Global High Performance Ceramic Coatings Market Highlights over 2022 – 2031
The global high performance ceramic coatings market is estimated to grow at a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing demand for ceramic coatings for cars and other vehicles. High performance ceramic coatings or HPCC provides higher resistance to high temperature, and corrosion, which is estimated to boost the market growth. Along with this, the growing use of coatings in the automotive industry, backed by the increasing production of automobiles, is estimated to boost the market growth. For instance, it was observed that in 2020, more than 75 million cars were produced around the world. Along with this, the constant breakthrough in chemical industry, with the introduction of new and better products, is anticipated to boost the market growth.
The market is segmented by end-user into automotive, aviation, chemical equipment, medical, and others, out of which, the automotive segment is anticipated to hold the notable share in the global high performance ceramic coatings market over the forecast period on account of increasing demand for vehicles amongst the individual, along with the demand for efficient protective coating for the vehicles. According to the data by the International Organization of Motor Vehicle Manufacturers, around 77.971 million units of cars were sold in 2020 globally. The rising sale of automobiles is expected to encourage the segment growth. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Global High Performance Ceramic Coatings Market Regional Synopsis
On the basis of geographical analysis, the global high performance ceramic coatings market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing production and demand for automobiles in the countries, such as, Japan, and India. For instance, according to the data by India Brand Equity Foundation (IBEF), in 2019-20, the total passenger vehicles sales in India crossed 2.8 million units.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the presence of major automobile manufacturers in the region, along with the rising demand for high-resistance coatings for the vehicles.
The global high performance ceramic coatings market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global high performance ceramic coatings market includes the following segments:
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The increasing application of high performance ceramic coatings for automobiles is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2031.
The market in the Asia Pacific region is estimated to provide significant growth opportunities to the market owing to the presence of various automotive manufacturers in the region.
The major players in the market are Cetek Ceramic Technologies Ltd., APS Materials Inc., The Dow Chemical Company, DuPont de Nemours, Inc., Praxair Surface Technologies, Inc., Bodycote plc, Kurt J. Lesker Company, and A&A Thermal Spray Coatings.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by technology, end-user, and by region.
The automotive segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
High cost of production is estimated to hamper the market growth.
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