Tempered coatings are protective solutions used to enhance the durability and lifespan of construction materials. They impart properties such as corrosion and chemical resistance, scratch hardness, and weatherability to surfaces. Tempered coatings find wide application in protecting steel structures, concrete floors, pipes, and other substrates commonly used in buildings, bridges, roads, and industrial facilities. The ongoing infrastructure development activities and rising construction spend worldwide have significantly driven the consumption of tempered coatings in recent years.
The global Tempered Coatings Market is estimated to be valued at US$ 53.8 Bn 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:
Waterborne tempered coatings have gained immense popularity owing to their low VOC content and eco-friendliness. Major players are focusing on developing sustainable aqueous formulations to comply with stringent environmental regulations and cater to end-user demand for green products. Additionally, emergence of nano-particle incorporated tempered coatings has opened up new opportunities. Nano additives allow enhancing properties like hardness, crack resistance, and corrosion protection at very thin film thicknesses. They also enable formulating multi-functional coatings combining gloss, flexibility and weatherability. Growing construction of LEED certified green buildings will further propel advancements in tempered coatings technology.
Porter’s Analysis
Threat of new entrants: High capital requirements for setting up manufacturing plants pose a barrier for new players to enter the tempered coatings market.
Bargaining power of buyers: Large number of established players providing tempered coatings makes buyers have higher bargaining power.
Bargaining power of suppliers: Key raw materials for tempered coatings such as resins and polymers have few substitute options, strengthening suppliers’ bargaining power.
Threat of new substitutes: Potential substitutes for tempered coatings include standard paints and powder coatings, however these have inferior properties, lowering the threat of substitutes.
Competitive rivalry: Presence of numerous international and domestic players leads to high competitive rivalry in the tempered coatings market.
Key Takeaways
The Global Tempered Coatings Market Demand is expected to witness high growth during the forecast period of 2023 to 2030. Regional analysis The Asia Pacific region dominates the global tempered coatings market and this trend is expected to continue during the forecast period. Rising infrastructure projects and growth of end-use industries such as construction in China and India are fueling the demand for tempered coatings in Asia Pacific.
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. are recognized as the market leaders with a major market share globally.
For more details on the report, Read- https://www.insightprobing.com/tempered-coatings-market-size-and-share/
