Press release
Growth Of The Aerospace And Defense Industry Has Led To Increase In Demand For High Temperature Coatings Market
Historical & Future Outlook of High Temperature CoatingsWith exponential growth of aerospace, defense, petrochemical, and other industries, demand for high temperature coatings has never been so high.
While an exclusive set of properties such as providing insulation from high temperatures, capability of improving an engine’s horsepower, flexibility in terms of composition, to name a few, has given high temperature coatings the spotlight, continuous efforts by manufacturers to bring in a wide variety of products has further catered market growth in the last 5 years from 2016 to 2020.
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Demand for high temperature coatings is growing fast with the development of flurry of products by top companies in order to target a broader range of consumers.
Additionally, increase in the number of manufacturing hubs and highly advanced supply chains are propelling the growth of high temperature coating suppliers. According to Fact.MR, the global high temperature coatings market is expected to expand at over 4% CAGR through 2031.
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How is Steady Growth of the Aerospace & Defense Industry Fuelling Sales of High Temperature Coatings?
High temperature coatings can operate up to 1,200º C, and offer excellent outgassing properties in aerospace systems. With growth of the aerospace and defense industry, demand for these coatings has risen substantially in this sectors.
According to a report titled “Aeronautics Industries- Internal Market, Industry, Entrepreneurship and SMEs”, by the European Commission (EC) on 22nd March 2019, aeronautics is one of the European Union’s (EU’s) high-tech sectors in the global market, comprising developing and manufacturing civil and military aircraft, helicopters, drones, aero-engines, and other systems and equipment. As per the report, research, development, and innovation (RDI) expenditures represent 10% of the industry’s turnover, one-third of which is being financed by the public sector.
This gives an idea about how big the opportunity is for high temperature coating manufacturers around the world.
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Will Requirement for High Temperature Coatings Increase from the Automotive Industry?
High temperature coatings, being an integral part of the automotive industry, will witness higher demand over the coming years, owing to significant growth of this industry.
According to a report titled “Automotive Spotlight- The Automotive Industry in the United States”, published by Select USA, since Honda opened its first U.S. plant in 1982, almost every major European, Japanese, and Korean automaker has produced vehicles and invested more than US$ 75 billion in the United States, while the total Foreign Direct Investment (FDI) in the U.S. automotive industry reached US$ 114.6 billion in 2018.
According to a report published by the Ministry of Commerce & Industry of India in September 2020, in the automotive sector, India is set to move towards global dominance, in terms of auto components and automobiles, while the Society of Indian Automobile Manufacturers (SIAM) is improving the scale and production of its products and services.
Such factors will pave new paths for high temperature coating suppliers to excel further over the coming years.
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High Temperature Coatings Market Segmentation by Category
Application
Aerospace & Defense
Automotive
Coil Coatings
Petrochemical
Marine
Metal Processing
Stoves & Grills
Other Applications
Resin
Epoxy
Silicone
Polyester
Acrylic
Alkyd
Other Resin Types
Region
North America
Latin America
Europe
Middle East and Africa (MEA)
East Asia
South Asia
Oceania
Competitive Landscape
The global high temperature coatings market is rapidly gaining momentum, making the competition fiercer for key players. In order to hold a dominant position, key players are launching a variety of products more frequently.
For instance,
Jotun A/S launched its new unique high temperature coating Jotatemp 1000 Ceramic, due to increasing demand from the hydrocarbon processing industry, in 2017
Hempel A/S launched its new extensive range of products, such as Hempel’s Silicone Aluminium 56914, Hempel’s Silicone Acrylic 56940, and others, from 2015 to 2020.
For More Insights- https://www.einpresswire.com/article/556694532/how-has-covid-19-impacted-the-surgical-drapes-industry-fact-mr-s-post-pandemic-analysis
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