New York, United States, Nov. 07, 2023 (GLOBE NEWSWIRE) -- The Global Abrasion Resistant Coatings Market Size is expected to reach USD 15.69 Billion by 2032, at a CAGR of 7.2% during the forecast period 2022 to 2032.
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Surfaces are protected by specialised coatings known as "abrasion resistant coatings" from wear, scratches, and abrasion caused by mechanical friction and coming into contact with abrasive materials. To boost the toughness and durability of surfaces subjected to hostile environments in a range of sectors, these coatings are used. They provide protection from wear caused by abrasive particles, impact, and friction. Abrasion-resistant coatings are widely used on the surfaces of industrial machinery and equipment that frequently come into contact with abrasive materials including stones, sand, and dirt. These coatings lengthen the lifespan of crucial components while reducing maintenance expenses. In the automotive industry, abrasion-resistant coatings are used to protect car surfaces, such the paint job and plastic parts, from wear and tear brought on by ageing, road debris, and stones. They enhance the appearance and toughness of automobiles.
COVID 19 Impact
Global supply chains were hampered by the pandemic, which had an effect on the movement and accessibility of the raw materials needed for coating manufacture. Travel restrictions and lockdowns also affected logistics, delaying manufacturing and deliveries. The construction, automotive, and industrial sectors—which are major users of abrasion-resistant coatings—saw a decline in demand as a result of the pandemic and temporary closures of non-essential businesses. The impact of COVID-19 on the coatings industry has varied depending on the area and industry sector. The resumption of industrial, automotive, and construction activity may have contributed to the rise in demand for abrasion-resistant coatings when economies began to recover. The demand for particular coating applications and alterations in consumer behaviour during the epidemic may have had an impact on the abrasion-resistant coatings sector.
Industries like manufacturing, mining, construction, oil and gas, and automotive rely on abrasion resistance coatings to protect equipment and surfaces from wear and tear caused by abrasive materials and challenging working conditions. Along with these sectors' growth, there is an increasing demand for coatings that are resistant to abrasion. Expanding infrastructure investments in developing countries and ongoing maintenance activities in industrialised economies have led to a need for abrasion-resistant coatings to protect buildings, pipes, and machinery from abrasion and corrosion. As a result of continued research and development efforts, advanced coatings with more abrasion resistance, durability, and environmental features have been created, making them more appealing to end users. The aerospace and defence sectors utilise abrasion-resistant coatings to protect aircraft surfaces, weapons, and equipment against wear, extending their operational effectiveness and longevity.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the “Global Abrasion Resistant Coatings Market Size, Share, and COVID-19 Impact By Product Type (Metal/Ceramic Coatings, Polymer Coatings), By End-Use Property Type (Oil & gas, Marine, Power Generation, Transportation, Mining and Construction), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032.”
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Product Type Insights
Metal/ Ceramic coatings segment to dominate the market over the forecast period
On the basis of product, the global abrasion resistant coatings market is segmented into Metal/Ceramic Coatings and Polymer Coatings. Among these, metal/ ceramic coatings segment is dominating the market over the forecast period. With the growth and development of various industries, there is an increasing need for coatings that protect components from wear and abrasion. These coatings are becoming popular as a result of developments in coating formulations, application procedures, and substrate preparation methods. For construction and infrastructure projects, abrasion-resistant coatings are typically required to lengthen the lifespan of structures and equipment.
End Use Insights
Oil and gas segment accounted the largest market share over the forecast period
Based on the end use, the global abrasion resistant coatings market is segmented into Oil & gas, Marine, Power Generation, Transportation, Mining and Construction. Among these, oil and gas segment accounted the largest market share over the forecast period. Pipelines, pumps, valves, and drilling equipment are just a few examples of the machinery that is essential to the oil and gas industry. These components are exposed to abrasive particles during the extraction, transportation, and refining processes. Abrasion-resistant coatings help to shield the equipment surfaces from wear, extending their lifespan and lowering maintenance expenses. The oil and gas industry places a high priority on safety and dependability. Abrasion resistant coatings help prevent premature failure of equipment, which could lead to costly downtime or potentially dangerous situations.
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North America holds the highest market share over the forecast period
Among all other regions, North America holds the highest market share over the forecast period. In North America, there is a significant amount of oil and gas production, and as was already said, this industry is a major user of coatings that are resistant to abrasion to safeguard equipment in the demanding drilling and refining environments. In order to extend the durability and lifetime of structures and equipment, protective coatings are required for ongoing infrastructure and construction projects in North America.
Asia Pacific is witnessing the fastest market growth over the forecast period. Protective coatings are more in demand due to the region's ongoing industrialization and economic growth in order to ensure the functionality and durability of industrial machinery and equipment. In Asia Pacific, a major centre for the automotive industry, the demand for abrasion-resistant coatings in vehicle manufacturing and aftermarket applications has propelled the market's growth. More efficient and long-lasting abrasion-resistant coatings have been developed as coating technologies advance, drawing businesses to the region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the Market. Major vendors in the Global Abrasion Resistant Coatings Market include Akzo Nobel N.V., Saint-Gobain, Jotun, The Sherwin-Williams Company, Hempel A/S, Praxair Technology, Inc., Henkel AG, Sika AG, Hardide Plc, Bodycote Group, PPG Industries, Inc., Arkema, and Evonik Industries AG and other key vendors.
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Recent Market Developments
- In June 2018, For the provision of AkzoNobel's medication, Intersleek 1100SR, Nakilat, a Qatar Gas Transport Company, and AkzoNobel signed a two-year agreement. This fluoropolymer coating is placed on the underwater hull to stop any fouling organisms from adhering to it. Abrasion resistance is also provided by this.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Abrasion Resistant Coatings Market based on the below-mentioned segments:
Abrasion Resistant Coatings Market, Product Analysis
- Metal/ Ceramic Coatings
- Polymer Coatings
Abrasion Resistant Coatings Market, End Use Analysis
- Oil & gas
- Marine
- Power Generation
- Transportation
- Mining and Construction
Abrasion Resistant Coatings Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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