Industry News

Heat Resistant Coating Market to Reach USD 6.16 Billion by 2021: M&M

Published on 2016-08-17. Author : SpecialChem

The market size of heat resistant coating is estimated to grow from USD 4.56 Billion in 2016 to USD 6.16 Billion by 2021, at a CAGR of 5.11% between 2016 and 2021.

The market is driven by the rising demand of heat resistant coating in the growing automotive & transportation, construction, industrial, and consumer goods industries. Growing awareness of high quality silicone-based products and demand from Asia-Pacific is expected to drive the market.

Automotive is the Largest Market for Heat Resistant Coating

Automotive & Transportation the Largest
Application for Heat Resistant Coating

Heat resistant coatings are used in various applications such as automotive & transportation, building & construction, industrial, consumer goods, and others. In 2015, the automotive & transportation segment accounted for the largest market share, in terms of value. The growing population, especially in China and India, is increasing the demand for improved transportation facilities, thus driving the market. Industrial is the second-largest application of heat resistant coating due to growing awareness about its uses in power & chemical plants and oil & gas and metal processing industries among others.

Silicone resin is the fastest-growing type of heat resistant coating

Silicone resin is the fastest-growing type of heat resistant coating, globally. This is due to its effective durable properties for exterior exposures, excellent performance in highly corrosive environments, and outstanding chemical resistance property. The market growth can be attributed to the increasing use of silicone resins in the automotive & transportation, industrial, and consumer goods industries and its use in the growing manufacturing and construction sectors in Asia-Pacific.

Rising demand in Asia-Pacific is the major driver of the heat resistant coating market

In 2015, North America is estimated to have accounted for the largest market share, in terms of both volume and value. However, the high demand in Asia-Pacific is expected to be the major driver of the global heat resistant coating market. This is due to the increasing demand for quality coating products, increasing population in the region, and growing innovation & developments in end-use industries.

The players profiled in the heat resistant coating market 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.), Tikkurila OYJ (Finland), and other regional players.

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Source: MarketsandMarkets
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