NEW YORK, July 21, 2016 /PRNewswire/ -- "Abrasion resistant coatings market to register a CAGR of 6.3% between 2016 and 2021"
The abrasion resistant coatings market size is estimated to reach USD 8.46 billion by 2021, at a CAGR of 6.3% between 2016 and 2021. Resistance to wear & tear and protection from environmental abrasion & corrosion are the key properties of abrasion resistant coatings, which make it the preferred material for various applications.
"Metal/ceramic—the fastest-growing type of abrasion resistant coatings"
The metal/ceramic abrasion resistant coatings segment is estimated to be the fastest-growing type in the abrasion resistant coatings market. The rising demands for abrasion resistant coatings with excellent chemical and corrosion resistant properties drive this segment in the abrasion resistant coatings market. Ceramic coatings are inert to acid and alkali actions and, therefore, are very tough in nature. Oxide ceramic coatings are electrically insulated and applied on substrates using thermal spray technique to protect from abrasion and corrosion.
"Asia-Pacific market projected to grow at the highest rate"
In 2015, North-America dominated the abrasion resistant coatings market due to rapidly expanding marine and power generation industries. The Asia-Pacific region is projected to register the highest growth rate, both in terms of value and volume, owing to high demand from China and India. China is the second-largest market for abrasion resistant coatings, globally, with major demand coming from the oil & gas industry. Growing innovation & development and rising demand in the industrial sector for novel and improved products are directly driving the rise in the use of abrasion resistant coatings. Significant growth and innovation, along with industry consolidations, are projected to entail a bright future for the market in the region.
Extensive primary interviews were conducted to determine and verify the market size for the several market segments and subsegments gathered through secondary research.
The break-up of primary interviews is given below.
- By Company Type - Tier 1 – 37%, Tier 2 – 50%, and Others – 13%
- By Designation - C level – 50%, Director level – 31%, and Others – 19%
- By Region - North America – 31%, Europe – 38%, Asia-Pacific – 25%, and RoW- 6%
The key companies profiled in this market research report are Akzonobel NV (Netherlands), Saint-Gobain (France), Jotun A/S (Norway), The Sherwin-Williams Company (U.S.), Hempel A/S (Denmark), Paraxair Surface Technologies Incorporation (U.S.), Sika AG (Switzerland), Hardide PLC (U.K.), The Bodycote Group (U.K.), and PPG industries (U.S.).
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The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the abrasion resistant coatings market comprehensively and provides the closest approximations of market sizes for the overall market and subsegments across various verticals and regions.
2. The report will help stakeholders understand the dynamics of the market and provide them information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders understand the major competitors and gain insights to enhance their position in the business. The competitive landscape section includes expansions, new product developments, and mergers & acquisitions.
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