ID: MRFR/CnM/3991-HCR | 140 Pages | Published By Priya Nagrale on March 2023
Hard Coating Market is projected to be worth USD 1,481.02 million by 2030, registering a CAGR of 8.10% during the forecast period (2021 - 2030).
The hard coating is also referred to as the hard coat anodizing, and the whole process is completed through the electrochemical coating technique. This whole process involves the anodization and sulphuric acid, which is carried out in electrolyte concentration. During this whole process, certain factors are taken care of, including the temperature, electric current, and hardened surface.
The hard coatings market is popularly demanding because of its unlimited advantages. There are numerous applications where the hard coating plays an essential role. These are used in tools, industrial coatings, equipment, gear and pneumatic components, ball bearings, and medical tools.
The hard coating is also used in the coating of lenses which makes them scratch resistant. This is used to enhance durability. This type of coating holds some important properties like wear and tear, electricity, and heat. Different industries use this coating because it delivers a low friction coefficient. As per the, hard coatings market Research The global hard coating market is making efficient efforts to register robust growth in the market in the upcoming periods.
The rapid growth in the healthcare industry shows the effectiveness of the hard coating industry. The rising awareness of the hard coatings market, increasing developments, and research have made the growth possible. Along with that, the increasing amount of hard coating manufacturers and the technological advancements also boost the growth and open the wider opportunities to lead the growth. The market research of the hard coatings market provides a detailed overview of the recent development news, import and export segmentations, production analysis, market share, the impact of covid 19, and many more. The market overview also covers the market growth analysis, market size, and geographical expansion.
As per the market report, the hard coatings market Size has a growth of 6.90% CAGR with an expected USD value of 23 billion by the end of 2030. The need for lightweight vehicles is growing at an immense rate in the upcoming future. Ultimately it affects the fuel demand market for the hard coatings in the coming years.
Covid report analysis:
During the recent pandemic, the hard coatings market has faced a minimal growth rate due to the lockdown and shutdown. During this period, there is various rapid transmission noticed, and to minimize that, the government has declared a lockdown and shutdown down the multiple countries. It affects the transportation of manufacturing parts and also disrupts the business work. It will become tougher to handle this market and take it back to the current stage.
The hard coatings market slowly and steadily adapts the advanced marketing strategies and battles with the situation to make its place in the market once again. Due to the adoption of multiple advancements in technologies like A.I., cloud, analytics, and IoT, it becomes possible for the different industries to get back the market value.
Source: MRFR Analysis
Chief Factors Existing In The Market
Key Market Drivers
The hard coatings market has the rapid growth in the last years worldwide. Multiple key factors take this market to the top level. Because of the increasing knowledge, developments, and recent market reports on the industry, the market has made its place in the industry. The increasing awareness among the customer's benefits of hard coatings also fuels the market growth.
The hard coating holds certain pro factors that also drive the market: hardness, corrosion resistance, and resistance to temperature and electricity. The hard coatings are used in industrial coatings, ball bearings, machinery, gear, and pneumatic parts and that’s why hard coatings market Revenue is increasing. This is also used in medical supplies. Due to these various factors, the industry is expected to rise in the forecast period.
Like market drivers, certain factors push the hard coatings market Revenue down in certain periods. The lack of knowledge and the rising price of manufacturing parts sometimes put the market down. Many challenges come in the way of growth, but with the experienced key players and the help of market researchers, the market still shines.
The market has received multiple opportunities from the different industries of the market. Hard coatings are used in different industries, and because of their unlimited features, the industries have the highest demand for hard coating manufacturers.
Certain market restraints harm the market and impact the industry, and those are lack of information, high manufacturing prices, etc. Along with that, the less expectation and specialization also made the market down.
Cumulative Evaluation Of The Market
The hard coatings market has approximately a quarter share of the overall industries. The shares of the hard coating market have risen immensely. The market share is rapidly growing over the forecast period. The market is flourishing continuously in the different industries like building & construction, aerospace & defense, marine, and the automotive industry. The major driver of this market is the need for protective coating in the building and the construction industry. The increasing use of hard coatings requires in industrial applications. These factors are anticipated to propel growth in the coming years.
The hard coatings market is segmented into the different segments, further segmented and described in the below section.
