The market size for abrasion resistant coatings is projected to grow from USD 8.0 billion in 2019 to USD 11.1 billion by 2024, at a CAGR of 6.5%
NEW YORK, Nov. 11, 2019 /PRNewswire/ --
Stringent regulations on VOC emission are expected to drive the global abrasion resistant coatings market.
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The market size for abrasion resistant coatings is projected to grow from USD 8.0 billion in 2019 to USD 11.1 billion by 2024, at a CAGR of 6.5% during the forecast period. The major driving factors for the market are stringent EU and US regulations regarding VOC emission. The other major drivers include the favorable properties of abrasion resistance coatings such as fast curing time and high temperature resistance. The demand for abrasion resistant coatings is also increasing from developing economies such as China, India, and Indonesia.
Power Generation end-use industry to witness the highest CAGR during the forecast period.
In the power generation sector, abrasion resistant coatings are used in wind turbine blades, concrete cooling towers, valves, containment vessels, nuclear components, generators, dam structure, and turbines.It improves UV stability and offers minimal dirt pick up, excellent abrasion resistance, and low reflectivity.
Most of the offshore wind turbines are protected by abrasion resistant coatings to prevent the wind turbine blades from the harsh environment in the sea.
The ceramic coating segment will boost growth of the overall market during the forecast period.
Ceramic-based abrasion resistant coatings are broadly classified into oxide, carbide, and nitride coatings.Oxide coatings are the most widely used coatings amongst the various ceramic-based coatings.
They are used in use-use applications such as aircraft manufacturing, aircraft engine manufacturing, automobile engine manufacturing, fuel cell development, stainless steel products, stirling engines, rolling contact bearings, and hydrogen lines or containers.
APAC is projected to register the highest growth rate in the abrasion resistant coatings market.
APAC is the fastest-growing market for abrasion resistant coatings in the world.Availability of cheap labor, high population growth, and high levels of foreign investments are the key factors for the rapid growth of countries such as China, India, and Japan.
China is estimated to be the largest market for abrasion resistant coatings in the Asia Pacific region.China is one of the largest manufacturing & industrial hubs and is also the largest exporter of various goods in the world.
The strong manufacturing sector in the country is the key driver for the growth in the demand for abrasion resistant coatings.
Extensive primary interviews were conducted to determine and verify the market size for several segments and subsegments and information gathered through secondary research.
The breakup of primary interviews is given below.
• By Company Type - Tier 1 – 25%, Tier 2 – 42%, and Tier 3 – 33%
• By Designation - C level – 20%, Director level – 30%, and Others – 50%
• By Region - Europe – 20%, APAC – 50%, North America – 10%, South America – 10%. Middle East & Africa – 10%
The leading players in the abrasion resistant coatings market are AkzoNobel N.V. (Netherlands), Saint-Gobain (France), The Jotun Group (Norway), The Sherwin-Williams Company (US), Hempel A/S (Denmark), Praxair Surface Technologies (UK), Henkel (Germany), and Sika AG (Switzerland).
Research Coverage:
This research report categorizes the global abrasion resistant coatings market on the basis type, end-use industry, and region.The report includes detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, and opportunities.
It conducts a detailed analysis of the key market players and provides insights into business overviews, services, key strategies, and recent developments associated with the market.
Reasons to Buy the Report
The report will help market leaders/new entrants in this market in the following ways:
1. This report segments the global abrasion resistant coatings market comprehensively and provides the closest approximations of market sizes for the overall market and subsegments across verticals and regions.
2. The report will help stakeholders understand the pulse of the market and provide them with information on the key market drivers, challenges, restraints, 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 an analysis of expansions, acquisitions, and agreements implemented by the market players.
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