Abrasion Resistant Coatings Market is Projected to Reach $11.1 Billion, at a CAGR of 6.5% - Global Forecast to 2024
The global Abrasion Resistant Coatings Market size of abrasion resistant coatings is projected to grow from $8.0 Billion in 2019 to $11.1 Billion by 2024, at a CAGR of 6.5% during the forecast period. The major driving factors for the market are stringent EU and US regulations regarding VOC emissions. The other significant drivers include the enhanced properties of abrasion resistant coatings such as fast curing time and high temperature resistance. The demand for abrasion resistant coatings is increasing from developing economies such as China, India, and Indonesia.
Polymer is the largest segment of the abrasion resistant coatings market, by type.
Polymer-based abrasion resistant coatings are classified into epoxy, polyurethane, polyester and fluoropolymer coatings. They can be applied to metals, ceramics as well as synthetic materials and are able to resist temperature up to 536°F. They are widely used in general industrial and manufacturing applications. These coatings are also used extensively in refineries, chemical plants, and marine equipment such as offshore drilling platforms and merchant ships.
The power generation end-use industry is projected to register the highest CAGR during the forecast period.
On the basis of end-use industry, the abrasion resistant coatings market can be segmented intooil & gas, marine, power generation, transportation, mining, construction. In the power generation end-use industry, abrasion resistant coatings are used in applications such as wind turbine blades, concrete cooling towers, valves, containment vessels, nuclear components, generators, dam structure, and turbines. The use of abrasion resistant coatings in this industry is mostly to withstand weather conditions.
Europe is the largest market for abrasion-resistant coatings.
Europe accounts for the largest share of the global abrasion resistant coatings market. The growth of the shipbuilding industry is one of the most significant factors contributing to the increased demand for abrasion resistant coatings in this region. Increasing investments in the defense sector and restructuring efforts undertaken by ship manufacturing companies are the other factors driving the abrasion resistant coatings market in Europe.
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 (UK), Henkel (Germany), and Sika AG (Switzerland).