Abrasion-Resistant Coatings Market Growth, Segments, Share and Growth Factor Analysis, Top Key Players
Market Forecast
The Global Abrasion-Resistant Coatings Market growth 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 Abrasion-Resistant
Coatings Market Growth 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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