Protecting products or components that function under environment wherein heat or fire is produced is of high importance for durability. To meet this void, heat-resistant coatings are used as they are protect structures and equipment from fire or at least mitigate the potential damage. While the oil and gas industry and civil construction are the primary users of heat-resistant coatings, the market for the same is gaining traction from a number of other industries including automotive and consumer goods. According to a recent business intelligence study by Transparency Market Research (TMR), the demand in the global heat-resistant coatings market will increment at a notable CAGR during the forecast period of 2016 to 2024.
Which factors will ensure a healthy future for this market?
The global heat-resistant coatings market is poised to gain strong traction from a number of factors such as the prosperity of automotive and consumer goods industries, expanding manufacturing industry in the emerging economies of Asia Pacific, and growth of the construction industry. On the other hand, volatility in the prices of raw material prices, legislations restricting the usage of hazardous chemicals, and limitations pertaining to component designs are some of the restraints obstructing the market for heat-resistant coatings market from attaining its true potential. Nevertheless, the vendors of this market stand to gain new opportunities from the expanding application of these coatings and by leveraging technology requirements.
How can the heat-resistant coatings market be segmented?
Based on resin type, the market for heat-resistant coatings can be segmented into acrylic, silicone, epoxy, modified resins, polyester, and others. Among these, the silicone resin is currently providing for the maximum demand and is poised to remain so throughout the forecast period. This prosperity of silicone based heat resistant coatings can be attributed to its properties of durability to exterior exposure and excellent features of corrosion and chemical resistance. Silicone resin coatings easily resist temperatures more than 600°C without getting destroyed or suffering adhesion failure. These are also resistant to chemicals, light, and abrasion. Silicone resin coatings possess pigment-ability and good compatibility with other systems.
All these properties naturally impart gloss to the surface on which heat-resistant coatings are applied. Silicone based coatings are now frequently used in the industries of consumer goods and automotive. Technology-wise, the market can be bifurcated into powder and liquid whereas application-wise, the market can be classified into automotive, consumer goods, industrial, building and construction, and others. Presently, the automotive industry provides for the most prominent chunk of demand, primarily in the Asia Pacific region. This particular region is driven by the emerging economies of India and China, wherein the manufacturing and industrial sectors are prospering.
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What is the nature of competition among the leading vendors?
The global heat-resistant coatings market is relatively fragmented in nature owing to the presence of a vast pool of players. That being said, a few companies do hold a position of strength over their competitors, such as AkzoNobel N.V., Satya Firotech India Pvt. Ltd., Contego Industries, Inc.,, PPG INDUSTRIES, Air Products and Chemicals, Inc., Kansai Paints Co., Ltd., Sherwin Williams Company, Wacker Chemie AG, RPM International Inc., Jotun A/S, Teknos Group, and Tikkurila OYJ. Product innovation and geographical expansion are the two key strategies for these companies to maintain their stronghold. Via research and development activities, the vendors of this market are aspiring to impart consumer confident on their products while mergers and acquisition of smaller players helps them expand region-wise and gain new demands.