New York, NY, Nov. 30, 2020 (GLOBE NEWSWIRE) -- Facts and Factors have published a new research report titled “Abrasion Resistant Coatings Market By Type (Metal/Ceramic Coatings and Polymer), By End-Use (Oil & Gas, Marine, Power Generation, Transportation, Mining, and Construction): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026”.
According to the research study, the global Abrasion Resistant Coatings Market was estimated at USD 8.2 billion in 2019 and is expected to reach USD 12.4 billion by 2026. The global Abrasion Resistant Coatings Market is expected to grow at a compound annual growth rate (CAGR) of 6.5% from 2020 to 2027.
The Global Abrasion Resistant Coatings Market Is Powered By Enforcement of Volatile Organic Compound Emission Regulations, Increasing Need For Environmental-Friendly Coatings, And Rising Demand For Abrasion-Resistant Coatings In Oil & Gas Applications.
Abrasion resistant coatings are used for minimizing and eradicating surface wear. Such coatings are primarily used in areas of application that are not appropriate for lubricants. In radioactive environments and high-temperature environments and even where running times are high, greases and lubricants do not perform well. The key goal of abrasion resistant coatings is to prolong a product's shelf-life. Current coating systems allow metals, including galling, seizing, and other physical damage, to withstand various harmful impacts. These metals are also protected from the normal wear and tear of everyday life, despite the possible problems in applications such as pipelines. For a wide range of surfaces, metal abrasion is therefore frequently used, where the use of lubricants or greases presents challenges. The use of ceramic-based and polymer-based coatings remains the most attractive to end-players as it extends the shelf life of metals.
Browse through 27 Tables & 78 Figures spread over 180+ Pages and in-depth TOC on “2020 Global Abrasion Resistant Coatings Market Size & Share [Research Report] and Forecast to 2026”.
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The world market for abrasion-resistant coatings is experiencing a growing demand for rust protection. The growing use of metals in high-temperature applications and the effectiveness of polymer-based coatings offer lucrative growth opportunities during the period 2020-2026. During the forecast period, the increasing developments in ceramic-based coatings will likely drive this growth. During the forecast period, their increasing use in industries such as automotive, power generation, oil & gas, and marine industries would boost further market development. In 2018, the global demand for electricity grew by 4 percent, according to the International Energy Agency. In addition, coal remains the leading source of electricity generation despite environmental concerns and witnessed a 2.6 percent rise in production in the same year. So, considering the tough economic period before during the forecast period, the power sector promises remarkable growth for the abrasion resistant coatings industry.
Top Market Players
Some of the leading and top companies in the abrasion resistant coatings market contain AkzoNobel N.V., Arkema S.A., Hempel A/S, Henkel, Jotun A/S, Hardide Plc, The Sherwin-Williams Company, PPG Industries, Bodycote Group, Evonik Industries, Sika AG, Praxair Surface Technologies Inc., and Saint-Gobain among others.
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The global market has been segmented into type and end-use. The type of market has been categorized into polymer and metal/ceramic coatings. Ceramic coatings are used on metal or ceramic surfaces. As they have relatively corrosion resistance, high hardness, and heat resistance, ceramics can be widely used as a protective coating. The abrasion-resistant coating based on ceramic uses premium components to shield the machinery from friction on highly abrasive surfaces. Increased resistance to abrasion is equivalent to less downtime and therefore improved operating performance. Ceramic coatings are more expensive owing to the costly process involved in it but the total life cycle cost would be lower compared to polymer-based coatings as it needs less maintenance involving ceramic coatings. Ceramic and metal coating has relatively anti-corrosive, strong oxidation, and anti-adhesive properties due to the physical vapor deposited (PVD), so it can be widely used in industrial applications, contributing to the growth in the forecast period of the abrasion-resistant coatings industry.
The global marine coatings industry is on the verge of rising demand for reduced cargo and cruise ship fuel consumption. The opportunities for high-value, eco-friendly, and abrasion-resistant coatings are being improved by increasingly strict environmental regulations. A strong demand driver for abrasion-resistant coatings that are applied to ship hulls is the need to minimize fuel consumption, which provides one way to combat emissions and reduce fuel usage. In implementing new innovations, manufacturers of marine coatings are usually cautious. Nevertheless, ever more stringent environmental regulations are driving business innovation alongside customer demand for more environmentally friendly products and will further boost the abrasion-resistant market during the forecast era.
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The abrasion resistant coatings market research report delivers an acute valuation and taxonomy of the abrasion resistant coatings industry by practically splitting the market on the basis of different types, applications, industry verticals, and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026. The regional segmentation of the abrasion resistant coatings industry includes the complete classification of all the major continents including North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. Further, country-wise data for the abrasion resistant coatings industry is provided for the leading economies of the world.
Regional Analysis: Abrasion Resistant Coatings Market
In terms of geography, North America has accounted for the major market share in the global abrasion resistant coatings markets as the region has witnesses constantly growing marine industries and power generation sector. Rising demand for improved products, along with rapid industrialization is supporting the abrasion resistant coatings market in the region. The global growth of the industry is driven by regulatory policies that are prevalent in North America and Europe, driving growth in the United States, Canada, Mexico, Germany, the United Kingdom, and France. Over the coming years, Asia Pacific is projected to be the fastest-growing region, mainly due to the growth of the region's end-use industries.
Browse the full “Abrasion Resistant Coatings Market By Type (Metal/Ceramic Coatings and Polymer), By End-Use (Oil & Gas, Marine, Power Generation, Transportation, Mining, and Construction): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026" report at https://www.fnfresearch.com/abrasion-resistant-coatings-market
The taxonomy of the abrasion resistant coatings market by its scope and segmentation is as follows:
Global Abrasion Resistant Coatings Market: Type Analysis
- Metal/Ceramic Coatings
- Polymer
Global Abrasion Resistant Coatings Market: End-Use Analysis
- Oil & gas
- Marine
- Power Generation
- Transportation
- Mining
- Construction
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Key Insights from Primary Research
- The enforcement of volatile organic compound emission regulations, demand for high-temperature polymer abrasion resistant coatings is triggering the market growth in recent years.
- Increasing demand from emerging economies is supposed to fuel market growth. The companies are supposed to invest in R&D to innovate better products.
- The “metal/ceramic coatings” category, on the basis of type segmentation, was the leading revenue-generating category accounting for more than 55.0% share, in 2019.
- Growth in end-use sectors such as power generation, oil & gas, marine and transport sectors, especially in emerging economies around the world, is expected to have a positive impact on the growth of the abrasion-resistant coatings market over the coming years.
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