Low-cure coatings have been engineered to develop fully cured coatings when set at lower oven temperatures or with shorter dwell times at conventional oven temperatures. Low-cure coatings can cure at temperatures of less than; hence, they are very used for coating equipment and machineries operating in cold conditions.
Global Low-cure Coatings Market: Segmentation
Based on coating type, the global low-cure coatings market can be bifurcated into powder based and liquid based. Powder based coating technology virtually eliminates toxic waste streams associated with conventional painting techniques. Low-cure powder based coatings also significantly reduce the emission of volatile organic compounds (VOC) and hazardous air pollutants, which are generally associated with low-cure liquid coatings. Low-cure powder based coatings exhibit certain advantages over low-cure liquid based coatings. These include elimination of bubbles, drips and runs; better corrosion resistance, and durability. Based on resin type, the global low-cure coatings market can be segmented into epoxy, acrylic, polyurethane, polyester, and others. In terms of end-use industry, the market can be classified into furniture, automotive, heavy duty equipment, industrial, architectural, and others. The automotive segment dominated the low-cure coatings market in 2017. Low-cure coatings are widely used in automobile bumpers, door handles, trailer hitches, wheels, grills, and roof racks in the automotive industry.
Global Low-cure Coatings Market: Trends & Developments
Low-cure coatings are used extensively across various applications in the automobile industry. Growth in global economy, rise in population, and increase in vehicle ownership are expected to boost the global low-cure coatings market during the forecast period. Most lightweight vehicles are manufactured using light weight metals such as aluminum, which require low-cure titania coatings to prevent corrosion and rust. Demand for low-cure coatings is also anticipated to increase owing to the growth in demand for lightweight vehicles across the world.
Low-cure coatings are not suited for thin film applications. This is a key factor restraining the low-cure coatings market. It is difficult to achieve thin finishes using low-cure coatings due to the tendency of polymers to thicken and form uneven textures.
Global Low-cure Coatings Market: Regional Outlook
Based on region, the global low-cure coatings market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In terms of value, Asia Pacific is estimated to be a rapidly growing region of the global low-cure coatings market. China is projected to lead the low-cure coatings market in Asia Pacific during the forecast period. After China and Taiwan, India is likely to offer significant opportunities to the low-cure coatings market during the forecast period. Various organizations such as the Green Seal and Registration, Evaluation, Authorization and Restriction of Chemicals (REACH) have enacted restrictions on coatings that emit volatile organic compounds (VOCs) and hazardous air pollutants (HAPs) in countries such as France, Italy, the U.S., Germany, and the U.K. This is driving the powder based segment of the low-cure coatings market in these countries.
Global Low-cure Coatings Market: Key Players
Key players operating in the global low-cure coatings market include The Valspar Corporation, Axalta Coating Systems, E.I. Dupont De Nemours and Company, Forrest Technical Coatings, Bowers Industrial and Specialty Polymer Coatings Inc., Platinum Phase Snd Bhd, Vitracoat America Inc, PPG Industries Inc, and Tulip Paints.