NEW YORK, Nov. 29, 2016 /PRNewswire/ -- "The hard coatings market is projected to register a CAGR of 8.0% during the forecast period"
The global hard coatings market is projected to reach USD 1,351.3 million by 2026, at a CAGR of 8.0% from 2016 to 2026. Growth of the market is due to increasing applications, technological advancements, and growing demand for hard coatings in regions such as Asia-Pacific and the Middle East & Africa. Hard coatings is largely used in cutting tools application. In addition, rising awareness about the benefits of hard coatings is also fueling the demand. The deposition techniques for applying hard coatings require huge investments and are capital intensive in nature. These factors act as the most important restraints for the growth of the hard coatings market.
"General manufacturing represents the bulk of the demand for hard coatings"
The widest adoption of hard coatings has been in the general manufacturing end-use industry, where high material performances are increasingly required and where large scale hard coating has brought about enormous benefits. Hard coatings are used for wear protection of machine components. Drivers for the use of hard coatings in the general manufacturing industry are greater functionality, increase in lifetime, increased energy efficiency resulting in reduced fuel consumption or reduced lubricant requirements.
"PVD to experience the highest growth rate during the forecast period"
Hard coating materials can be deposited by various deposition techniques, such as PVD and CVD. PVD is the most widely used technique in various industries. The cutting tools industry, the first to adopt the PVD technology, continues the steady application of PVD technology to replace the conventional deposition techniques. Drivers for the use of this technique in various industries are greater durability and less time intensive.
"Asia-Pacific market estimated to grow at the highest CAGR during the forecast period"
Asia-Pacific is the largest market for hard coatings, in terms of value, followed by North America and Western Europe. China, U.S., Germany, and Japan are the largest consumers of hard coatings. Applications such as cutting tools and decorative coatings, represent the bulk of the demand for hard coatings in Asia-Pacific. In China, Japan, and to a lesser extent, South Korea, rising awareness about the benefits of hard coatings has increased the importance of hard coatings.
In the process of determining and verifying the market size for the several segments and subsegments gathered through secondary research, extensive primary interviews were conducted as follows:
- By Company Type: Tier 1 (45%), Tier 2 (35%), and Tier 3 (20%).
- By Designation: C-level (35%), Director Level (25%), and Others (40%).
- By Region: Western Europe (33%), North America (26%), Asia-Pacific (20%), Middle East & Africa (7%), Central & Eastern Europe (7%), and South America (7%).
The key players profiled in the report include OC Oerlikon Corporation AG (Switzerland), IHI Ionbond AG (Switzerland), CemeCon (Germany), IHI Hauzer Techno Coating B.V. (Netherlands), Sulzer Ltd. (Switzerland), Momentive Performance Materials, Inc. (U.S.), Zeiss Group (Germany), ASB Industries, Inc. (U.S.), SDC Technologies, Inc. (California), Duralar Technologies (Italy), Kobelco (Japan), Ultra Optics (U.S.), MBI Coatings (U.S.), Dhake Industries, Inc. (U.S.), Platit AG (Switzerland), DIARC-Technology Oy (Finland), The Eifeler Group (Germany), HardCoatings, Inc. (U.S.), Gencoa (U.K.), and Exxene Corporation (U.S.).
This report covers the hard coatings market, in terms of value, and forecasts the market size till 2026. The report includes the market segmentation based on material type, application, deposition technique, end-use industry, and region. It also provides company profiles and competitive strategies adopted by the key players in the global hard coatings market.
Key benefits of buying the report:
This research report is focused on various levels of analysis—industry trends, market share analysis of key players, supply chain analysis, and company profiles, which together comprise and discuss the overall views on the competitive landscape; emerging and high-growth segments of the hard coatings market; high-growth regions; and market drivers, restraints, and opportunities.
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