Low Temperature Coatings Market: Overview, Dynamics and Trends, Segmentation, Regional Outlook and Key Players
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.
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 type, the low temperature coatings market has been divided into powder coatings and liquid coatings. The powder coatings are again bifurcated into thermoplastic and thermoset powders. The powder coatings segment is expected to have the largest share in the entire period as they are eco-friendly than liquid coatings. The powder coatings also emit less volatile organic compounds (VOC) than liquid coatings. 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. Geographically, the Asia Pacific region is determined to become the most mature market by the end of the forecast period. The increasing manufacturing units in this region is expected to drive the demand for low temperature coatings over the coming years. The growing automotive, and manufacturing industry verticals are expected to propel the demand for the low temperature coatings over the forecast period. Also, the tightening regulations towards the environmental conservation in countries like China, and India are expected to attribute to the growth of low temperature coatings market in the Asia Pacific region.
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.