The 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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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 can 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.
Based on the end-use industry, the abrasion resistant coatings market can be segmented into oil & 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.
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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) and others.
