Wear Resistant Coating Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2027

 

Market Forecast

The Global Abrasion-Resistant Coatings Market is expected to exhibit a CAGR of 6% during the forecast period and cross USD 11.8 Billion by 2025.

Abrasion-resistant coatings are extensively used to reduce wear and extend the operational life of the products. These coatings are used in applications where lubrication is not suitable. These coatings exhibit superior wear attributes, chemical resistance, and excellent hardness and toughness.

 

Pricing Analysis

The price for Wear Resistant Coating Market is highly influenced by the raw materials required for manufacturing the coatings. The polymer coatings are subject of fluctuating cost on account of the petroleum-based raw materials used. This is due to the large supply–demand gap associated with petroleum products. Also, the ceramic coatings use elements found in nature, the mining and extraction of which influence the cost of these coatings.

 

Segmentation

By Type

  • This segment is divided into metal/ceramic and polymer. They are classified based on polymeric resin or metal is used in the manufacturing of coatings.
  • Ceramic coating is a thin layer of secondary skin, which is applied on the surface to provide them an additive layer also known as a sacrificial layer, which protects the surface from water, dirt, and UV rays. The high cost of ceramic coatings due to capital-intensive production setup as well as issues associated with the reliability and consistency of thermal spray process are factors negatively affecting the market growth. Nevertheless, these coatings require less maintenance. Moreover, the extensive use of oxide metal coatings due to their low VOC contents is a major factor driving the demand for ceramic/metal coatings.
  • Polymer-based coatings are made with polymers that provide superior adherence and protection from corrosion. These coatings are widely being used as a replacement of chrome and cadmium coatings, on account of the increasing concern about heavy metals and environmental factors. They can be used for scratch and abrasion resistance, elasticity or brittleness. These coatings are an excellent choice due to their thermal stability, chemical resistance, and non-absorption of water.

By End Use

  • The global abrasion-resistant coatings market has been segmented based on end-use industry into oil & gas, marine, power generation, transportation, mining, construction, and others.
  • Abrasion-resistant coatings are used in the oil & gas industry for coating components such as tubing, pipes, fasteners, pumps, seals, and bearings. The increasing investment in oil & gas exploration due to the high demand for petroleum products across various end-use industries is driving the demand for abrasion-resistant coatings. According to the International Energy Agency, the global investments in the oil and gas industry recovered slightly in 2017, following sharp declines of 24% and 26% in 2016 and 2015, respectively.

Continual abrasion by flotsam, jetsam, and marine debris causing deterioration of platform risers, pipes, footings, and pilings drive the demand for abrasion-resistant coatings in marine industry. Expanding trade across the globe to maintain economic stability is fueling the need for cargo transport across the globe, further fueling the demand for abrasion-resistant coatings.

  • The power generation segment accounted for the largest market share in 2018 and is projected to witness high demand for these coatings during the review period. The rising population and declining unemployment rate coupled with the increasing use of various electronic devices and consumer appliances is driving the demand for power across the globe. The demand is also supported by the rapid industrialization in emerging economies such as India, Thailand, South Korea, and Brazil, wherein the demand for power is high.
  • Increasing production and sale of automobiles across the globe has increased the demand for abrasion-resistant coatings. Ceramic coatings are being preferred in the aerospace & defense industry, owing to their properties such as corrosion protection and friction reduction. The US Geological Survey stated in its Minerals Book 2015 that the global aircraft fleet is expected to double over the next 20 years.
  • Components used in mining activities such as mixing vessels, pumps, hoppers, housings, tanks, chutes, pipes, and centrifuges are often exposed to aggressive slurries, sand aggregates, particulates, and large stones that can damage and abrade even the hardest reinforced steel substrates. This is projected to drive the demand for abrasion-resistant coatings during the review period.
  • High investments in new construction and renovation activities across the globe are expected to propel the demand for abrasion-resistant coatings. Rapid industrialization and urbanization in emerging economies across the globe are driving the demand for abrasion-resistant coatings in construction industry.
  • Abrasion-resistant coatings are also used in the paper & pulp, electronics & semiconductors, and petrochemical industries.
  •  

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By Region

  • North America: Market growth is driven by the presence of large industrial base in the region. Expanding end-use industries, especially oil & gas and power generation, is the key factor driving the market growth.
  • Europe: A well-established market. Increasing demand for abrasion-resistant coatings across major end-use industries is expected to propel the market growth. The automotive industry in the region is the key factor driving the demand for these coatings in the region.
  • Asia-Pacific: It is the fastest-growing regional market. Increase in commercial and residential construction along with the high investment in power generation is expected to drive demand for abrasion-resistant coatings. Mining activities carried out in the region is also a prime factor driving the global market growth.
  • Latin America: Fast-paced industrialization in countries such as Brazil and Mexico is projected to drive market growth during the assessment period.
  • Middle East & Africa: Presence of large oil and gas reserves coupled with high exploration activities in the region, which requires a large number of oil & gas refineries for processing and treating oil, is positively influencing the abrasion-resistant coatings demand.

 

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In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

 

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