Hi,
I paint suspension parts with plain old engine paint.
It's resistant to heat, but that isn't really a consideration except for areas right around the brakes (drums, dust shields for example). Perhaps more importantly, engine paint is also resistant to grease and oil, too, some of which is usually on suspension parts.
A main reason I use engine paint is that I don't want a heavy coating that might hide a crack or other fault in these critical parts. Although a UV-safe version would probably be the most durable finish to use, powder coating flows during curing and is particularly good at covering up rough areas. Some of the other coatings mentioned go on pretty heavy, too.
But I want to be able to easily visually inspect these parts, so I choose not to use PC on them and prefer the thinner coating of engine paint.
Other reasons include that engine paint is cheap and widely available in rattle cans, and it holds up reasonably well. Some parts I painted 25 years ago on my TR4 still look good when dusted off and degreased today. Also, a semigloss black engine paint right off the shelf is a pretty good match for what was used originally.
Plus, it's relatively easy to remove if and when that's needed. Disk brake cleaning/degreasing spray will usually remove it. Powder coatings and some of the other chassis coatings are real buggers to remove - some require very nasty chemical strippers - if that is ever necessary.
One other thing, some powder coatings are especially resistant to heat, but harder to cure. Most standard types are okay up to their curing temperature around 400 F. Others are special low temp versions (approx. 250-300 F) that might melt if close around hot brake parts or near exhausts.
Finally, engine paint is easy to touch up if needed. Powder coating is not.
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