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Heat resistant coatings often referred as insulative coatings and are made by employing the broad spectrum thermal reflective coating technology to block the heat radiations with wider range of thermal energy to disperse heat. This type of coatings reduces the heat transfer through the coating, as 85% of the solar UV radiations and 90% of IR radiations are reflected back. This types of coatings works bi-directionally. These coatings exhibit better color retention, corrosion and water resistance, durability, and excellent performance on exposure to high temperature.
The increasing demand from the industrial and commercial application sector is driving the market growth. The adoption of heat resistant coatings for heavy machineries to reduce the heating up of the parts of machines as a type of exhaust management is likely to drive the market. Additionally, use of new enhanced production technologies is expected to serve as an opportunity.
However, the transportation of these types of coatings is slightly higher which adds in the cost of the product. The product releases harmful gases while production. Stringent rules regarding the emission of VOCs is likely to hamper the market growth.
Key Market Driver -
Increasing demand from the industrial sector.
Key Market Restraint -
Emission of VOCs may hinder the market growth
Based on resin type, the market is segmented into silicone, epoxy, acrylic, polyester, modified resin, other. Based on application, the market is segmented into automotive and transportation, consumer goods, building and construction, industrial, and other.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global heat resistant coatings market consists of global & regional players operating. Some of the key players in the market include AkzoNobel N.V, Hempel A/S, Jotun A/S, Axalta Coating Systems, Sherwin Williams, PPG Industries Inc., Kansai Paints Co., Ltd, KCC Corporation, and others.
The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is the largest and fastest growing market in terms of value and volume, attributed to the high economic growth rate coupled with the lower labor cost in regions like India and China. North America is expected to show significant growth attributed to the high R&D in materials and technology. Europe is expected to exhibit substantial growth attributed to the increasing demand from automobile sector. Latin America and Middle East and Africa are expected to show considerable growth by the end of the forecast period.
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By Resin Type
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