The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Abrasion Resistant Coatings Market.
It was estimated prior to this unanticipated outbreak that the Abrasion Resistant Coatings Market was expected to grow at a CAGR of 6.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Abrasion resistance coatings are the coatings applied over the equipment or product to prevent material loss from abrasion and wear. These coatings are widely used in various industries to reduce or eliminate abrasion and wear, and extend the lifetime of products and equipment. Abrasion resistance coatings are also used to strengthen mechanical properties of products such as hardness and toughness.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the product type, the market is segmented as metal/ceramic coatings and polymer coating. The metal/ceramic coatings segment held the larger share of the market in 2019, and is expected to remain dominant during the forecast period. Metal/ceramic coatings offer excellent high-temperature resistance and abrasion resistance properties which make them the most preferred choice of coatings. Oxide coatings, carbide coatings, and nitride coatings are the further classification of ceramic-based abrasion resistant coatings.
Based on the end-use industry type, the abrasion resistant coatings market is segmented as oil & gas, power generation, marine, transportation, mining, construction, and others. The power generation segment dominates the market, owing to its wide application in wind turbine blades, concrete cooling towers, valves, containment vessels, nuclear components, generators, dam structure, and turbines. Abrasion resistant coatings are extensively used in the power generation sector, as they offer protection against the adverse effects of weather conditions.
In terms of regions, Europe is estimated to be the largest market for abrasion resistant coatings during the forecast period, with Germany, France, the UK, and Russia being the major countries with lucrative growth opportunities. The growth of the region’s market is driven by the prospering oil & gas, marine, construction, and renewable power industries. The expanding shipbuilding industry in the region is also one of the core factors contributing to the increased demand for abrasion resistant coatings in this region.
Key Players:
Some of the major abrasion resistant coating manufacturers are-
- Akzo Nobel N.V.
- The Sherwin-Williams Company
- Hempel A/S
- Jotun Group
- Sika AG
- Axalta Coating Systems
- Compagnie de Saint-Gobain S.A.
- Praxair Surface Technologies, Inc.
- PPG Industries, Inc.
- Hardide Plc.