Abrasion Resistant Coating Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market for abrasion resistant coating is expected to grow at a CAGR of around 5% globally during the forecast period. Major factors driving the market studied is the increased demand from power generation industry and enforcement of VOC emission regulations . However, capital-intensive operations for ceramic coatings and unfavorable conditions arising due to COVID-19 outbreak are hindering market growth.

Key Highlights

• Increasing adoption of renewable sources of energy is likely to offer various opportunities for the growth of the market.
• By end-user industry, power generation segment is expected to dominate the market owing to increasing demand demand and popularity of high-temperature polymer-based coatings, which propel the growth for global abrasion resistant coating market in the power generation industry.
• Asia-Pacific region dominated the market across the globe with the largest consumption from countries such as China and India.

Key Market Trends

Increased Demand from Power Generation Industry

• 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.
• In the wind energy industry, fluoropolymers-based abrasion resistant coatings are used in wind blades, which enhances the operability of the blades by 20 years as compared to traditional paints and gelcoats. It improves UV stability, enables minimal dirt pick up, and offers excellent abrasion resistance and low reflectivity.
• Coatings are primarily used to reduce or eradicate surface wear, most notably in application areas that are not appropriate for lubricants. For instance, lubricants and greases cannot be used in high-temperature or radioactive environments and also where operating times are high. The coatings are designed with the main objective of extending the life of a product.
• Along with corrosion, these coatings are also resistant to abrasion, and wear and tear. Thus, they increase the reliability of product up to 5 years. Furthermore, increasing upstream and downstream industries across the world, growing need for coatings on drilling equipment and pipelines, and rising need for better performance of the product in vulnerable environments are also expected to fuel the market growth.
• Owing to all the above-mentioned factors for abrasion resistant coatings, its market is expected to grow rapidly over the forecast period.

Asia-Pacific Region to Dominate the Market

• Asia-Pacific is expected to be the fastest growing regional market. The high potential in the region for the growth of power generation industry boosts the demand for abrasion resistant coatings.
• Under the plan ‘Made in China 2025’, it is expected that China will supply over 10% home-made commercial aircraft to the domestic market by 2025. This is expected to propel the demand for the abrasion resistant coatings market during the forecast period.
• The construction industry is the second-largest industry in India and has shown promising growth in 2019 with a re-energized output of around 8%. It is predicted that India’s construction industry is set to emerge as the third-largest market in the world by the end of forecast period. With government initiatives such as the Bharatmala scheme, UDAN and AMRUT serving as major growth drivers, this segment is estimated to be worth nearly USD 700 billion by 2023. The burgeoning construction industry is expected to fuel the demand for the market studied in India over the forecast period.
• 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 the region.
• The aforementioned factors, coupled with government support, are contributing to the increasing demand for abrasion resistant coatings during the forecast period.

Competitive Landscape

The global abrasion resistant coatings market is partially consolidated in nature with a few major players dominating a significant portion of the market. Some of the major companies are Akzo Nobel N.V., Saint-Gobain Performance Plastics (Saint-Gobain), Arkema Group, Jotun, and The Sherwin-Williams Company among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support