NEW YORK, Feb. 16, 2021
NEW YORK, Feb. 16, 2021 /PRNewswire/ -- Award winning market research company Fact.MR's recent report on the global high temperature coatings market forecasts a positive outlook for 2021, as key manufacturing industries slowly recover from the pandemic induced depression. Long-term prospects appear largely optimistic, with an expected value CAGR surpassing 4% through 2031.
The market has witnessed unprecedented gains in the past, mostly attributed to robust developments across the aerospace & defense sector. The push for cleaner skies and achieving fuel efficiency in aircrafts has prompted manufacturers to introduce numerous coatings to enhance the operating capacity of turbines and engines. According to Boeing, the global aerospace market is expected to reach US$ 8.7 trillion through 2028, as operators replace older jets with more capable and fuel-efficient models. Consequently, sales of high temperature coatings are anticipated to increase.
Automotive Industry to Act as an Important Growth Lever
Promising developments are on the cards across the automotive industry. As government push forward progressive legislations to enhance vehicle production, opportunities abound for the aftermarkets. In 2019, the Indian government announced a slew of policy measures aimed at bolstering electric vehicles production, while BS-IV vehicles would continue to remain operational. This has widened the berth for high temperature coatings sales for forthcoming years.
Likewise, the United States has an extensive network of automotive parts suppliers serving the industry. New R&D initiatives are transforming the regional landscape to better respond to the opportunities of this century. Nearly US$ 18 billion is spent to develop the automotive sector, which also includes high temperature coatings for automobiles.
"Prolific developments across key end-use industries is prompting manufacturers to diversify product portfolios and establishing robust distribution and supply chain networks with regional market players in order to cement their presence in the global market," comments a Fact.MR analyst.
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Key Takeaways from Fact.MR's High Temperature Coatings Market Study
Key high temperature coatings manufacturers profiled by Fact.MR include Akzo Nobel NV, Aremco Products Inc., Axalta Coating Systems, Belzona International Ltd., Carboline Company, Chemco International Ltd., General Magnaplate Corporation, Hempel A/S, Jotun A/S, PPG Industries Inc., The Sherwin-Williams Company, The Valspar Corporation, Weilburger Coatings GmbH and Whitford Corporation.
Owing to the presence of so many players, the market exhibits high competition. Therefore, manufacturers rely on frequent product launches as well as capacity expansion programs to remain afloat. For instance, Akzo Nobel NV announced the opening of a new R&D lab dedicated to low cure powder coatings in February 2021. The research center will exclusively focus on the increasing applicability of powderon wood for use in heat-sensitive substances.
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Also, Axalta Coating Systems introduced the Cromax XP, an easy-to-use solvent borne basecoat for refinish customers across North America. The product line is engineered for easy and accurate application, backed by a chromatically sorted fan deck of over 6,000 color chips which is easy to apply as a basecoat. It is also capable of accommodating multiple blending processes due to high variance tolerance.
More Valuable Insights on High Temperature Coatings Market
In its latest report, Fact.MR offers unbiased analysis of the global high temperature coatings market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of application (aerospace & defense, automotive, coil coatings, petrochemicals, marine, metal processing, stoves & grills, and other applications) and resin (epoxy, silicone, polyester, acrylic, alkyd, and other resin types), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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