by Tempered coatings provide protection against corrosion for materials used in demanding environments like offshore structures, oil rigs, chemical tanks, and pipelines. Formulated to withstand hydrolysis, oxidation, and exposure to corrosive chemicals and solvents, tempered coatings safeguard metal substrates. Their tough yet flexible nature allows the coatings to stretch without cracking or flaking even under thermal expansion and contraction. The global tempered coatings market is estimated to be valued at US$ 53.8 billion in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the tempered coatings market is the increased development of offshore oil rigs and gas pipelines globally. Tempered coatings play a critical role in protecting structures and pipelines from corrosion caused by seawater in offshore environments. They provide long-term corrosion resistance up to 30 years under harshest conditions. With rising investment in offshore oil and gas exploration projects, especially in deep waters, the demand for high-performance tempered coatings from this industry is expected to surge significantly over the forecast period. The protective properties of tempered coatings make them suitable for application in constructing new as well as maintaining and repairing existing offshore and pipeline infrastructure.
Segment Analysis
The global tempered coatings market is dominated by the powder coatings sub-segment. Powder coatings have advantages such as high durability, resistance to corrosion and wear, aesthetically pleasing appearances, and lack of VOC emissions. They offer an environment friendly and cost-effective solution for coating applications in industries such as furniture, appliances, automotive among others.
Key Takeaways
The Global Tempered Coatings Market Demand is expected to witness high growth over the forecast period 2023 to 2030. The APAC region currently dominates the market with a share of over 35% in 2023 due to high demand from industries such as furniture, appliances, and automobiles in China, India, Japan and other Asian countries.
Regional analysis
The APAC region is expected to remain the fastest growing regional market for tempered coatings during the forecast period due to rapid industrialization and growth of end use industries in emerging economies of China and India. China dominates the APAC tempered coatings market with the largest market share owing to presence of a booming construction and automobile industry.
Key players
Key players operating in the tempered coatings market are INEOS Group, Croda International Plc., Vantage Specialty Chemicals, RITA Corporation, The Innovation Company, Presperse Corporation, LANXESS Corporation, Trulux Pty Ltd., Dowpol Chemical International Corp, DeWolf Chemical, and SAMKWANG Co. Ltd. INEOS Group and Croda International Plc. collectively account for over 20% of the global market share.
