by Tempered coatings are protective and decorative coatings applied on glass or other materials to enhance durability, strengthen glass substrates and impart chemical and damage resistance. They provide glass with mechanical strength, safety and protection from scratches. With the growing automotive industry worldwide, there is increasing demand for tempered glass in automotive applications like windows, mirrors and sunroofs. The global Tempered Coatings Market is estimated to be valued at US$ 61.98 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Tempered coatings are predominantly used in the automotive industry for applications requiring high mechanical strength such as side windows and rear windows. The growing automotive production driven by rising vehicle ownership, especially in emerging economies is expected to drive the demand for tempered glass in automotive applications. According to International Organization of Motor Vehicle Manufacturers, global vehicles production is expected to grow at 4.4% CAGR during the forecast period with Asia Pacific emerging as the major production hub. This rise in automotive production is anticipated to propel the growth of global tempered coatings market during the forecast period.
SWOT Analysis
Strength: Tempered coatings offer enhanced durability, hardness, and scratch resistance compared to untreated coatings. These properties make them suitable for applications that require high wear and tear resistance.
Weakness: The tempering process increases the cost of production of tempered coatings compared to untreated coatings.
Opportunity: Rise in infrastructure development and construction activities worldwide is expected to drive the demand for tempered coatings in applications such as architectural applications, machinery, and equipment over the forecast period.
Threats: Fluctuations in raw material prices can increase the overall cost of tempered coatings. Stringent environmental regulations regarding VOC emissions during the coating production process pose challenges.
Key Takeaways
The Global Tempered Coatings Market Share is expected to witness high growth over the forecast period.
Regional analysis: The Asia Pacific region currently dominates the global market and is expected to maintain its leading position over the forecast period. This can be attributed to strong growth in the construction and infrastructure industries in countries such as China and India. North America and Europe are other major regions for tempered coatings due to high demand from various end-use industries.
Key players operating in the tempered coatings market are BrightSource Energy, Inc., EnergyNest AS., Ice Energy, Baltimore Aircoil Company, Inc., Abengoa Solar, S.A, Burns & McDonnell, Inc., and DC Pro Engineering. Tempered coatings providers are focusing on new product launches with enhanced properties to cater to niche applications and gain market share. Collaboration activities with end-use industries are also on the rise.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
