April 15, 2024

Tempered Coatings Market is Estimated to Witness High Growth Owing to Increased Application of Tempered Coatings in Solar Panels

The tempered coatings market involves application of special coatings on various substrates which provide protection against scratches, corrosion and weathering while maintaining transparency. Tempered coatings find major usage in solar panels where they offer anti-reflective and protective properties. Growing solar photovoltaic installations driven by supportive government policies and decreasing costs of solar technology have increased demand for tempered coatings for solar panels. 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.

The key opportunities in the tempered coatings market include growing solar energy installations in emerging economies of Asia Pacific and Latin America due to supportive renewable energy policies and incentives. Rising application of tempered coatings in automotive and construction industries also offers lucrative potential.

Technological advancements such as development of dual-layer anti-reflective tempered coatings with self-cleaning properties and higher durability have increased suitability of tempered coatings for solar panels.

Market Drivers

The major market driver for tempered coatings is rapid growth in the solar energy sector. Supportive government policies and declining costs have made solar power more competitive compared to conventional power sources. This has driven significant capacity additions of solar PV installations globally. As tempered coatings are essential to protect solar panels and maximize power output, their demand is directly correlated to solar market expansion. Growing end-use industries like automotive and construction which utilize tempered coated products also propel the market growth.

Current Challenges in Tempered Coatings Market

The tempered coatings market is facing several challenges currently. Supply chain disruptions caused due to the COVID-19 pandemic have severely impacted the availability of raw materials for coatings manufacturers. This has negatively impacted the production volumes. Additionally, fluctuating raw material prices also pose a major challenge for producers. Strict environmental regulations regarding VOC emissions from coatings are restricting the use of certain chemicals. This necessitates significant investments in research and development of bio-based and environment-friendly coating solutions.

SWOT Analysis

Strength: The tempered coatings provide properties like abrasion resistance, impact resistance and durability to substrates. This makes them suitable for a wide range of end-use industries.

Weakness: Frequent technological changes make certain coatings formulations obsolete quickly. This results in additional research and development costs.

Opportunity: Growing construction industry in emerging nations drives demand. Also, increasing focus on green buildings opens opportunities for bio-based and eco-friendly tempered coating solutions.

Threats: Stringent regulations regardingVOC emissions are a challenge. Substitute products like anodized aluminium also compete in certain application segments.

Geographical Regions

North America accounts for the largest share of the global tempered coatings market currently, both in terms of production and consumption. This can be attributed to the large construction and automotive manufacturing sectors in the region.

Asia Pacific is expected to witness the fastest growth over the forecast period from 2024 to 2030. This is due to rapid infrastructural development and industrialization activities underway in various countries like China, India, Indonesia, and Vietnam. The increasing disposable incomes and growing construction spending particularly in India and Southeast Asian nations will spur the demand for tempered coatings.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it