International.
The size of the heat-resistant coating market is estimated to grow from US$4.56 billion in 2016 to US$6.16 billion in the year 2021, at a CAGR of 5.11% between 2016 and 2021.
The MarkesandMarkets report indicates that the market is driven by the increasing demand for heat-resistant coatings in the growing automotive and transportation, construction, industrial, and consumer goods industries. The growing awareness of high-quality silicone-based products and demand in Asia-Pacific are expected to drive the market.
In 2015, the automotive and transport segment accounted for the largest market share, in terms of value. Population growth, especially in China and India, is increasing the demand for better transportation services, thus driving the market. Industrial is the second largest application of heat-resistant coating due to growing awareness about its uses in power and chemical power plants and in the oil and gas and metal processing industries, among others.
Silicone resin is the fastest growing type of heat-resistant coating globally.
