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.
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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
The global market is temperately divided with the presence of a great number of companies such as, PPG Industries, Akzo Nobel NV, BASF, Axalta Coating Systems, Jotun AS, and Sherwin-Williams. Other companies operating in the global industry include Valspar Corporation, Carboline Company, General Magnaplate Corporation, Hempel AS, Chemco International, Whitford Corporation, Weilburger Coatings GmbH, Belzona International Ltd. and Aremco Products Inc.
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