According to the new market research report “Abrasion Resistant Coatings Market by Type (Metal/Ceramic, Polymer), End-Use Industry (Oil & Gas, Marine, Power Generation, Transportation, Mining, Construction), Region (North America, APAC, Europe, MEA, South America) – Global Forecast to 2024″, The abrasion-resistant coatings market is estimated to grow from USD 8.0 billion in 2019 and is projected to reach USD 11.1 billion by 2024, at a CAGR of 6.5% during the forecast period. The fast curing time and superior properties of abrasion resistant coatings are propelling the market.
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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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The global market size of abrasion resistant coatings is projected to grow from USD 8.0 billion in 2019 to USD 11.1 billion by 2024, at a compound annual growth rate (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.
The leading players in the abrasion resistant coatings market are AkzoNobel N.V. (Netherlands), Saint-Gobain (France), The Jotun Group (Norway), The Sherwin-Williams Company (US), Hempel A/S (Denmark), Praxair Surface Technologies (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 them increase their manufacturing capacities and cater to the widening customer base.
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AkzoNobel has launched Awlgrip HDT polyurethane clearcoat that helps in resisting abrasion in the sea. The product has lower VOC content and is also repairable. The company has tested the product’s durability on 7 boats in the Volvo Ocean Race Boatyard 2017-2018 edition. AkzoNobel has inked a 2-year deal with Nakilat, a Qatar Gas Transport Company to supply AkzoNobels product, Intersleek 1100SR. It is a fluoropolymer technology used as a hull coating to resist any fouling organism settle on the underwater hull and exhibit properties such as abrasion resistance.
The Jotun Group has launched Jotatemp 1000 ceramic coating to meet the increasing demand from hydrocarbon processing facilities. This coating can be applied to surfaces with the temperature reaching 1832°F. The previous coating that Jotun offered could only meet the requirements of temperature up to 1112°F. This coating provides increased tolerance and a shift to higher temperature operations that help optimize the processing and productivity of the hydrocarbon processing industry.
The major players such as AkzoNobel N.V. (Netherlands), Saint-Gobain (France), The Jotun Group (Norway), The Sherwin-Williams Company (US), and Hempel A/S (Denmark) have emphasized on expanding the market through their already existing product portfolio.
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