Ceramic Coating Market projected to exceed $13.6 billion by 2026, says Global Market Insights Inc.
The growth of the ceramic coating market is attributed to their high adoption across healthcare and aerospace sectors owing to exceptional corrosion and adhesion resistance properties, says this report.
SELBYVILLE, Del., September 28, 2020 (Newswire.com) - Based on Global Market Insights Inc., report, the ceramic coating market was estimated at $9.3 billion in 2019 and is slated to surpass $13.6 billion by 2026, registering a CAGR of 8.1% from 2020 to 2026. The report provides an in-depth analysis of the market estimations as well as size, top investment avenues, drivers & opportunities, wavering industry trends, key winning strategies, and competitive scenarios.
The increasing demand for corrosion-resistant and high-temperature coatings and the booming automotive industry especially in Europe and Asia-Pacific will influence the market growth positively. Furthermore, the rising aerospace industry and growing investment in the automotive sector mainly in the U.S. and European countries are further propelling the ceramic coating market share. In addition, rising product penetration across emerging economies like South Africa, Brazil, Indonesia, China, and India is anticipated to drive overall market growth over the coming years.
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In terms of technology, among others, the thermal spray segment is considered the largest segment and will account for nearly 58% of the global industry share by the end of the forecast time period. This growth is ascribed to the increasing use of thermal spray due to its various advantages like protection against corrosion and increased wear resistance.
Impact of the coronavirus pandemic:
The COVID-19 outbreak has had a major impact on the global economy and the manufacturing and industrial sector as a whole. Governments across the globe had imposed nationwide lockdowns and stringent social distancing measures, making it difficult for the workforce to make their presence felt. Sudden shutdowns of manufacturing plants and temporary halts in the production units have also had a negative impact on the ceramic coating market. However, once the situation is under control, the ceramic coatings industry is likely to bounce back.
Key reasons for ceramic coatings market growth:
- High demand for oxide type coating.
- Growing adoption of ceramic coatings from the healthcare industry.
- Increasing applications in the automotive industry.
2026 estimates anticipate the 'transportation & automotive' application segment showing appreciative growth:
In terms of application, the transportation & automotive segment will account for nearly 38% of the global industry share by the end of the analysis timeline. Rapid industrialization has increased the product demand across the automotive industry largely in emerging economies, thereby boosting ceramic coating market growth. Moreover, the surging automotive production across developing economies like Brazil, Japan, China, and India, is projected to increase the adoption of ceramic coatings.
North America and Asia-Pacific to witness remunerative growth:
North America is expected to witness substantial growth and will account for over 23% of the global industry share by the end of the forecast time period. The well-established aerospace industry across the U.S. has been responsible for driving the product demand. In addition, the increasing need for ceramic coatings for protecting car exteriors from UV rays will contribute towards ceramic coating market sales.
The ceramic coatings market in Asia-Pacific is anticipated to witness substantial growth over the coming years. In 2019, the region dominated the overall market share owing to the increasing demand for ceramic coatings across the industrial goods and the automotive sectors. In addition, favorable government policies and regulations to reduce greenhouse gas emissions are further encouraging the electric vehicles demand, thereby increasing the consumption of ceramic coatings across the region.
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Leading market players:
Prominent market players analyzed in the ceramic coating industry report include Nasiol Nano Coatings, Saint-Gobain S. A., Cetek Ceramic Technologies Ltd., Ultramet, Bodycote PLC, and APS Materials, Inc. among others. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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Source: Global Market Insights Inc.