The global Ceramic Coatings Market size is anticipated to hit USD 3.32 billion by 2026, exhibiting a CAGR of 7.1% during the forecast period. The high versatility of ceramic coatings will boost their adoption across industries, states Fortune Business Insights™ in its new report, titled “Ceramic Coatings Market Size, Share & Industry Analysis, By Type (Oxide, Carbide, Nitride, and Others), By Coating Method (Thermal Spray, Physical Vapor Deposition (PVD), Chemical Vapor Deposition (CVD), and Others), By End-Use (Transportation & Automotive, Energy, Aerospace & Defense, Industrial Goods, Healthcare, and Others), and Regional Forecast, 2019-2026”. Ceramic coatings, or high solids coatings, are essentially paints that are loaded with ceramic microspheres. Unlike conventional paints that contain more than 50% water, these coatings comprise of dense solid microspheres, which makes them a highly attractive coating solution in many industries. For example, the oil & gas industry can potentially lose millions of dollars due to ineffective coating. Therefore, the industry extensively employs ceramic coating materials to pipes and other equipment. This is because, when dried, a ceramic coating can form a hardened and impenetrable layer on the metal substrate on which it is applied, thereby preventing corrosion. Furthermore, their low friction coefficient makes these coatings energy-efficient, resulting in their high usage in manufacturing processes.
COVID -19 Impact on Ceramic Coatings Industry:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this, too, shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling, and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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According to the ceramic coatings market report, the value of the market was USD 1.96 billion in 2018. Other highlights of the report include:
- In-depth understanding of market drivers and trends;
- Panoramic overview of the general industry outlook;
- Piece-meal study of the different market segments;
- Detailed assessment of the market restraints; and
- Exhaustive analysis of the regional developments and competitive dynamics of the market.
High Cost of Ceramic Coatings to Negatively Impact the Market
While its wide applicability in various industries is one of the top market trends, these coatings come with a hefty price tag, which may slow down their demand. For instance, ceramic coating on a budget car can cost between Rs. 25,000 and Rs. 50,000 in India, which may not be affordable for every buyer. Moreover, the cost can go higher if the quality of the coating is superior. In addition to this, the coatings have a few more drawbacks, which may hamper their uptake, especially in the automotive industry. For example, since these coatings are fundamentally a form of paint, even though they blend with the underlying metal, they cannot protect cars’ surfaces from usual scratch agents such as rocks and dust. Similarly, water-based pollutants can create smudges and spots on the surface of a vehicle even after they have evaporated. Unfortunately, ceramic coatings cannot safeguard surfaces from such pollutants.
Acquisitions and Innovations to Characterize Market Competition
The ceramic coatings market analysis indicates a period of exciting competition in this market as key players look to cement their market position. Their most preferred strategies include mergers and acquisitions and ramped up investment in R&D to launch innovative products.
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List of Ceramic Coatings Market Manufacturers include:
- Morgan Advanced Materials
- Integrated Global Services, Inc.
- APS Materials, Inc.
- Praxair S.T. Technology, Inc.
- Ferro Corporation
- Kurt J. Lesker Company
Escalating Demand for Automobiles to Drive the Market in Asia-Pacific
Asia-Pacific boasted a market size of USD 813.1 million in 2018 and is expected to lead the market share in the forthcoming years mainly on account of the exponential growth of the automotive industry in the region. The region is also home to China, the world’s largest market for automobiles, which bodes well for this market. In Europe and North America, the market will be mainly driven by the rapid advancements in their respective aerospace industries. This, coupled with a steady demand for vehicles and a robust transportation infrastructure, will further propel the market in North America and Europe.
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Major Industry Developments of the Market include:
- December 2019: Bodycote, the UK-based coatings specialist, announced that it had entered into a definitive agreement to take over the US-based surface coating technologist Ellison Surface Technologies. Ellison is a reputed provider of thermal sprays and coatings to the US aerospace industry and its acquisition would enable Bodycote to unify its expertise with Ellison’s innovations, providing a gateway into the North American market.
- August 2019: US-based Saint-Gobain Ceramic Materials introduced its newest innovation in Boron Nitride products, the CeraGlide™. The new product line is engineered to address issues related to protection, lubrication, and mold release, especially under conditions of high temperature. The offering will be available in liquid form for brushing applications, but it can be diluted with water for spraying purposes as well.
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