ID: MRFR/CnM/2081-CR | August 2020 | Region: Global | 449 pages
Global Ceramic Coating Market is expected to expand at a CAGR of 5% while garnering a market value of USD 12.5 Billion by 2027, estimates Market Research Future (MRFR).
The outbreak of COVID-19 brought a negative impact on the global ceramic coating market share due to the imposition of lockdown. The lockdown hampered the progress of the market due to the temporary shutdown of various manufacturing units.
Rapid Expansion of Transportation & Automotive Sector to Boost the Market
The rapid rise in the transportation and automotive sector is expected to be a significant factor that can drive the market growth during the forecast period. The growing popularity of ceramic coatings in electric vehicles is projected to play an essential role in developing the market growth in the coming time. The increasing demand for ceramic coatings in the aerospace and defense sector is another salient cause that can augment the market in the region. The on-going development in the commercial aviation sector, the growing number of air passengers, and the expansion of the tourism industry are anticipated to further grow the market during the forecast tenure.
Growing Penetration of Ceramic Coatings in Emerging Economies to Offer Significant Opportunities
The increasing penetration of ceramic coatings in emerging economies such as; India, China, Japan, and Brazil is expected to boost the market. The rapid expansion of automotive production in developing countries can drive the ceramic coatings market and offer various opportunities to ceramic coating manufacturers.
High Cost of the Product to Hamper the Market
The high cost of the product is expected to affect the sales, which can hamper the market growth during the forecast period.
Presence of Substitutes to Pose a Significant Challenge
The presence of alternatives such as; Teflon sealant is recognized to be a significant challenge that can hinder the market growth during the assessment timeframe.
Cumulative Market Growth Analysis
MRFR asserts that the global ceramic coating market can witness a decent growth rate of 5% during the forecast period. The expansion of the market can be attributed to the development of the automotive sector.
By Material Type
In the material type segment of the global ceramic coating market, the oxide segment of the market is anticipated to expand at the highest CAGR during the analysis timeframe. The expansion of the segment can be attributed to the properties such as; good wear and corrosion resistance, low thermal conductivity, and low cost as compared to other ceramic coatings.
In the technology type segment of the global ceramic coating market, the thermal spray segment is anticipated to acquire the largest market share during the projection tenure. The segment is likely to expand at a CAGR of 5% during the forecast period from 2020 to 2027 while garnering a market value of USD 8.3 billion by 2027.
In the end-user segment of the global ceramic coating market, the automotive segment is expected to account for the largest market share during the projection tenure. The segment is estimated to experience a healthy CAGR of 5% during the projection tenure from 2020 to 2027. The development of the segment can be attributed to the increasing adoption of ceramic coatings in the exterior and interior surfaces.
APAC to Dominate the Global Market
APAC is anticipated to dominate the market during the assessment tenure. The region is likely to expand at a CAGR of 6.5% during the prediction time. The growing demand from developing countries such as India, China, and Japan is likely to play a salient role in developing the industry during the forecast period. The rapid expansion of the steel industry and the automotive sector is predicted to augment the market during the projection tenure. Furthermore, the surging demand for ceramic coatings from aerospace, oil & gas, and energy power is expected to boost the market size in the coming time.
Europe to Account for the Second Largest Market
Europe is expected to account for the second-largest market share during the forecast period. The expansion of the region can be attributed to the rapid development of the large-scale automotive manufacturers and the rising R&D investment from the local manufacturers to develop ceramic coatings technology. The region is estimated to acquire a market value of USD 2 billion while flourishing at a CAGR of 3% by 2027.
North America to Record a CAGR of 4%
North America is estimated to flourish at a CAGR of 4% during the forecast tenure. The region is anticipated to procure a market share of 20% in the coming time. The expansion of the region can be attributed to the rapid development of the automotive sector. Furthermore, the on-going development in the aerospace sector can be another salient cause that can drive the market growth in the region during the assessment time.
MEA to Witness Significant Growth
MEA is expected to witness significant growth during the forecast period. The expansion of the region can be attributed to the growing automobile sector along with the imposition of favorable initiatives by the government to develop the aerospace and defense sector.
Various players of the industry are adopting competitive strategies like collaboration, mergers, acquisition, and more to gain higher impetus in the global market while also focusing on expanding their consumer base. The demand for innovative products has resulted in the launch of new products that has enhanced the competition among the key players.
January 2021- GoPivot, the leading mobile-first corporate wellness, and safety platform, announced that its client Morgan Advanced Materials has extended its partnership. The extended partnership will also include an employee recognition program.
January 2021- IGL Coatings launched its graphene reinforced product, Ecocoat Quartz+. The improved Ecocoat Quartz+ is a hybrid 9H rates dual system ceramic coating that combines two ceramic coatings with different attributes to provide the ultimate layer of protection and an excellent finish for almost all types of paint surfaces.
Various challenges, drivers, barriers that affect the growth of the market along with the key segments and the top players that make a notable contribution in developing the market have been listed in the MRFR report. The report also comprises of the impact of COVID-19 on the market. The well-known players and the top strategies followed by them to stay competitive in the market have also been highlighted in the report.
Global Ceramic Coating Market, By Material Type
Global Ceramic Coating Market, By Technology
Global Ceramic Coating Market, By End-Use Industry
Frequently Asked Questions (FAQ) :
The global ceramic coating market was valued at USD 7.95 billion in 2018.
The global ceramic coatings market is expected to exhibit a solid 7.35% CAGR over the forecast period from 2019 to 2025.
Thermal spray technology is the dominant segment in the ceramic coating market.
The leading regional market for ceramic coatings is Asia Pacific, as the growing industrialization in the region has driven the demand for ceramic coatings for the protection of industrial machinery.
Leading players in the ceramic coatings market include Saint-Gobain, APS Material Types Inc., Bodycote, DowDuPont, Praxair, MBI Coatings, and AkzoNobel, among others.