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Metallic friction and subsequent abrasion are natural properties of most metals, which may severely damage constructed sites and pipelines. Therefore, abrasion-resistant coatings are extremely critical across various industry verticals. Abrasion-resistant coatings are utilized to prevent wearing of equipment and components due to mechanical-associated forces. Abrasion-resistant coating systems allow metals to resist various harmful influences such as seizing, galling, and other physical damages. In addition, these coatings are also identified as spray coatings or sliding wear coatings, which are utilized in numerous industries, including automobile, aerospace, and electronics for diverse functions. Metal coatings are extensively availed to extend the service life of metals. The use of ceramic-based and polymer-based coatings is most preferred by various market players.
The outbreak of coronavirus has impacted the automobiles industry severely. In addition, implementation of lockdown has reduced the demand for automobiles. Furthermore, the stay home policy imposed by the government and travel restrictions have negatively impacted the transportation sector, which, in turn, has reduced the demand for automobiles. Moreover, disruptions in supply chain has affected the import and export of various raw materials, which is likely to hamper the growth of the automobiles sector. Most of the manufacturers of automobiles have halted their production due to lack of manpower. Thus, these factors are anticipated to reduce the overall demand of abrasion-resistant coatings during the forecast period, thereby restraining the global market growth.
Surge in demand for abrasion-resistant coatings from the industrial and electricity generation sectors is the major factor boosting the growth of the global abrasion-resistant coatings market. Diverse applications across numerous end-use industries such as power generation, oil & gas, marine, and transportation coupled with rise in utilization in developing countries across the globe is predicted to boost the market growth during the forecast period. Furthermore, increase in demand from transportation industry significantly contributes toward the growth of the global abrasion-resistant coatings market. In addition, rise in demand for coatings, which emit low VOCs and are environmental-friendly has led to increasing use of oxide coatings, due to their advanced chemical resistance and wear attributes. Furthermore, increase in demand for abrasion-resistant coatings from marine industries is another principal aspect driving the growth of the global market. However, high capital funding and environmental & safety concerns coupled with gradual expansion of the industrial and infrastructure sectors restrain the market growth.
Increase in use of abrasion-resistant ceramic coatings in industrial applications is one of the major trends observed. These coatings exhibit high temperature and abrasion resistance. Ceramic coatings are more costly due to highly priced thermal spray technique involved; however, the life cycle cost will be lesser compared to polymer-based coatings because of less maintenance involved with ceramic coatings.
The power generation industry is projected to develop rapidly throughout the forecast period. Abrasion-resistant coatings are commonly used in the power generation sector to offer protection against the extreme climate conditions. Furthermore, abrasion-resistant coatings are utilized in wind turbine blades, concrete cooling towers, valves, containment vessels, nuclear components, turbines, dam structure, and generators. This is attributed to the fact that these coatings improve UV stability, allows minimum dust pick up, and offers high abrasion resistance & low reflectivity.
The global abrasion-resistant coatings market covers all key regions, including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The North America abrasion-resistant coatings market is predicted to garner the highest revenue share of the abrasion-resistant coatings market. This growth is attributed to presence of a large variety of product manufacturers in the region. However, Asia-Pacific abrasion-resistant coatings market is projected to witness fastest increase in terms of sales during the forecast period, due to growing surge in demand from the transportation, electronics, and food processing industries in the region.
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