Heat, corrosion & chemical resistant properties to drive the heat resistant coating market”
The global heat resistant coating market size is estimated to reach USD 6.16 billion by 2021, registering a CAGR of 5.11% between 2016 and 2021. High temperature resistance, corrosion resistance, and high performance properties in every application is expected to fuel the growth of the heat resistant coating market in the next five years.
“Automotive & transportation, the fastest-growing application for heat resistant coating”
Globally, automotive & transportation is the fastest-growing application for heat resistant coating, in terms of volume. Heat resistant coating not only provides resistance to high temperatures, but also helps in increasing durability of the product or substrate by protection and resistance to abrasion, corrosion, scratch, and chemicals. The advancement in automotive technologies and development of the automotive & transportation industry are expected to increase significantly in the coming years. Increasing disposable income, changing consumer lifestyles, and increased use of heat resistant coating products in various industries are the key drivers of the market. In addition to this, the growing consumer goods industries in countries such as China, India, Japan, the U.S., and Germany are increasing the demand of heat resistant coating.
“Rising demand in Asia-Pacific is the major driver of the heat resistant coating market“
Asia-Pacific is the fastest-growing market for heat resistant coating, in terms of both value and volume. High economic growth rate, growing manufacturing industries, low-cost labor, increasing foreign investments, increasing demand from end-use industries, and a global shift in production capacity from the developed markets to the emerging markets are major factors leading to the growth of the heat resistant coating market in this region.
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In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted. The breakdown of primary interviews is given below.
• By Designation — C level — 36%, D level — 18%, and Others — 46%
• By Region — North America — 37%, Europe — 36%, Asia-Pacific — 18%, and RoW — 9%
The key companies profiled in this market research report are AkzoNobel N.V. (Netherlands), Sherwin Williams Company (U.S.), PPG Industries Inc. (U.S.), Axalta Coating Systems (U.S.), Jotun A/S (Norway), Hempel A/S (Denmark), Kansai Paints Co., Ltd (Japan), KCC Corporation (South Korea), RPM International Inc. (U.S.), and Tikkurila OYJ (Finland).
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