Market Overview
Hard coating is an electrochemical process for anodizing the surface of a substrate by using sulfuric acid electrolyte solution, optimized temperature, and an electric current that gives a surface with a hard protective coating. This type of coating is generally applied on the surface of an object to serve protectoral, decorative, or an operational purposes. It provides end products or a substrate with some important characteristics such as excellent gloss, finish, durability, longevity, and clarity, along with greater weather ability and superior hardness. The hard coatings exhibit number of beneficial properties including impact, heat, and electric resistance as well as chemical inertness, and strong adhesion. Hard coatings have successfully penetrated into a vast number of industries such as industrial manufacturing, marine, building construction, oil gas, automotive, marine, aerospace, mining, industrial, and energy sector. The global protective coating market is growing at a considerably higher CAGR, which is expected to reach nearly USD 23 billion by 2023, which is anticipated to boost the demand for hard coatings. However, capital-intensive nature of the market may hamper the growth over the review period.
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Market Segmentation
The global Hard Coatings Market has been segmented on the basis of material type, a deposition technique, application, end-use industry, and region. On the basis of the material type, the market is divided into borides, nitrides, carbon-based, oxides, multi-component coatings, and others. Among these material types, the borides are growing at the highest growth rate due to the significant beneficial properties such as hard surface, greater durability, and shine.
By the deposition technique, the market is classified into two: physical vapor deposition (PVD) and chemical vapor deposition (CVD). The PVD is the largest segment among them and is estimated to retain its dominance by growing at a healthy CAGR in the coming years. This is attributed to easy applicability and lesser complex operation involved in this technique, along with the less relative cost.
Based on the applications, the global hard coatings market is categorized into cutting tools, decorative coatings, gears, bearings, optics, cylinders, pneumatic coatings, and others. The cutting tool application segment is projected to register a significant growth dung the review period on account of rapid industrialization in emerging industrial economies namely India, China, South Korea, Malaysia, and some African countries.
Lastly, on the basis of the end-user industry, the global hard coatings coating market is segmented into general manufacturing, transportation, building construction, aerospace defense, medical, sports, food manufacturing equipment, and others. General manufacturing is the largest segment among them and is more likely retain its dominance over the forecast period. This is primarily attributed to the surfing manufacturing activities around the globe, especially in the developing regions such as the Asia Pacific and the Middle East Africa, along with reviving global demand after major lean demand period from 2011 to 2015.
Regional Analysis
The global hard coatings coating market is geographically divided into five key regions which are Asia Pacific, North America, Europe, Latin America, and Middle East Africa. The Asia Pacific is the leading region among them owing to the increasing demand from building construction, automotive, and defense and marine sector in this region. India, China, and South Korea are the leading markets in this region owing to growing demand from major end-use industries such as marine, automotive, and aerospace defense in these countries. North America is the second most significant region in the global hard coatings coating market. The U.S. is the major contributor to this region due to the presence of well-established key players and the leading end-use industries such as marine, defense, aerospace, and sports industry. Europe is another substantial region in the global hard coatings coating market. The major markets in this region are Germany, the U.K., France, and Italy. Latin America is witnessing a a rise in the industrialization along with the pacifying political and economic scenario in Brazil and Colombia. During the forecast period, the region is anticipated holding a significant share of the global hard coatings coating market. The Middle East Africa is holding relatively lesser shares in the global hard coatings coating market. It is anticipated to witness growth in the coming years on account of hitherto untapped growth opportunities in construction sectors such as construction and automotive.
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Competitive Analysis
Key players in the global hard coatings coating market are Sulzer Ltd. (Switzerland), OC Oerlikon Corporation AG (Switzerland), CemeCon AG (Germany), IHI Ionbond AG (Switzerland), Momentive (U.S.), ZEISS International (Germany), ASB Industries, Inc. (the U.S), SDC Technologies (U.S.), PLATIT AG All (Switzerland), Hardcoatings, Inc. (U.S.), and others.
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