Global abrasion resistant coatings market is forecasted to develop from USD 8 billion to USD 11.5 billion during 2019–2025, growing with a CAGR of 6.8%.
Abrasion Resistant Coatings Market: An Overview
Metal friction and subsequent abrasion is a natural occurrence for most metals. However, it can pose extreme danger to constructed sites, pipelines, and hence, abrasion coatings is extremely important for a wide variety of industries. Current coating systems enable metals to withstand various harmful impacts including seizing, galling, and other physical damage. Despite the potential concerns in applications like pipeline, these metals are often safe from the regular wear, and tear of the ordinary life. Hence, metal abrasion is often used for a wide variety of surfaces, wherein the use of lubricants or greases poses challenges. Metal coatings are widely availed to prolong the shelf life of metals, and the use of ceramic-based, and polymer-based coatings remains most appealing to end-players. New solutions in the market also offer low-VOC and friendlier working environment from harmful side-effects. These solutions continue to witness growing demand due to increase use of oxide coatings, and their superior chemical resistance.
Abrasion Resistant Coatings Market: Key Trends
The global abrasion resistant coatings market is witnessing a rising demand for protection of rust. The increasing use of metals in high-temperature applications, and growing efficacy of polymer-based coatings promise lucrative opportunities for growth during 2019-2025 period. the growing advancements in ceramic-based coatings, and their growing demand in emerging nations will likely drive this growth during the forecast period. Their growing use in industries like power generation, automotive, marine, and oil & gas industry will boost further output during the forecast period. According to International Energy Agency, the global demand for electricity rose by 4% in 2018. Additionally, despite environmental challenges, coal remains the leading source of electricity generation, and witnessed a 2.6% increase in production in the same year. So, despite the tough economic period earlier, the power sector promises notable growth for the abrasion resistant coatings market during the forecast period.
According to International Association of Oil & Gas producers, the demand for oil & gas is at its peak today. The rising demand for oil & gas comes largely from dramatic growth in demand from Asia Pacific, Africa, the Middle East, and the Americas. Additionally, the acquisition of oil & gas has also largely shifted to North America, wherein major companies engaged in advanced technique for acquisition of oil & gas will play a crucial role of supply of oil & gas. The dynamic shifts in supply model will present major opportunities for growth for players in the abrasion resistant coatings market.
Abrasion Resistant Coatings Market: Regional Analysis
The global abrasion resistant coatings market report will cover all key regions of the globe including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, the North America will likely register highest total revenues in the global market. The rapid expansion of power generation, marine industry, and increasing production of oil & gas in the region will play a key role in the market’s expansion. On the other hand, the rising demand for oil & gas products, and increasing exploration activity for the same, will also drive major growth for the Asia Pacific region during the forecast period.
Abrasion Resistant Coatings Market: Competitive Analysis
The global abrasion resistant coatings market landscape remains a fragmented, and competitive landscape amidst a growing shift towards innovation. Some key companies in the global abrasion resistant coatings market are AkzoNobel N.V., Hempel A/S, Jotun A/S, The Sherwin-Williams Company, and Saint-Gobain.
The global abrasion resistant coatings market is segmented as follows:
By end-use industry:
The abrasion resistant coatings market reached a valuation of $8 bn in 2018.
The abrasion resistant coatings market will reach $11.5 bn in valuation in 2025, as per the latest ZMR study.
The global abrasion resistant coatings market will grow at 6.8% CAGR during 2019-2025 forecast period.
Based on total revenues, North America will likely register highest growth. However, Asia Pacific region will likely witness the fastest growth, based on the CAGR.
Some key players in the global abrasion resistant coating market include AkzoNobel N.V., Hempel A/S, Jotun A/S, The Sherwin-Williams Company, and Saint-Gobain.