by Brianna Crandall — December 29, 2014—TechNavio, an independent tech-focused global research firm, recently announced the publication of its market research report on the global heat-resistant coatings market. One of the major trends upcoming in this market is the multifunctionality of heat-resistant coatings, including cool roof, self-cleaning, and biocidal coatings. This is expected to increase demand during the forecast period, and the overall market is expected to grow at a compound annual growth rate (CAGR) of 4.54 percent from 2015 to 2019.
As the report explains, heat-resistant coatings, also known as passive fire protection or intumescent coatings, provide protection to equipment and structures from fire or flames with high temperature. These coatings are used to protect the spread of fire or lessen the damage caused by fire to surfaces. Heat-resistant coatings are mostly used in the civil construction and oil and gas industries, with the major application of lowering combustion temperatures by endothermic reaction.
“The rise in awareness toward fire safety and security will boost the demand for heat-resistant coatings during the forecast period,” says Faisal Ghaus, Vice President of TechNavio Research. “The increase in the number of upcoming civil construction projects and strict government regulations to meet fire safety requirements will also boost the market for heat resistant coatings.”
To define the market conditions in the next three to four years, TechNavio analysts conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue, and an evaluation of the different buying criteria in the order of importance. Market challenges include the higher price of raw materials.
Key vendors in the market are Akzo Nobel, Ancatt and Jotun. Other prominent vendors are BASF Coatings, Contego International, FCS, Hempel Marine Paints, Jotun, Nippon Paint, No Burn, Nullifire and Sherwin Williams.
The 60-page Global Heat Resistant Coatings Market 2015-2019 report is available to purchase from the TechNavio Web site.
