Low Temperature Coatings Market - Forecast(2024 - 2030)

Report Code: CMR 46168 Report Format: PDF + Excel

Report Description

Low Temperature Coatings Market size is forecast to reach $8.5 billion by 2030 after growing at a CAGR of 7.0% during 2024-2030. Low temperature coating is widely used to apply coatings to valves, pipes, fittings and welds. They are mostly used in cold temperature conditions as they have the ability to cure down to 0°C. The increase in energy savings due to reduction in cure temperatures is boosting the growth of the market. The Low Temperature Coatings Market is experiencing a significant uptick due to the increasing demand for energy-efficient coatings. As sustainability becomes a focal point across industries, there's a surge in the adoption of low-temperature cure coatings. These coatings not only reduce energy consumption during the curing process but also contribute to lowering greenhouse gas emissions. Industries such as construction, automotive, and aerospace are embracing this trend, driven by both environmental concerns and the need for cost-effective, energy-efficient coating solutions. A notable trend in the Low Temperature Coatings Market is the continuous evolution of low-temperature curing techniques. Manufacturers are investing in research and development to innovate coating processes that can cure effectively at lower temperatures, reducing energy requirements and enhancing application flexibility. Advanced formulations, such as UV-curable low-temperature coatings, are gaining traction for their ability to cure rapidly with minimal heat, opening new possibilities in coating sensitive substrates and expanding the range of applications in various industries.

Report Coverage

The report: “Low Temperature Coatings Market - Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the low temperature coatings industry. 
By Coating: Powder Based, Liquid Based. 
By Chemistry: Polyester, Epoxy, Polyurethane, Acrylic resin, and Others.
By Application: Concrete, Portable water storage tanks, Fittings, Steel, Pipes, Valves, Wood, wheels, Grills, Bumpers, Roof racks, Exterior and Interior trims, Construction and Others.
By End Use: Automotive, Appliances, Furniture, Industrial, Heavy-Duty Equipment’s, and Others
By Geography: North America, South America, Europe, APAC, and RoW.

Key Takeaways

Asia-Pacific dominates the low temperature coatings Market owing to increasing demand from growing automotive industry in the region.
The use of environment friendly coating is driving the growth of the low temperature coatings market.
The longer and costlier drying and curing for large parts is hindering the growth of the low temperature coatings market.

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By Coating Type - Segment Analysis

The powder-based coating held the largest share in the low temperature coatings market in 2023. Powder coating is a high-quality finish found on thousands of products. Powder coating protects the roughest, toughest machinery as well as the household items.  Powder based Coating provides a more durable finish than liquid coating can offer, while still providing an attractive finish.  Powder coated products are more resistant to diminished coating quality as a result of impact, moisture, chemicals, ultraviolet light, and other extreme weather conditions. In turn, this reduces the risk of scratches, chipping, abrasions, corrosion, fading, and other wear issues. The powder-based coating is tough and looks attractive. And it lasts for a long time.  In addition to being durable, Powder based Coating is an attractive choice due to environmental advantages.

By Chemistry - Segment Analysis

Acrylic segment held the largest share in the low temperature coatings market in 2023 as it is widely used in automotive industry. Acrylic formulations provide an ideal solution combining balanced performance, good weather resistance, and advantageous processing. Acrylic based coatings are tremendously versatile. They have low-cost and a broad performance range, from ultra-removable to ultra-high durability depending on the formulation. Due to this benefit, the application of low temperature coatings based on acrylics is increasing greatly in heavy-duty equipment’s. Epoxy segment is the second largest segment in low temperature coating market. Epoxy coatings are widely used due to their exceptional chemical resistance, low porosity, durability, and bond strength. Epoxy coating films are strongly resistant to most chemicals and make excellent anticorrosion coatings. They are one of the principal materials used to control corrosion in the cold environment.

By Application - Segment Analysis

Construction sector has been the primary market of low temperature coatings in terms of application. Many of the commercial buildings in the United States and China are incorporating low temperature coatings for reducing energy consumption in the buildings. the growth of low temperature coatings can be taken as directly proportional to the growth of construction industry. by 2023, construction output is estimated to grow by 70% to $12.7 trillion and will account for 14.6% of the world output with some of the larger emerging markets such as China, India, Russia, Brazil and Poland driving growth, along with U.S. global GDP growth of 3.5% and 3.6% is expected in 2021 and 2022 respectively however the meteoric growth that outpaces global GDP will be concentrated in countries like China, India and U.S. India will overtake Japan as the third-largest construction market with annual growth averaging 7.4% annually in construction. 

