Composite Coatings Market Size Forecast to Reach Us$1,764.7 Million by 2026

Composite Coatings market size is forecast to reach US$1,764.7 million by 2026, after growing at a CAGR of 7.2% during 2021-2026. Composite coatings are widely used in different industries which protect from water, corrosion, hot gas, UV Protection, thermal protection and heat radiation. The Composite Coatings are made of two or more substances that give effective protection from corrosion. These coatings are the combination of different resins types’ namely polyester, polyamide, epoxy which give excellent shield properties to increase the usage of coatings. Some of the prominent trends that the market is seeing are raising demand for greater finishing and protection. It consists of layers such as base coat, topcoat, primer, and adhesive substrate. These layers protect the substrate from getting damaged and give decorative color to end-use items. Laser melt injection is one of the techniques for the production of the protective layer of metals in the form of coatings. The rapid growth of the construction industry has increased the demand for composite coatings. Furthermore, the flourishing automotive and aerospace industry is also expected to drive the composite coatings industry substantially during the forecast period.

Composite Coatings Market COVID-19 Impact

The Covid-19 pandemic has impacted the global economy directly affecting the manufacturer's supply chain across the globe and shutdown production facilities to minimize the risk of virus spread. Currently, due to the COVID-19 pandemic, the core industries such as construction, aerospace, automotive and energy industry has highly impacted. Due to social distancing policy, most of the manufacturing plants of aircraft and automobiles were shut down, which declined the production of commercial aircraft and vehicles. There has been a sharped decline in the revenue of the different industries. Many industries like food and beverages, tours, and travel have been shut completely due to pandemics. The covid-19 also affected the construction industry badly due to inaccessibility of raw material, shortage of laborers which has decreased the demand for seal coats. The government and private sectors are taking necessary action and working for the growth of development of different industries which results in the boom of the composite coatings market as well.

Composite Coatings Market Segment Analysis – By Resin Type

One of the major segments of the composite coating is the resin which is used as organic material in the production of composite coatings. To obtain high resistant composites, the polymer is mixed with different fibers. These composites coatings are widely used in the automobile, aerospace, and defense industry, wind turbines, construction by providing lightweight, anti-corrosion, and thermal protection features to the end-use products. The thermoplastic segment is expected to register a high CAGR of 8.1% during the forecast period. Thermoplastic resins are widely used in different industries owing to the flexibility of recycling. The Carbon Fiber-Resin Composite Market is growing widely and is mainly used in Aerospace & Defence and is expected to grow in the forecast period. The Thermoplastic resins are preferred to thermoset resign as it is easily mixed with any other component and it is re-melted easily.

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Composite Coatings Market Segment Analysis – By Technology

The brazing segment is expected to hold a significant share in the global market and is also expected to grow at a CAGR of 7.3% between 2021-2026. The brazing technique helps the coating to give good toughness and is extensively used for giving higher resistance to coating. These Coatings provide waterproofing and corrosion protection. The brazing technique also protects from UV radiation, Scratch, excessive heat, and fire. The lightweight composite coatings market is being increased and is mainly used in the Aerospace, Automobile, and defense industry and is expected to grow in the coming years.

Composite Coatings Market Segment Analysis – By Substrate

The metal substrate segment accounted for the largest share of more than 35% in the composite coatings market in 2020 and is estimated to grow at a significant rate during the forecast period 2021-2026. It is widely used in automotive, electronics, energy, aerospace, and others to increase durability and productivity. It gives high resistance and anti-corrosion to coating by enhancing the visual appearance of a metallic part. The non-metal substrate segment is expected is grow at a high CAGR during the forecast period. The increasing growth rate is mainly due to the use of powder coating on a non-metallic substrates such as wood, plastics, glass, MDF, etc. Composite coatings act as a protective layer to different substrates owing to attributes such as consistency, precision, and uniform coating thickness.

Composite Coatings Market Segment Analysis – By Coating Type

The composite coating can be applied in different ways like brushing, rolling, air spraying. The brushing segment accounted for the largest share of more than 30% in the composite coatings market in 2020 and is estimated to grow at a significant rate during the forecast period. The brushing technique is mostly preferred by the manufacturers as it is easy to use and can be applied on a smaller substrate. The rolling segment is also expected to hold a significant share in the global market. Rolling coating is faster than brushing and is mainly used in construction industries. Furthermore, advanced techniques such as electroless, electrochemical plating are being used for better output.

Composite Coatings Market Segment Analysis – By End-Use Industry

The aerospace & defense segment held the largest share in the Composite Coatings market in 2020 and is growing at a CAGR of 7.9% during 2021-2026. Composite Coatings are used because of their beneficial properties for components that are subjected to high resistance in the aerospace and defense sector. Composite Coatings are used in aircraft components to provide durability, lightweight strength, and stiffness, thermal and fire protection. In the forecast period, the worldwide aerospace and defense sector is expected to show strong growth. For instance, according to Boeing, the global aerospace and defense market 2020-2029 will be at US$2.6 trillion over the next decade. The United States represents nearly 60% of the total market in the world. In many regions, such as Asia-Pacific, the Middle East, and Africa, stable GDP growth, relatively strong passenger demand, and lower commodity prices are driving the growth of the aerospace industry. The Construction industry is also expected to grow in the coming years in the Asia Pacific and Central Asia region due to the current investment plans in infrastructure structure.

