Hard Coatings Market 2023 | Industry Share, Size, Growth Opportunities, Business Strategies, Forecast

By | December 7, 2018

Hard coatings Market, also known as hard coat anodizing or hard anodizing, is an electrochemical coating technique. This process involves anodization of sulfuric acid by using an electrolyte concentration, varying temperature, and electric current, which results in the hardened surface. The hard coatings find their uses in numerous applications starting from industrial coatings, tools, equipment, ball bearings, gear and pneumatic components to medical tools and equipment. Apart from this, they are used in lenses coatings to make them scratch resistant and improve their durability. These types of coatings confer some important properties to the substrate material such as resistant to corrosion, wear & tear, heat, and electricity.

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The global protective coatings market is growing at a healthy CAGR and is expected to reach nearly USD 23 billion by the end of 2023. This, in turn, is expected to fuel the demand for hard coatings during the review period. In the automotive industry, there is an increasing demand for lightweight vehicles with attractive shine with the added durability of metal components, which is expected to fuel demand for the hard coatings in coming years. The scope of applications in the global hard coatings market is continuously increasing with the flourishing end-use industries such as building & construction, marine, aerospace & defense, along with the automotive industry.  Need for the protective coatings on tools, equipment, and end decorative parts in building & construction industry is posing as a major demand driver in the market. Moreover, there is an increasing use of hard coatings in various industrial applications in order to protect machinery and equipment, which function in the harsh environment. This, in turn, is anticipated to propel the growth of the market in the coming years. However, the capital-intensive nature of the processes involved in this market is projected to hamper the growth during the period under consideration.

Key Players and Competition Analysis

The prominent players in the global hard coatings market are, 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.

Segmentation Analysis

The global hard coatings market is segmented on the basis of material type, a deposition technique, application, end use industry, and region. Based on the material type, the market is divided into borides, nitrides, carbon-based, oxides, multi-component coatings, and others. By deposition technique, the market is classified into physical vapor deposition (PVD) and chemical vapor deposition (CVD). On the basis of the application the global hard coatings market is categorized into cutting tools, decorative coatings, gears, bearings, optics, cylinders, pneumatic coatings, and others. Lastly based on end-use industry, the global hard coatings market is segmented into general manufacturing, transportation, building & construction, aerospace & defense, medical, sports, food manufacturing equipment, and others.

Regional Analysis

Geographically, there are five key regions in which the global hard coatings market is spanned across the Asia Pacific, North America, Europe Latin America, and Middle East & Africa. Among these regions, Asia Pacific is the largest market owing to the big lead achieved by the region in industrialization along with increasing government funding in the areas of infrastructure, marine and aerospace & defense. India, Japan, and China are the major markets in this region on accounts of increasing public as well as private investment in the major end-user industries of hard coatings. North America is following the Asia Pacific in terms of market size in the global hard coatings market. The U.S is the largest markets in this region owing to the steady rise in the use of hard coatings materials, mainly in aerospace & defense and marine sector. This is expected to favor the growth of the region during the forecast period. Europe is another substantial region in the global hard coatings market, which is closely following North America. Europe has become a prominent market for hard coatings, wherein it is majorly used in the automotive and general industrial applications. In coming years the Middle East & Africa are likely to contribute significantly towards the growth of the market owing to increasing demand from building and construction industry. Browse the market data and information spread across 140 pages with 59 data tables and 15 figures of the report “Global hard coatings market is segmented on the basis of material type, technique, application forecast to 2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/hard-coatings-market-5437

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