Europe is the largest market for abrasion-resistant coating

Posted on 2021-09-29 by MarketsandMarkets in Chemicals // 0 Comments

CITY, Country, 2021-Sep-29 — /EPR Network/ —

Abrasion resistant coatings are by far the most advanced type of coatings used to offer resistance against corrosion, high temperature, chemical, and abrasion. MarketsandMarkets projects the global abrasion resistant coatings market to grow from USD 8.0 billion in 2019 to USD 11.1 billion by 2024, at a CAGR of 6.5% during the forecast period. Abrasion resistant coatings with their fast curing time and low VOC content are driving the demand across various applications.

The primary function of abrasion resistant coatings is to protect the material from abrasion or wear. At the same time, it can also have secondary uses such as reducing friction and providing heat resistance. With the application of abrasion resistant coatings, the overall lifecycle costs of base materials can be minimized, as the material is protected from abrasion, and hence, can effectively work. These coatings are used to increase surface resistance from weathering and rust, thereby increasing the durability of the structures. Increasing stringent regulations on VOC emissions and growing use in different end-use industries are driving the market.

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Abrasion resistant coatings are broadly classified into two types- metal/ceramic and polymer. The metal/ceramic type is the fastest growing segment. The demand for ceramic-based coatings is projected to increase during the forecast period. In comparison to polymer-based coatings, ceramic-based coatings are more expensive due to costly thermal spray process, but the overall life cycle cost is lesser due to the requirement of low maintenance of ceramic coatings.

Abrasion resistant coatings have a wide range of applications in various end-use industries such as oil & gas, marine, power generation, transportation, mining, building & infrastructure, and others. Power generation is the fastest growing segment. In order to meet the increasing electricity demand, new power plants are being built and the existing ones are being restored, which are expected to drive the demand for abrasion resistant coatings in the power generation industry during the forecast period.

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The leading players in the abrasion resistant coatings market are AkzoNobel N.V. (Netherlands), Saint Gobain (France), Jotun A/S (Norway), The Sherwin-Williams Company (US), Hempel A/S (Denmark), Praxair Surface Technologies, Inc. (the UK), Henkel (Germany), and SIKA AG (Switzerland). These players adopted new product development and agreement as their key growth strategies from 2015 to 2019, which helped these companies meet the growing demand of its expanding customer base.

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