Abrasion Resistant Coating Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.00 % |
| Fastest Growing Market | Europe |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Abrasion Resistant Coating Market Analysis
The market for abrasion resistant coating is expected to grow at a CAGR of around 5% globally during the forecast period. Major factors driving the market studied is the increased demand from power generation industry and enforcement of VOC emission regulations . However, capital-intensive operations for ceramic coatings and unfavorable conditions arising due to COVID-19 outbreak are hindering market growth.
- Increasing adoption of renewable sources of energy is likely to offer various opportunities for the growth of the market.
- By end-user industry, power generation segment is expected to dominate the market owing to increasing demand demand and popularity of high-temperature polymer-based coatings, which propel the growth for global abrasion resistant coating market in the power generation industry.
- Asia-Pacific region dominated the market across the globe with the largest consumption from countries such as China and India.
Abrasion Resistant Coating Market Trends
This section covers the major market trends shaping the Abrasion Resistant Coating Market according to our research experts:
Increased Demand from Power Generation Industry
- In the power generation end-use industry, abrasion resistant coatings are used in applications such as wind turbine blades, concrete cooling towers, valves, containment vessels, nuclear components, generators, dam structure, and turbines. The use of abrasion resistant coatings in this industry is mostly to withstand weather conditions.
- In the wind energy industry, fluoropolymers-based abrasion resistant coatings are used in wind blades, which enhances the operability of the blades by 20 years as compared to traditional paints and gelcoats. It improves UV stability, enables minimal dirt pick up, and offers excellent abrasion resistance and low reflectivity.
- Coatings are primarily used to reduce or eradicate surface wear, most notably in application areas that are not appropriate for lubricants. For instance, lubricants and greases cannot be used in high-temperature or radioactive environments and also where operating times are high. The coatings are designed with the main objective of extending the life of a product.
- Along with corrosion, these coatings are also resistant to abrasion, and wear and tear. Thus, they increase the reliability of product up to 5 years. Furthermore, increasing upstream and downstream industries across the world, growing need for coatings on drilling equipment and pipelines, and rising need for better performance of the product in vulnerable environments are also expected to fuel the market growth.
- Owing to all the above-mentioned factors for abrasion resistant coatings, its market is expected to grow rapidly over the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific is expected to be the fastest growing regional market. The high potential in the region for the growth of power generation industry boosts the demand for abrasion resistant coatings.
- Under the plan 'Made in China 2025', it is expected that China will supply over 10% home-made commercial aircraft to the domestic market by 2025. This is expected to propel the demand for the abrasion resistant coatings market during the forecast period.
- The construction industry is the second-largest industry in India and has shown promising growth in 2019 with a re-energized output of around 8%. It is predicted that India's construction industry is set to emerge as the third-largest market in the world by the end of forecast period. With government initiatives such as the Bharatmala scheme, UDAN and AMRUT serving as major growth drivers, this segment is estimated to be worth nearly USD 700 billion by 2023. The burgeoning construction industry is expected to fuel the demand for the market studied in India over the forecast period.
- Increasing investments in the defense sector and restructuring efforts undertaken by ship manufacturing companies are the other factors driving the abrasion resistant coatings market in the region.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for abrasion resistant coatings during the forecast period.
Abrasion Resistant Coating Industry Overview
The global abrasion resistant coatings market is partially consolidated in nature with a few major players dominating a significant portion of the market. Some of the major companies are Akzo Nobel N.V., Saint-Gobain Performance Plastics (Saint-Gobain), Arkema Group, Jotun, and The Sherwin-Williams Company among others.
Abrasion Resistant Coating Market Leaders
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Arkema Group
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The Sherwin-Williams Company
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Jotun
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Saint-Gobain Performance Plastics (Saint-Gobain)
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Akzo Nobel N.V.
