Abrasion Resistant Coatings Market - Global Size, Share, Trends, Growth and Forecast Year ( 2022 – 2032 )
Abrasion Resistant Coatings Market Size and Overview:
The abrasion-resistant coatings market has experienced steady growth, with a compound annual growth rate (CAGR) of 6.0% from 2023 to 2032, reaching a market value of USD 16.2 billion in 2032 (source: KD Market Insights). The abrasion-resistant coatings are referred to as decorative paints to concrete sealants. These coatings protect industrial buildings from corrosion, wear, and damage. The market is fuelled by increasing industrialization in different parts of the world. There are two types of products in abrasion resistant coatings market: metal/ceramic coatings and polymer coatings. Metal/Ceramic Coatings are a leading segment in the abrasion-resistant market. There are three types of forms: paste, liquid, and sprayers. Also, abrasion-resistant coatings serve a wide number of end-use industries, such as oil and gas, power generation, marine, and others. The market is highly competitive, with key players continually innovating to meet evolving consumer demands.
Abrasion Resistant Coatings Market Segmentation:
- Metal/Ceramic Coatings
- Nitride coatings
- Polymer Coatings
End-Use Industry Type:
- Power Generation
- Oil & gas
- North America
- Asia Pacific
- Rest of the world
Metal/Ceramic Coatings: The metal/ceramic segment holds the largest share in abrasion resistant coatings market. This can be attributed to the preferences of the people to adopt coatings with superior high-temperature resistance and abrasion resistance qualities. The metal/ceramic coatings segment is further divided into oxide, carbide, and nitride coatings.
Power Generation: The power generation segment of the end-use industry type is expected to dominate the market due to its wide application and the protection against the bad weather conditions offered by them. The applications are wind turbine blades, dam structures, concrete cooling towers, nuclear components, valves, turbines, containment vessels, and many more.
Abrasion Resistant Coatings Market Regional Analysis:
Europe is expected to dominate the market share for the abrasive-resistant coatings market. The United Kingdom, Germany, and France are the major markets in this region. With the increase in oil and gas, construction, marine, and renewable energy sectors, there is an expansion in the European market. The developing shipbuilding sector is driving the market in this region for the abrasion-resistant coatings market.
Furthermore, the Asia-Pacific region is expected to grow significantly in the coming years. It is accounted to be the fastest-growing region for abrasion resistant coatings market. This is due to rapid industrialization and urbanization in the region. North America is also expected to experience significant growth during the forecast period. Due to the presence of a large number of product manufacturers in the region, the market is growing rapidly. The growing industrial sector is fuelling the market for abrasion-resistant coatings.
Abrasion Resistant Coatings Market Growth Drivers:
Several factors drive the growth of the abrasion-resistant coatings market. Increasing industrialization is one of the main factors that is driving the market for abrasion-resistant coatings market. With the increase in industrialization, there is a need for more and more resistant coating material as the industrial sector mainly uses iron and steel in its production and manufacturing, and with that, there is a need for abrasive-resistant coatings.
There is an increase in the production of environment-friendly coatings due to the stringent regulations. Moreover, new technologies have been continuously introduced to produce marine coatings, which further increases area of application and usage of these coatings. Several other factors are driving the market demand for abrasion-resistant coatings, like high demand for high-temperature polymer abrasion-resistant coatings, superior properties of ceramic coatings, increasing demand from emerging economies, growing demand for the installation of scrubbers in the marine industry, and many more.
Several factors hinder the growth of abrasion resistant coating market. The main factor is the stringent regulations that are implemented by the government to control pollution. Controlling pollution is one of the primary goals of government’s as it adds to global warming and adversely affects the environment. There are very strict policies for the protection of the environment, which are taken by the government. These pollution control laws hamper the growth of abrasion resistant coatings market.
Key Companies of Abrasion Resistant Coatings Market:
- Akzo Nobel N.V.
- The Sherwin-Williams Company
- Hempel A/S
- Jotun Group
- Sika AG
- Axalta Coating Systems
- Compagnie de Saint-Gobain S.A
- Praxair Surface Technologies, Inc.
- PPG Industries, Inc.
- Cosmo Films
- Other Players
In March 2022, Akzo Nobel N.V. announced the launch of a campaign for the development of steal door coatings named ‘Discover more behind one door'. The campaign has been launched to refine the Polydure system as well as to increase its performance and quality.