Low temperature coating market to grow at a CAGR of 6.7% (2022-2031)
The global low temperature coating market is projected to reach USD 5.13 billion by 2031, at a CAGR of 6.7% between 2022 and 2031.
Increased demand for powder-based low temperature coating and increase in energy savings due to reduction in cure temperatures act as key driving factors influencing the growth of the global low temperature coating market. However, low temperature coating is not suitable for thin film applications and this might act as a restraint to the growth of the market.
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Industrial is expected to be the fastest-growing end-use industry segment during the forecast period
The industrial segment is estimated to be the fastest-growing end-use industry segment in the global low temperature coating market during the forecast period, in terms of value. Applications of low temperature coating in the industrial segment include soccer goals, basketball backstops, lockers, camping equipment, golf clubs and golf carts, ski poles, and exercise equipment. Households also use low temperature coating in electronic components, bathroom scales, mailboxes, satellite dishes, toolboxes, and fire extinguishers that benefit from a low cure powder finish. A wide range of industrial applications of low temperature coating in various metal components in many industries, such as steel, zinc, brass, and aluminum is the major factor contributing to the growth of the industrial segment in this market.
Powder-based expected to be the fastest-growing coating type segment in the global low temperature coating market
Based on the type of coating, the powder-based segment is projected to grow at the highest CAGR between 2022 and 2031. Restrictions imposed by organizations such as REACH, Green Seal, SED, and BPD have placed restrictions on the use of coatings emitting VOCs and Hazardous Air Pollutants (HAPs) in various developed economies of the world such as the U.S., Germany, France, Italy, and the U.K. This move has triggered the high growth for powder-based low temperature coating. In addition, various characteristics of powder-based low temperature coating increase the durability of coatings.
“Asia-Pacific expected to be the largest and fastest-growing market for low temperature coating”
Asia-Pacific is projected to be the largest as well as the fastest-growing market for low temperature coating. The low temperature coating market in this region is expected to register the highest growth, owing to the high demand for low temperature coating from countries, such as Japan, China, and India. China is estimated to be the largest market for low temperature coating in the Asia-Pacific, followed by India and Japan. However, Indonesia and Taiwan are projected to be the fastest-growing markets for low temperature coating in Asia-Pacific. Growth of prominent industries such as heavy-duty equipment, furniture, and manufacturing has increased the demand for low temperature coating in this region.
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Extensive primary interviews were conducted to determine and verify the market size for several segments and subsegments gathered through secondary research.
The break-up of primary interviews is given below.
• By Company Type: Tier 1 – 50%, Tier 2 – 37%, and Others – 13%
• By Designation: C Level – 46%, Director Level – 31%, and Others – 23%
• By Region: North America – 33%, Europe – 28%, Asia-Pacific – 22%, South America– 11%, and Middle East & Africa – 6%
The companies profiled in this market research report are E.I. DuPont de Nemours and Company (U.S.), PPG Industries Inc. (U.S.), The Valspar Corporation (U.S.), Axalta Coating Systems (U.S.), Bowers Industrial (U.S.), Tulip Paints (India), Platinum Phase SDN BHD (Malaysia), VITRACOAT America Inc. (U.S.), Forrest Technical Coatings (U.S.), and Specialty Polymer Coatings Inc. (Canada).
This research report categorizes the global low temperature coating market on the basis of coating type, resin type, end-use industry, and region. The report includes detailed information regarding major factors influencing the growth of the global low temperature coating market, such as drivers, restraints, challenges, and opportunities. A detailed analysis of key industry players has been done to provide insights on business overviews, products & services, key strategies, investments & expansions, mergers & acquisitions, and other recent developments associated with the market.
Reasons to Buy the Report:
The report will help market leaders/new entrants in this market in the following ways:
1. This report segments the global low temperature coating market comprehensively and provides the closest approximations of market sizes for the overall market and its subsegments across regions.
2. The report will help stakeholders understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.
3. This report will also help stakeholders understand major competitors and gain insights to enhance their competitive positions in the market. The competitive landscape section includes major industry players from all the regions, contributing to the market. The landscape consists of top 21 companies ranked and grouped based on their competency parameters such as geographical presence, recent strategic developments, patents filed, and number of employees.
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