Composite Coatings Market Segment Analysis – By Geography

North America region accounted for a significant share of more than 24% in the composite coatings market in 2020 and is estimated to grow at a significant rate during the forecast period. The accelerating aerospace & defense industry in the region is driving the market growth. The increasing population and per capita income are boosting the aerospace industry in the region. According to Boeing Commercial Market Outlook 2020-2039, the Commercial airplanes Economic Growth (GDP) is 4.3%, Airline Fleet Growth is 4.4%, aircraft deliveries is 8,600 over the next 20 years. According to Boeing's 2020 Commercial Market Outlook (CMO), Southeast Asian passenger traffic will rise at a rate of 5.7 percent per year until 2039. Thus, with the flourishing aerospace industry, there will be an upsurge in the demand for aerospace components, which is anticipated to drive the Composite Coatings market in the Asia-Pacific region. The automobile industry also holds a vital share of the composite coatings market due to lightweight vehicle and composite material applications for vehicle fabrication.

Composite Coatings Market Drivers

Growing demand from Automotive Industry

The Composite Coatings are becoming more popular in the automobile sector due to their excellent strength and decorative color. Composite Coatings are utilized in a variety of applications in the automobile industry, including Wheel, Heavy Duty Equipment, others transportation. China is the world's largest vehicle market, according to the International Trade Administration (ITA), and the Chinese government expects automobile manufacturing to reach 35 million by 2025. According to the Organization International des Constructeurs d'Automobiles (OICA), Africa produced 776,967 passenger cars in 2018, which increased by 1.3 percent to 787,287 in 2019. According to Invest in India, passenger car sales climbed by 2.70 percent, two-wheeler sales climbed by 4.86 percent, and three-wheeler sales climbed by 10.27 percent in FY 2018-19 compared to FY 2017-18. Thus, increasing automation production will require more automotive components, which will act as a driver for the Composite Coatings market during the forecast period. 

Flourishing Construction Sector

The Asia-Pacific construction sector is the largest in the world and is growing due to the rising population. Increasing infrastructure construction activities and the foreign investments from the European Union into the cost-effective market of China have further fuelled the expansion of the construction sector. China’s construction industry developed rapidly in the past years as the central government focused on infrastructure investment for economic growth. The restrictions on foreign investment in land development and construction and operation of large theme parks have also been raised. The growth in the infrastructure and oil & gas sectors is expected to boost the composite coatings market in India. The Construction industry of Asia Pacific has been growing constantly due to urbanization and the government has launched many projects supporting this. The Construction Industry of India is expected to reach $1.4 Tn by 2025 with an investment of 24% on renewable energy, 19% on roads & highways, 16% on urban infrastructure, and 13% on railways with 2nd highest FDI investment in 2000-2020. The usage of polypropylene and carbon resin in industrial and construction sectors is growing and boosting the demand for construction composite coatings in the forecast period. Thus, it is anticipated that with the flourishing Construction industry, there will be an upsurge in the demand for composite, which will subsequently drive the Composite Coatings market growth during the forecast period. 

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Composite Coatings Market Challenges

Higher Price of Composites

The cost of Composite Coatings is much higher. The reason behind this is its production cost, while producing composite coatings, the machinery and the equipment which are used are tagged with higher expense, also, these machinery require high maintenance. Owing to this factor, the product of Composite Coatings comes with a higher price as compared to its alternative materials, which tends to constrain the growth of the market. In addition, even if the Composite Coatings provides better results, the customer usually prefers the less cost. Such factors have become the major challenge of Composite Coatings in terms of consumption, which constrains the growth of the market.

Composite Coatings Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Composite Coatings market. Composite Coatings market top companies are A.W. Chesterton Co., Zircotec, PPG Industries, Inc, Axalta, Mader Group, A.W. Chesterton Company, K C Jones Plating Company, Om Sangyo Co. Ltd, Endura Coatings, Twin City Plating, Aztron Technologies LLC, Nickel Composite Coating Inc, and Endura Coatings.

Acquisitions/Technology Launches

In July 2021,ODG Composite Llc(Saginaw, Texas, U.S.) has launched Element Xtreme Coatings for mold coating designed for exterior durability, flexibility and adhesion when applied to infused, epoxy-based composite parts. The traditional gel coats can account for 15-25% of the total part weight. Element Xtreme, sprayed directly into the mold before infusion and cure to save weight up to 50% compared to gel coats. Less coating is required due to the hardness of Element Xtreme.

In March 2021, Pronexos(Tonex®) has launched a new composite coating for CFRP rollers that will provide a cost-effective solution for roller application designed to meet specific needs of the printing & packaging, converting, and non-woven markets

Key Takeaways

Asia-Pacific dominates the Composite Coatings market, owing to the increasing construction industry in the region with the growing demand for infrastructure is expected to boost the market growth in this region.

The increased automotive demand in Asia-Pacific has encouraged market growth in this region and can also be attributed to improved foreign policies in India and China due to which will increase in composite coatings manufacturers in this region.

The oil & gas industry uses composite coatings in different segments of refineries. The US country is developing the shale gas infrastructure helped in increasing the composite coating market.

North America is growing very fast in the composite coating market. The major factors that are helping in its growth are the aerospace and automobile industries. The latest technology and features of coatings helping these industries to give unique qualities, consistency, UV protection, scratch-free, efficiency which reduce maintenance among others.

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