The market is segmented based on the material type, application, deposition technique, end use industry, and region.
The hard coatings market Trend has been segmented into nitrides, borides, multi-component coatings, carbon-based oxides, and others based on the material.
The market has been classified into physical vapor deposition and chemical vapor deposition based on deposition technique.
Based on the application, the global hard coatings market has been categorized into cutting tools, gears, decorative coatings, bearings, cylinders, optics, pneumatic coatings, and others.
The market is segmented into the end-use industry, including manufacturing, building & construction, transportation, aerospace & defense, sports, medical, food manufacturing equipment, and others.
The hard coatings market Analysis is segmented into the different regions: North America, the Asia Pacific, Europe, Latin America, and the middle east & Africa.
On the basis of region, the hard coatings market has divided into the regions like Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Among them, the Asia Pacific region holds the largest hard coatings market Share. This region has expected the largest growth because of the factors like industrialization, increasing government funding, high-class infrastructure, and the development of marine and aerospace industries.
After Asia Pacific countries, the regions like Japan, India, and China follow them. North America also follows the Asia Pacific region and makes certain growth in hard coatings market. Europe showed substantial growth in the market. Certain regions that make the major contributions to the hard coatings market Growth of the industries are the U.K, Germany, France, Italy, and Poland. These regions have shown the highest growth due to the highest demand for the building and construction industry.
Competitive Intensity Within The Industry
The major key players of the global hard coatings market are:
Recent Market Developments
April 2022: One of the leading market players, HPL had developed a novel hard coating technology, called WECOUR that helps the rotors in achieving a longer lifetime and resist corrosion; additionally, the technology also helps in reducing the harmful dust emissions. The organization claim that this novel technology and specialized brake pads offer industry-leading performance and durability for the industry.
March 2022: The engineers at the University of Illinois which is based in Chicago had developed a long-lasting coating that is considered the most efficient ice immune product in the industry that offers environmental sustainability and was designed after the careful research on the nature of chemicals leaching out into the environment under non-freezing and slippery conditions.
In 2021: The hard coatings market was anticipated to surpass a valuation of U.S. $ 200 million in the field of medical devices and equipment sector.
The overall report of the hard coatings market shows the immense growth in the historic market for the upcoming period. The market reports cover the ongoing forecast period and the existing factors. Every necessary factor is deeply characteristic and explained in the report.
The segmentation analysis and regional reports were also shown the growth and segments. The report also covers the COVID-19 pandemic report and how the market deals with the growth. This report also covers the competitive analysis and recent growth developments in the hard coatings market.
Key Industrial Segments
By end-user industries
|Market Size||2030: USD 23 Billion|
|Forecast Period||2020 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Material Type, Application, End-Use Industry and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Sulzer Ltd. (Switzerland), OC Oerlikon Corporation AG (Switzerland), CemeCon AG (Germany), IHI Ionbond AG (Switzerland), Momentive (U.S.), ZEISS International (Germany), ASB Industries, Inc. (the U.S), SDC Technologies (the U.S.), PLATIT AG All (Switzerland), and Hardcoatings, Inc. (U.S.), among others.|
|Key Market Opportunities||The scope of applications in the global hard coatings market is continuously increasing with the flourishing end-use industries|
|Key Market Drivers||In the automotive industry, there is an increasing demand for lightweight vehicles with attractive shine|
The hard coatings market can grow up to a valuation of USD 23 billion by 2030.
The global hard coatings market to get dominated by Asia Pacific region.
Players like OC Oerlikon Corporation AG (Switzerland), Sulzer Ltd. (Switzerland), PLATIT AG All (Switzerland), Momentive (U.S.), ZEISS International (Germany), CemeCon AG (Germany), IHI Ionbond AG (Switzerland), SDC Technologies (the U.S.), ASB Industries, Inc. (the U.S), and Hardcoatings, Inc. (U.S.) can make an impact on the hard coatings market.
Mergers, collaborations, product launch, innovation, hike in R&D spending, marketing strategies, brand positioning are some of the prominent strategies that the hard coatings market players would employ.
The hard coatings market is expecting growth with increasing application in ball bearings, tools, equipment, industrial coatings, gear and pneumatic components, which would ensure easy permeation across several industries.