The global high temperature coatings market is expected to reach USD 4.74 billion by 2024, according to a new report by Grand View Research, Inc. Surging thermally efficient coatings requirement that can protect industrial and commercial equipment in moderate to extreme temperature conditions is expected to drive industry growth over the next eight years.
Technological innovations and significant R&D spending by key industry participants regarding commercializing single-component coatings for multiple applications is anticipated to stimulate market growth over the forecast period. Companies have been constantly involved in developing finished products which can be used for wide range of operating temperatures ranging from 150 degrees Celsius to 750 degrees Celsius in addition to providing corrosion resistance.
High temperature coating demand in cookware is anticipated to emerge as fastest growing end-use segment over the forecast period. In terms of demand, the sector is expected to grow at a CAGR of 5.5% over the forecast period.
Major appliances such as bakeware, induction appliances, and food processors have gained significance in commercial and residential sectors. This segment has witnessed significant growth in France, Japan, and South Korea owing to growing awareness towards innovative cooking technologies that sustain the nutrient levels of the food.
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Further key findings from the study suggest:
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Grand View Research has segmented the high temperature coatings market on the basis of product, technology, end-use, and region:
Global High Temperature Coatings Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
Global High Temperature Coatings Technology Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
Global High Temperature Coatings End-Use Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
Global High Temperature Coatings End-Use Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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