Low Temperature Coatings Market to Witness Comprehensive Growth by 2025
Low
temperature coatings are two-component epoxy-based coatings. The low
temperature coatings have the ability to cure down to 0°C. These
coatings are used in cool weather conditions, where other coatings
require adequate measures for curing purposes. Though the rate of
corrosion at lower temperatures is much slower compared to the rate
at other temperatures, still corrosion occurs. Some chiller rooms
will have high humidity. The high humidity will accelerate corrosion.
The low temperature coatings are capable of retaining flexibility and
impact resistance to metals at shallow temperatures. They also
provide low moisture permeability and maintain excellent dielectric
and mechanical properties of the metallic substance.
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The
low temperature coatings are available in two variants, liquid, and
powder, and are employed in many applications. These are more likely
used to apply coatings to valves, pipes, fittings, welds, and many
other components which exposed to lower temperatures. Whenever a
metal product is placed in colder environments, there will be a need
for low temperature coatings.
The
low temperature coatings are more eco-friendly compared to other
coatings. They will also reduce the risk of volatile organic compound
(VOC) emissions into the atmosphere. The eco-friendly nature of the
low temperature coatings is determined to drive the low temperature
coatings market. As the demand for environmentally friendly products
across the world is increasing, the need for low temperature coatings
is also expected to grow significantly.
The
growing demand for low temperature coatings is driven by the
increased employment of low temperature coatings across various
industry verticals. These coatings are used in industry verticals
like automotive, manufacturing, and others. The growing demand for
the protection of components in all the industry verticals is giving
an additional boost to the low temperature coatings market growth.
This
market also provides a good number of opportunities to the new
entrants into Asia Pacific and Europe region. As the automotive
industry in these regions is growing at a rapid pace, the demand for
low temperature coatings is also expected to rise.
Regarding
resin type, the low temperature coatings market can be segmented as
epoxy, acrylic, polyurethane (PU), and others. Among all the resins,
the acrylic resin is anticipated to be the fastest growing resin
segment. The demand for acrylic resins primarily comes from the
automotive, and paints and coatings, industries. The acrylic resins
are used in wide range of applications, due to its chemical
properties.
Based
on end-user industry, the low temperature coatings market can be
bifurcated into oil & gas, automotive, manufacturing,
construction, and others. The automotive industry vertical is
predicted to hold the highest market share. The increasing demand for
the protection of automotive parts from corrosion is expected to
drive this segment at a significant growth rate over the forecast
period. The oil & gas industry is projected to compete with the
automotive industry vertical regarding market size. The low
temperature coatings are applied to pipelines where the pipes are
exposed to very low temperatures.
The
North America region is predicted to be the major consumer and
producer of low temperature coatings. As most of the regions of the
United States, and Canada experience mostly very lower temperatures,
the use of low temperature coatings is expected to be huge. This
growing demand is also anticipated to grow in the coming years and
make this region lead regarding consumption of low temperature
coatings.
The
growing automotive industry in Europe region accounted for the growth
of Europe’s low temperature coatings market. In Europe, Germany is
predicted to account for a significant share. The increasing
automobiles in this region have created a high demand for low
temperature coatings, thereby predicted to escalate this market in
the coming years.
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Some
of the prominent players in this market include PPG Industries, Inc.,
DuPont, Bowers Industrial, Axalta Coating Systems, DSM, The Valspar
Corporation, Specialty Polymer Coatings Inc., Phygen Coatings, Inc.,
Michelman, Inc., and Vitracoat America.
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