Market World High Temperature Coatings Market | Page 3

Higher utilization rates and application ease are a major driver of powder coating market over the forecast
period. This segment is expected for a net demand of over 95-kilo tons by 2024.
End-Use Insights
Around 16% of the total revenue in 2015 was generated from Energy & power sector which was the leading
end-use segment. Growing concern towards equipment durability and downtime is expected to drive the
demand for heat resistant coatings with enhanced color stability and corrosion resilience.
Metal processing segment was the second major end-use segment for coatings market in 2015. Demand in this
segment has been increasing owing to increasing demand for metal equipment in the commercial and industrial
sector.
Various applications include heavy equipment, machine and metal piping for agricultural, forestry, waste
treatment facilities, and manufacturing. U.S. demand for the market in automotive sector was valued over USD
60 million in 2015 and is estimated to grow at a CAGR of 3.6% from 2016 to 2024. The coating protects from
corrosion and acts as a thermal barrier on automobile components.
Regional Insights
Asia Pacific was the largest market and accounted for more than 35% of total volume in 2015. Steady growth in
automotive & construction sectors especially in India, China, and Japan is anticipated to drive the demand in
the region. European coatings accounted for more than 30% of the market in 2015 globally.
However, slow growth observed for numerous end-user such as aerospace, construction, and oil & gas, in the
European region is anticipated to obstruct market and consequently, lose their share in the industry over the
forecast period.
North America high temperature coatings market is anticipated to grow at a CAGR of 4.0% from 2015 to 2024.
Increasing application of these products in major end-use industries including electronics, automobile, energy,
and construction sectors have contributed significantly to the growth in this region. Renewal of reforms to
incorporate thermally efficient materials and environment-friendly materials are expected to play a major role
in steering product demand in the region.
Competitive Insights