Growing Automotive Industry to Ensure APAC’s Dominance in Abrasion Resistant Coatings Market
The global abrasion resistant coatings market is expected to exhibit a strong 6% CAGR over the forecast period from 2021-2030, according to the latest research report from Market Research Future (MRFR). The global abrasion resistant coatings market is expected to grow at a robust growth rate, borne aloft the growing demand from end use industries such as transportation, power generation, and others. The major end use industries acting on the global abrasion resistant coatings market are studied in the report in order to provide readers with a comprehensive understanding of the hierarchy in the global market. The major components of the global abrasion resistant coatings market are studied in the report. Major market drivers and restraints acting on the global abrasion resistant coatings market are also profiled in the report.
Abrasion resistant coatings are used in a wide array of end-use industries to achieve a high-quality finish on a number of surfaces. Abrasion resistant coatings can withstand abrasion from environmental factors and retain the integrity of the paints and coatings within. This has been the major driver for the abrasion resistant coatings market. The increasing demand for abrasion resistant coatings from the power generation industry is likely to be a major driver for the global market over the forecast period. Power generation applications such as turbines require sturdy construction as well as abrasion resistant coatings and other accessories to maintain smooth operation. This has been a major demand driver for abrasion resistant coatings. The growing use of rotary components in power generation applications is likely to lead to a growing demand from the global abrasion resistant coatings market.
The transportation sector is also likely to emerge as a major end user in the global abrasion resistant coatings market over the forecast period. The automotive sector has grown by leaps and bounds in various parts of the world due to the growing demand for passenger vehicles as well as commercial vehicles. The growing demand for passenger vehicles, in particular, is likely to be a major demand driver for the global abrasion resistant coatings market, as consumers in the passenger cars sector expect a smooth finish on their vehicles. They also expect the vehicle’s finish to last longer and be resistant to environmental factors such as dust and sunlight, as well as abrasion. This has driven the use of abrasion resistant coatings in the automotive industry.
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Leading players in the global abrasion resistant coating market include Akzo Nobel NV, Saint-Gobain, Jotun A/S, The Sherwin-Williams Company, Praxair Surface Technologies Inc., Hempel A/S, PPG Industries, Evonik Industries, Sika AG, Arkema SA, Hardide PLC, and Henkel.
In September 2019, Saint-Gobain launched a new boron nitride coating under the brand CeraGlide.
The global abrasion resistant coatings market is segmented on the basis of type, end use, and region.
By type, the global abrasion resistant coatings market is segmented into metal/ceramic and polymer. The metal/ceramic segment is expected to dominate the global abrasion resistant coatings market over the forecast period. The low VOC content of oxide coatings, which are one of the several types within metal/ceramic coatings, is responsible for the growing demand for the metals/ceramics segment. The growing demand for oxide coatings, nitride coatings, and carbide coatings is likely to be a major driver for the metals/ceramics segment over the forecast period.
By end use, the global abrasion resistant coatings market is segmented into power generation, marine, transportation, oil and gas, mining, construction, and others. The power generation sector holds the largest share in the global abrasion resistant coatings market. The construction and transportation sectors are also likely to be important for the global abrasion resistant coatings market over the forecast period.
Asia Pacific is expected to be the fastest growing regional market in the global abrasion resistant coatings market over the forecast period. The growing automotive industry in China, Japan, South Korea, India, Indonesia, and other APAC countries is likely to be a major driver for the abrasion resistant coatings market in the region.
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