By End Use Industry- Segment Analysis

Automotive sector has been the primary market for low temperature coatings in 2019 growing at CAGR of 8%. The growth of the low temperature coatings market can be attributed to the rise in production of automobiles. It is expected that the amount low temperature coatings used in the production of automobiles will double in the next 15 years. According to international organization of motor vehicle manufacturers the total production of automobile (commercial as well as personal) in Asia-pacific in the year 2022 was 50.02 million units compare to 46.77 million units in 2021. The increase in the global automobile production is a major factor leading to the growth of low temperature coatings in terms of volume across the globe. The heavy-duty equipment is the second major market of low temperature coatings.  Heavy duty equipment requires coatings that meet the demands of aggressive environments and a complex supply chain. Thus, the low temperature coatings is used to protect them.

The coronavirus pandemic has had far-reaching consequences beyond the spread of the disease and efforts to quarantine it.  South Korea, Italy and Japan are the most affected among the major industrialized economies. Consequently, 80 percent of automotive and related companies report that Coronavirus will have a direct impact on their 2020 revenues. 78 percent of companies do not have enough staff to run a full production line. More than 80 percent of the world’s auto supply chain is connected to China. In January 2020 China’s car sales plunged by 18 percent. The China Passenger Car Association (CPCA) considers that the first two-month sales could decline by 40 percent or more compared to the same period in 2019. Production shortfalls resulting from supply chain disruptions in China will impact global automakers. The impact of COVID-19 on automotive sector can be spotted till year 2020 followed by which the industry will have persistent growth during forecast period.  

Geography - Segment Analysis

APAC dominates the low temperature coatings market with a share of 38% followed by North America and Europe. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, but with growing foreign direct investment for economic development of South East Asia, the current scenario is changing. Countries in South East Asia are witnessing high growth in the heavy-duty equipment and automotive industries. According to the International Organization of Motor Vehicle, on an average 95 million vehicles are being produced world-wide every year. While the total production of automobile (commercial as well as Personal) globally in the year 2022 was 85.01 million units compare to 80.2 million units in 2021. The increase in the global automobile production is a major factor leading to the growth of low temperature coatings in terms of volume across the globe The Low Temperature Coatings are now used for nearly every new vehicle.  With the help of these coatings we can maintain excellent mechanical properties of any metal substance.

Drivers – Low Temperature Coatings Market

  • Low Temperature Coatings are environment friendly
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.

  • Growing demand for the protection of components in all the industry
The growing demand for the protection of components in all the industry verticals is one of the factors expected to drive the growth of the global low temperature coating market. Many equipment’s are used in the industry require a regular maintenance; these low temperature coating is best alternative for them. 

Challenges – low temperature coatings market

  • Longer and costlier drying and curing for large parts
The longer and costlier drying and curing for large parts is hindering the growth of the low temperature coating market. The low temperature coating is costly and requires proper skill to use. Secondly, low temperature coatings are not suitable for thin film application. Due to the cost factor the end use industry face difficulty to use the low temperature coating in there manufacturing and production houses. This is a major factor which hamper the market of Low temperature coating near future.

Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the low temperature coatings market. In 2023, the market of low temperature coatings has been consolidated by the top five players accounting for xx% of the share. Major players in the low temperature coatings Market are:

  1. PPG Industries, Inc.
  2. DuPont
  3. Bowers Industrial
  4. Axalta Coating Systems
  5. DSM
  6. The Valspar Corporation
  7. Specialty Polymer Coatings Inc.
  8. Phygen Coatings, Inc.
  9. Michelman, Inc.
  10. Vitracoat America 

Acquisitions/Technology Launches 

  • In June 2023, PPG launched PPG ENVIRO-PRIME® EPIC 200R coatings, a suite of electrocoat (e-coat) products that cure at lower temperatures than competing technologies. The products provide sustainability benefits for customers, including lower energy use and reduced CO2 emissions at manufacturing facilities.
  • In Nov 2023, AkzoNobel launches industry’s first architectural powder coating that can be cured at temperatures as low as 150°C while still being Qualicoat class one certified. Curing at temperatures 30°C lower than traditional powder coatings means that Interpon D1036 Low-E can help customers cut energy consumption by as much as 20%.  

