High Temperature Coatings Market environment is expected to drive industry growth over the next eight years

The global high temperature coatings market is expected to reach USD 4.74 billion by 2024, according to a new report by Grand View Research, Inc. Surging thermally efficient coatings requirement that can protect industrial and commercial equipment in moderate to extreme temperature conditions is expected to drive industry growth over the next eight years.

Technological innovations and significant R&D spending by key industry participants regarding commercializing single-component coatings for multiple applications is anticipated to stimulate market growth over the forecast period. Companies have been constantly involved in developing finished products which can be used for wide range of operating temperatures ranging from 150 degrees Celsius to 750 degrees Celsius in addition to providing corrosion resistance. 

High temperature coating demand in cookware is anticipated to emerge as fastest growing end-use segment over the forecast period. In terms of demand, the sector is expected to grow at a CAGR of 5.5% over the forecast period. 

Major appliances such as bakeware, induction appliances, and food processors have gained significance in commercial and residential sectors. This segment has witnessed significant growth in France, Japan, and South Korea owing to growing awareness towards innovative cooking technologies that sustain the nutrient levels of the food.

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http://www.grandviewresearch.com/industry-analysis/high-temperature-coatings-market

Further key findings from the study suggest:

• The global high temperature coatings market demand was 1,009.9kilo tons in 2015 and is expected to reach 1,444.1 kilo tons by 2024, growing at a CAGR of 4.1% from 2016 to 2024
• Acrylic was the leading product segment and accounted for 23.3% of global high temperature coatings revenue in 2015.The segment is anticipated to reach a net worth of USD 1,117.1 million by 2024.
• Powder coating is anticipated to witness the highest growth over the forecast period. The segment is anticipated to grow at a CAGR of 5.4% in terms of demand from 2015 to 2024.
• The energy & power sector emerged as the leading high temperature coating end-use segment and accounted for 16.4% of total demand in 2015. The segment is expected to reach a net volume of 34.7 by 2024 in the U.S.
• Asia Pacific was the major high temperature coating market and was valued at USD 1,174.8 million in 2015. The region is also expected to witness the fastest growth rate over the forecast period.
• Key players operating in the global industry include BASF, PPG Industries, Sherwin-Williams, Axalta Coating Systems, Jotun AS, and AkzoNobel NV. Major strategy adopted by the global players includes sourcing of raw materials at low cost thereby enhancing their profit margin and gain competitive edge over other industry participants.

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http://www.grandviewresearch.com/press-release/global-high-temperature-coatings-market