The global abrasion resistant coatings market is expected to witness significant growth over the forecast period. Abrasion resistant coatings have witnessed significant growth in usage across several end-use industries in recent years. These coatings are primarily used to minimize or eradicate surface wear, most notably in application areas that are not suitable 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.
Abrasion resistant coatings market is segmented on the basis of product, application, and region. The product categorization of the market include two broad categories, namely, metal or ceramic-based and polymer-based. The metal/ceramic segment takes into consideration oxide, carbide, and nitride coatings, among others, while the polymer-based segment includes epoxy, polyurethane, polyester, and fluoropolymer-based products. The growing demand for low-VOC and environmental-friendly solutions has led to increasing use of oxide coatings, owing to their superior chemical resistance and wear attributes.
The key applications of this industry have been identified as oil & gas, marine, transportation, power generation, infrastructure, and industrial. The growth of end-use sectors such as power generation, oil & gas, marine, and transportation, most notably in emerging economies across the globe, is expected to have positive impacts on the abrasion resistant coatings market growth over the coming years. Oil & gas tools and equipment are subject to wear and erosion owing to the operating environment conditions. Abrasion resistant coatings are used for interior as well as exterior applications in such cases, thereby enabling effective functioning as well as longer life of the tools and equipment.
The geographic scope includes North America, Europe, Asia Pacific, Central & South America, and the Middle East & Africa. North America dominated this industry in terms of both value as well as volume, on account of the presence of a large number of product manufacturers in the region. Asia Pacific is expected to be the fastest-growing region over the coming years, mainly owing to the growth of the end use industries in the region. The global market growth is driven by the regulatory policies prevalent in North America and Europe, thereby driving growth in the U.S., Canada, Mexico, Germany, the UK, France, etc.
Major participants in the paint packaging industry include AkzoNobel NV, Saint Gobain, Jotun A/S, The Sherwin Williams Company, Praxair Surface Technologies Inc., Hempel A/S, Hardide Plc, Bodycote Group, PPG Industries, Arkema S.A., Evonik Industries, and Sika AG. The global market has been witnessing intense competition among the major market participants. However, several small and medium-sized manufacturers are focusing on R&D and product innovation in order to reinforce their competitive positions in the local markets.
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The prevailing pandemic situation has led to weakened demand for paints and coatings in automotive, construction, electronics, and white goods. The path to recovery of growth for the industry is highly dependent on the duration of restrictions imposed and their influence on economic activity across the globe. Contrary to the trend prevalent in the industry in general, certain segments of the market such as antimicrobial coatings are witnessing a surge in demand in healthcare and food industries. The report will account for Covid19 as a key market contributor.