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1. Low Temperature Coatings Market- Market Overview
    1.1 Definitions and Scope
2. Low Temperature Coatings Market - Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key Trends by Coating
    2.3 Key Trends by Chemistry
    2.4 Key Trends by Application
    2.5 Key Trends by End Use Industry
    2.6 Key Trends by Geography
3. Low Temperature Coatings Market - Landscape
    3.1 Comparative analysis 
        3.1.1 Market Share Analysis- Top Companies
        3.1.2 Product Benchmarking- Top Companies
        3.1.3 Top 5 Financials Analysis
        3.1.4 Patent Analysis- Top Companies
        3.1.5 Pricing Analysis
4. Low Temperature Coatings Market - Startup companies Scenario Premium Premium 
    4.1 Top startup company Analysis by
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Market Shares
        4.1.4 Market Size and Application Analysis
        4.1.5 Venture Capital and Funding Scenario
5. Low Temperature Coatings Market -Industry Market Entry Scenario Premium (Premium) 
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Case studies of successful ventures
    5.4 Customer Analysis - Top companies
6. Low Temperature Coatings Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Market Opportunities
    6.4 Porters five force model
        6.4.1 Bargaining power of suppliers
        6.4.2 Bargaining powers of customers
        6.4.3 Threat of new entrants
        6.4.4 Rivalry among existing players
        6.4.5 Threat of substitutes 
7. Low Temperature Coatings Market -Strategic analysis
    7.1 Value chain analysis
    7.2 Opportunities analysis
    7.3 Product life cycle
    7.4 Suppliers and distributors Analysis
8. Low Temperature Coatings Market – By Coating Type(Market Size -$Million, KT)
    8.1 Powder Based
    8.2 Liquid Based
9. Low Temperature Coatings Market – By Chemistry (Market Size -$Million, KT)
    9.1 Polyester
    9.2 Epoxy
    9.3 Polyurethane
    9.4 Acrylic
    9.5 Others
10. Low Temperature Coatings Market - By Application (Market Size -$Million / KT)
    10.1 Concrete
    10.2 Portable water storage tanks
    10.3 Fittings
    10.4 Steel
    10.5 Pipes
    10.6 Valves
    10.7 Wood
    10.8 Wheels
    10.9 Grills
    10.10 Bumpers
    10.11 Roof racks
    10.12 Exterior and Interior trims
    10.13 Construction
    10.14 Others
11. Low Temperature Coatings Market – By End Use (Market Size -$Million / KT)
    11.1 Automobile
    11.2 Appliances
    11.3 Furniture
    11.4 Industrial
    11.5 Heavy-Duty Equipment’s
    11.6 Others
12. Low Temperature Coatings Market - By Geography (Market Size -$Million / KT)
    12.1 North America
        12.1.1 U.S.
        12.1.2 Canada
        12.1.3 Mexico
    12.2 South America
        12.2.1 Brazil
        12.2.2 Argentina
        12.2.3 Colombia
        12.2.4 Chile
        12.2.5 Rest of South America
    12.3 Europe
        12.3.1 U.K
        12.3.2 Germany
        12.3.3 Italy
        12.3.4 France
        12.3.5 Netherlands
        12.3.6 Russia
        12.3.7 Spain
        12.3.8 Belgium
        12.3.9 Rest of Europe
    12.4 Asia Pacific
        12.4.1 China
        12.4.2 India
        12.4.3 Japan
        12.4.4 South Korea
        12.4.5 Australia and New Zealand 
        12.4.6 Rest of Asia Pacific
    12.5 ROW
        12.5.1 Middle East
   Saudi Arabia
   Rest of Middle East
        12.5.2 Africa
   South Africa
   Rest of Africa
13. Low Temperature Coatings Market - Entropy
    13.1 New Product Launches
    13.2 M&A’s, Collaborations, JVs and Partnerships
14. Market Share Analysis (Premium)
    14.1 Market Share by Country- Top companies
    14.2 Market Share by Region- Top companies
    14.3 Market Share by type of Product / Product category- Top companies
    14.4 Market Share at global level- Top companies
    14.5 Best Practices for companies
15. Low Temperature Coatings Market -List of Key Companies by Country (Premium) 
16. Low Temperature Coatings Market Company Analysis
    16.1 Market Share, Company Revenue, Products, M&A, Developments
    16.2 Company 1
    16.3 Company 2
    16.4 Company 3
    16.5 Company 4
    16.6 Company 5
    16.7 Company 6
    16.8 Company 7
    16.9 Company 8
    16.10 Company 9
    16.11 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"