*Disclaimer: Major Players sorted in no particular order
Abrasion Resistant Coating Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Assumptions
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Drivers
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4.1.1 Increased Demand from Power Generation Industry
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4.1.2 Enforcement of VOC Emission Regulations
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4.2 Restraints
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4.2.1 Capital-Intensive Operations for Ceramic Coatings
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4.2.2 Unfavorable Conditions Arising Due to COVID-19 Outbreak
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4.3 Industry Value Chain Analysis
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4.4 Porters Five Forces Analysis
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4.4.1 Threat of New Entrants
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4.4.2 Bargaining Power of Consumers
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4.4.3 Bargaining Power of Suppliers
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4.4.4 Threat of Substitute Products
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4.4.5 Degree of Competition
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5. MARKET SEGMENTATION
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5.1 Type
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5.1.1 Metal/Ceramic Coatings
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5.1.1.1 Carbide Coatings
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5.1.1.2 Oxide Coatings
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5.1.1.3 Nitride Coatings
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5.1.1.4 Others
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5.1.2 Polymer Coatings
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5.1.2.1 Polyester
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5.1.2.2 Fluoropolymer
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5.1.2.3 Epoxy
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5.1.2.4 Polyurethane
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5.1.2.5 Others
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5.2 End-user Industry
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5.2.1 Oil and Gas
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5.2.2 Marine
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5.2.3 Power Generation
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5.2.4 Transportation
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5.2.5 Mining
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5.2.6 Construction
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5.2.7 Others
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5.3 Geography
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5.3.1 Asia-Pacific
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5.3.1.1 China
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5.3.1.2 India
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5.3.1.3 Japan
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5.3.1.4 South Korea
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5.3.1.5 Rest of Asia-Pacific
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5.3.2 North America
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5.3.2.1 United States
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5.3.2.2 Canada
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5.3.2.3 Mexico
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5.3.3 Europe
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5.3.3.1 Germany
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5.3.3.2 United Kingdom
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5.3.3.3 France
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5.3.3.4 Italy
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5.3.3.5 Rest of Europe
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5.3.4 South America
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5.3.4.1 Brazil
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5.3.4.2 Argentina
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5.3.4.3 Rest of South America
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5.3.5 Middle-East and Africa
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5.3.5.1 Saudi Arabia
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5.3.5.2 South Africa
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5.3.5.3 Rest of Middle-East and Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
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6.2 Market Share (%)/Ranking Analysis**
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6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
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6.4.1 Akzo Nobel N.V.
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6.4.2 Arkema Group
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6.4.3 Bodycote
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6.4.4 Hardide Coatings
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6.4.5 Hempel A/S
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6.4.6 Jotun
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6.4.7 PPG Industries
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6.4.8 Praxair S.T. Technology, Inc.
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6.4.9 Saint-Gobain Performance Plastics (Saint-Gobain)
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6.4.10 The Sherwin-Williams Company
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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7.1 Increasing Adoption of Renewable Sources of Energy
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7.2 Other Opportunities
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Abrasion Resistant Coating Industry Segmentation
The Abrasion Resistant Coating Market report includes:
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| End-user Industry | |
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| Marine | |
| Power Generation | |
| Transportation | |
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| Construction | |
| Others |
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Abrasion Resistant Coating Market Research FAQs
What is the current Abrasion Resistant Coating Market size?
The Abrasion Resistant Coating Market is projected to register a CAGR of 5% during the forecast period (2024-2029)
Who are the key players in Abrasion Resistant Coating Market?
Arkema Group, The Sherwin-Williams Company, Jotun, Saint-Gobain Performance Plastics (Saint-Gobain) and Akzo Nobel N.V. are the major companies operating in the Abrasion Resistant Coating Market.
Which is the fastest growing region in Abrasion Resistant Coating Market?
Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Abrasion Resistant Coating Market?
In 2024, the Asia Pacific accounts for the largest market share in Abrasion Resistant Coating Market.
What years does this Abrasion Resistant Coating Market cover?
The report covers the Abrasion Resistant Coating Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Abrasion Resistant Coating Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Abrasion Resistant Coating Industry Report
Statistics for the 2024 Abrasion Resistant Coating market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Abrasion Resistant Coating analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
