Global Abrasion Resistant Coatings Market - Overview
The abrasion-resistant coatings market will project expansion USD 11.8 Billion at a rate of more than 6% during the forecast period, 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.
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Akzo Nobel NV,Saint-Gobain,Jotun A/S,The Sherwin-Williams Company,Hempel A/S,Praxair Surface Technologies Inc.,PPG Industries,Evonik Industries,Sika AG,Arkema SA,Hardide Plc,Henkel.
Market Potential and Pitfalls
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.
On the contrary, bio-based chemicals are considered an expensive procedure which is energy and capital intensive. This is likely to impede the market growth in the coming years as petroleum-based chemicals are very cheap to produce. On a brighter note, with technological advancements, cost of production is likely to reduce in the long run.
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Abrasion Resistant Coatings Market - Segments:
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.
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Global Abrasion Resistant Coatings Market -Regional Analysis
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.
The region has been enticing foreign investors with the ample availability of renewable raw materials required for the production of these chemicals and supportive government policies in the region, which, as a result, is expected to be highly conducive for the growth of the APAC market.
Moreover, consistent growth in the population has been resulting in surging foreign crude imports, leading to encouraging the adoption of bio-based chemicals in an effort to reduce dependency. Heading with such developments, The APAC Abrasion Resistant Coatings Market would register a CAGR over 13.79% during the review period.
The European region takes the second lead in the global Abrasion Resistant Coatings Market. Progressive policies concerning to the reduction of carbon footprint and establishment of programs such as REACH are encouraging the regional market growth, increasing the demand for bio-based chemicals for the production of bio-fuels and bio-polymers, among others. European countries such as Spain, Russia, the UK, Italy, and Germany are prominent consumer markets due to the well-developed end-use industries and rising expenditure on innovation & research.
Industry/ Innovation /Related News:
September 05, 2019 ---- Lygos, Inc. (the US), a biotechnology company active in full-stack biological engineering platform focused sustainable, bio-based chemicals, announced the expansion of its technology platform capabilities. The company had recently commissioned automated equipment to assist its scientists and engineers in optimizing microbe performance.
This move has helped accelerate fermentation development and scale operations to meet the growing demand for sustainable bio-based specialty chemicals & ingredients. These investments are expected to create new organisms capable of producing products that are currently made from harmful petroleum processes or are otherwise limited in supply.
June 06, 2019 ---- Genomatica (the US), a technology leader for bio-based chemicals, announced the acquisition of certain assets of the REG Life Sciences division (REG LS) of Renewable Energy Group, Inc. (the US), the largest supplier of advanced biofuels in North America. The company intends to use these assets to develop a broader range of sustainable chemicals, which, are used to make several everyday materials and products.
The acquisition provides Genomatica with its third major product platform, allowing it to expand into the household and industrial cleaning products, and flavors & fragrances, further growing its ingredients for the apparel, packaging & personal care markets.
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