These resins are environmentally friendly since they use plant-based materials instead of petrochemicals. End-user demand in the business-to-consumer (B2C) industry is likely to outperform the drive for bio-based coatings in the business-to-business (B2B) market, according to coating makers, raw material suppliers, and distributors.


Regulatory Framework


ISO 3248:2016 specifies a method for determining the resistance of single coatings or multi-coat systems of paints, varnishes or related products to changes in gloss and/or colour, blistering, cracking and/or detachment from the substrate under conditions of a specified temperature.


ASTM's paint and related coating standards are instrumental in specifying and evaluating the physical and chemical properties of various paints and coatings that are applied to certain bulk materials to improve their surface properties.


Guides are also provided for the proper methods of applying these coatings, which also include enamels, varnishes, electroplatings, pigments, and solvents. These paint and related coating standards help paint manufacturers and end-users in the appropriate testing and application procedures for the coating of their concern.


Supply Chain Analysis:


The supply chain analysis is the process of evaluating every stage and step taken by stakeholders involved throughout the production and distribution of heat resistant coatings. The supply chain includes raw materials and suppliers, heat resistant coatings producers, distribution channels, and end-use industries. The distribution channel in this market comprises distributors, wholesalers, and e-commerce merchants.


Segment Overview:


By Type



  • Silicone Resin: Silicones are nearly UV-transparent and can be found in the form of inorganic silicate coatings, which cure to produce a glassy layer and adhere tightly to both masonry and steel substrates. Originally designed for space missions, systems that can tolerate temperatures of over 1,000° C are now being used in the chemical sector. These pure silicone resins, are costly, and their curing, which involves condensation of the silanol groups, necessitates high temperatures.

  • Epoxy Resin:Epoxy coatings are used in oilfield, offshore, and petrochemical plant applications because of their high impact and abrasion resistance. Epoxy coatings are organic polymers made by combining epoxy resins with co-reactants/hardeners/curatives in a chemical reaction. Epoxies are thermosets, which means they can't be melted and reformed like vinyl or plastic once they've been cured.

  • Acrylic Resin:Corrosion resistance, biocompatibility, and antioxidant capabilities are just a few of the benefits of acrylic coatings. Decorative features like as gloss and colour retention are also available with these coatings. Building and construction, as well as transportation infrastructure, have seen an increase in demand for heat-resistant coatings with attractive features. During product formulation, it also has a low volatile organic compound (VOC) concentration.

  • Polyester Resin:Polyester powder coatings are solventless and are applied to conductive coating substrates, mainly metals, via electrostatic application in the solid form. Thermosetting powder coatings rely only on heat for melting, flow out, and curing, with temperatures generally ranging from 150 to 200°C.

  • Modified Resin:Some of the key examples of modified resin include silicone alkyd, elastomer modified acrylic resins, etc.Silicone acrylics are single-package air-dry paints that maintain colour and gloss at temperatures between 350 and 400° Silicone alkyds, on the other hand, are single-package air dry paints with similar colour and gloss retention.

  • Others:Others segment include alkyd, phenolic, polyurethane, vinyl-acrylic resin, PTFE resin, among others.


By Application



  • Automotive & Transportation: In automotive industry, the heat resistant coatings are used in thrust cage bearings, wheel assembly, brake clips, door strikers, exhaust gaskets, gas filler tubes, etc. It is also used in aerospace industry for turbine engine, blades, combustion liner, compressor casing, nozzles, pistons, pumps, etc. The global commercial aircraft industry is expected to witness healthy growth in the coming years. Recovery in the global gross domestic product (GDP), stable commodity prices (including crude oil), growth in passenger travel, are expected to be the key factors driving the growth of the aerospace industry during the forecast period.

  • Industrial:High-temperature resistant coatings are frequently utilized in the manufacturing, military, petrochemical and power industries for piping, fireproofing, jet engines, offshore rigs, original equipment and various sorts of plants/facilities that employ high-temperature processes.

  • Building & Construction:Heat resistant coatings are used in fireproofing of restaurants, hospitals, colleges, and residential places, as well as HVAC systems. The heat resistant coatings market is being driven by the burgeoning construction sector in emerging nations, with increased residential and commercial building, particularly in India and China, as well as rising living standards and disposable incomes.

  • Consumer Goods:These coatings are widely used in home applicances, furniture, fan, refrigerators, bicycles, etc.

  • Others:Others segment include agriculture, medical, storage tanks, chemicals, among others.


Regional Analysis:


The global heat resistant coatings market is studied for five key regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The significant population expansion in the Asia-Pacific region is expected to drive the predicted growth in the use of heat resistant coatings in infrastructure maintenance during the forecast period. The large population is putting strain on the existing infrastructure, which is also rapidly degrading due to the usage of substandard materials. The heat resistant coating market is being driven by rising investments in new infrastructure, new housing projects, and non-residential building renovations, as well as rising demand from the automotive and transportation industries in China, India, and Brazil.


North America is expected to rise significantly as well. The country spent around USD 2 trillion in 2019 to repair the its outdated and damaged infrastructure such as roads, bridges, and highways. As a result, demand for concrete repair materials in the region is likely to rise.


Competitive Landscape:


Some of the key companies profiled in the global heat resistant coatings market include AkzoNobel N.V. (Netherlands), Sherwin Williams Company (US), PPG Industries Inc. (US), Axalta Coating Systems (US), Jotun A/S (Norway), Hempel A/S (Denmark), Kansai Paints Co., Ltd (Japan), KCC Corporation (South Korea), RPM International Inc. (US), and Tikkurila OYJ (Finland).


PPG Industries, Inc., a global leader in transportation and industrial coatings, is engaged in the production and distribution of a broad range of paints, coatings, and specialty materials. It caters to customers operating in a wide array of end-use industries, including automotive, aerospace, marine, and construction. PPG operates through two business segments, namely, performance and industrial coating. The company offers protective coatings under its performance coatings business segment. PPG manufactures an extensive portfolio of coatings systems through 156 manufacturing facilities and has a presence in over 39 countries across the globe.


Intended Audience



  • Construction Companies

  • Infrastructural Associations

  • Research Institutes

  • Aircraft Manufacturers

  • Automobile Manufacturers

  • Academic Institutes

  • Government Organizations



Report Scope:

Report Attribute/Metric Details
  Market Size   2028: USD 8 Billion
  CAGR   5.1% CAGR (2021-2028)
  Base Year   2020
  Forecast Period   2021-2028
  Historical Data   2019
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   End Use
  Geographies Covered    North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
  Key Vendors   AkzoNobel N.V. (Netherlands), Sherwin Williams Company (US), PPG Industries Inc. (US), Axalta Coating Systems (US), Jotun A/S (Norway), Hempel A/S (Denmark), Kansai Paints Co., Ltd (Japan), KCC Corporation (South Korea), RPM International Inc. (US), and Tikkurila OYJ (Finland)
  Key Market Opportunities   â€¢ Adoption of Bio-based Resins
  Key Market Drivers   â€¢ Growth of Construction Industry • Growth of Automotive & Transportation Industry


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Frequently Asked Questions (FAQ) :

The global heat resistant coatings market would register a growth of 5.1%.

The automotive and transportation industry, especially, aircraft manufacturing, will play a prominent role in taking the market forward.

The Asia-Pacific heat resistant coatings market would enjoy the upper hand in the heat resistant coatings market.