Increase in demand for automobiles, rise in aerospace applications, surge in use in medical devices, and rapid technological advancements are expected to drive the growth of the global high-performance ceramic coatings market
PORTLAND, Oregon, June 20, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "High Performance Ceramic Coatings Market by Product Type (Oxide Coating, Carbide Coating and Nitride Coating), Technology (Thermal Spray, Physical Vapor Deposition, Chemical Vapor Deposition, and Other Technologies), and End-Use Industry (Automotive, Aerospace & Defense, General Industrial Tools & machinery, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, global high-performance ceramic coatings market was pegged at $7.84 billion in 2018 and is anticipated to garner $12.63 billion by 2026, registering a CAGR of 6.2% from 2019 to 2026.
Rise in demand for automobiles, increasing aerospace application, and surge in usage in medical devices are the major factors that drive the growth of the global high-performance ceramic coatings market. However, high cost of ceramic coating hampers the market growth. On the contrary, rapid advancements in plasma spray coating are expected to create lucrative opportunities in the near future.
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Oxide coating segment held lion's share-
The oxide coating segment dominated the market in 2018, contributing to more than two-fifths of the market, owing to its increased use in automotive industry and rise in disposable income as well as the standard of living of consumers. However, the nitride coating segment is anticipated to register the fastest CAGR of 6.5% through 2019–2026. The report also includes analysis of the carbide coating segment.
Thermal spray dominated the market-
The thermal spray segment held the largest share in 2018, accounting for more than one-third of the market, as it provides electrical insulation, lubricity, high or low friction, sacrificial wear, chemical resistance and extends the life of new components. However, the chemical vapor deposition segment is projected to portray the fastest CAGR of 6.5% from 2019 to 2025, as it is used in the semiconductor industry to produce high quality, high-performance, solid materials.
North America region to manifest fastest CAGR -
The market across North America is estimated to register the fastest CAGR of 6.5% during the study period, owing to the presence of the largest automobile, aerospace, and defense manufacturers. However, the market across Asia-Pacific region held the largest share in 2018, accounting for nearly half of the market, owing to rapid industrialization across the region and ability of high-performance ceramic coatings to prevent rust and oxidation of engine components, which has boosted its demand in various industries. The report includes analysis across other regions such as Europe and LAMEA.
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Major market players-
The market report provides an in-depth analysis of the key market players such as Aremco Products, Inc., Akzo Saint-Gobain, Praxair Surface Technologies, Inc., Ceramic Polymer GmbH, Cetek Ceramic Technologies Ltd., DowDuPont, Bodycote Plc, APS Materials Inc., Kurt J. Lesker Company Ltd., and A&A Coatings.
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SOURCE Allied Market Research