Tempered coatings are advanced protective coatings used for preventing corrosion and wear & tear on surfaces. They provide enhanced scratch, impact and chemical resistance and are often applied on steel structures, railings and windows in buildings. The easy application and excellent durability properties of tempered coatings make them ideal for use in various structural applications. In the construction industry, they are widely used for protecting steel components from moisture, chemicals and other environmental factors. The global construction sector has been witnessing significant growth over the past few years led by increased investments in infrastructure projects and building construction activities across both developed and developing countries. This rising demand from the construction industry is expected to drive the tempered coatings market substantially over the forecast period.
The Global Tempered Coatings Market is estimated to be valued at US$ 61.98 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Global Tempered Coatings Market Share are BrightSource Energy, Inc., EnergyNest AS., Ice Energy, Baltimore Aircoil Company, Inc., Abengoa Solar, S.A, Burns & McDonnell, Inc., and DC Pro Engineering. They account for over 35% of the global market share currently.
The growing construction industry especially in Asia Pacific region is fueling the demand for tempered coatings. The infrastructure development and increasing building construction activities in countries like China, India are supporting the coatings market growth. Moreover, the inclination towards green buildings is also propelling the product adoption.
Technological advancements are helping improve the performance characteristics of tempered coatings. Manufacturers are focusing on developing smarter and sustainable coating solutions with extended lifespan and self-healing properties using nanotechnology and AI. This is expanding the applications of tempered coatings.
Market Trends
Growing popularity of powder-based tempered coatings - Powder coatings offer excellent performance, versatility and are environment-friendly compared to liquid coatings. Hence, they are gaining higher preference in industries like appliances, furniture etc.
Rising R&D towards bio-based tempered coatings - With growing sustainability awareness, companies are investing in developing bio-polymer based tempered coatings using plant-derived substrates. This will provide greener alternatives to petroleum-derived protective solutions.
Market Opportunities
Infrastructure development projects in emerging nations- Countries like India, Brazil, Mexico have large infrastructure construction plans in place. This provides significant opportunities for tempered coatings consumption.
Expanding application scope in renewable energy industry- Tempered coatings have high potential in protecting wind turbine blades and other solar power equipment from corrosion and weathering.
Impact of COVID-19 on Tempered Coatings Market Growth
The COVID-19 pandemic has significantly impacted the tempered coatings market. During the initial outbreak in early 2020, strict lockdown measures brought construction activities and industrial production to a halt globally. This led to a steep decline in demand for tempered coatings across various end-use industries such as construction, automotive, and electronics. With projects being stalled and supply chains disrupted, sales of tempered coatings reduced significantly in 2020 compared to the pre-COVID levels in 2019.
However, as restrictions started easing from mid-2020 with economies restarting gradually, demand recovered steadily. Various stimulus packages announced by governments worldwide propelled infrastructure spending and construction of commercial and residential buildings. This aided the market to some extent in regaining lost demand. Nevertheless, prolonged shortage of raw materials, rising prices of inputs, and workforce constraints continued to pose challenges. Moving ahead, successful mass vaccination drives and resumption of global trade are expected to support full recovery of the tempered coatings market from 2022 onward.
North America Tempered Coatings Market
In terms of value, North America accounted for the largest share of over 30% in the global tempered coatings market in 2024. The US and Canada exhibited high demand majorly from the construction and transportation sectors. Both countries have a well-established automotive industry with major OEMs. Strict emission norms compelled auto manufacturers to use tempered coatings for better fuel economy and reduced environmental impact. Meanwhile, projects under the US infrastructure bill further strengthened regional market opportunities through 2024.
Asia Pacific Tempered Coatings Market
The Asia Pacific region emerged as the fastest growing market for tempered coatings globally between 2024 to 2030, with China and India in the forefront. This was largely attributed to rapid urbanization and industrialization activities ongoing in the developing Asian economies. The construction boom in tier 1 and tier 2 cities, coupled with rising automotive sales contributed to high consumption. In addition, supportive government policies promoting renewable energy adoption augmented regional market growth. Being the manufacturing hub, Asia Pacific is anticipated to maintain its dominance in the coming years as well.
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