Overview:
The global market for hard coatings is getting traction due to its ability to provide resistance against water, corrosion, chemical, and heat, which increases the durability of the end product. Market Research Future (MRFR) made some predictions in their report regarding the possible CAGR and valuation during the forecast period of 2018 to 2023. It also discussed factors like the growing intake of the product in the building and construction sector, its growing importance in the automotive segment, rising budget for the aerospace & defense sector, and others as major traction-providers. In the healthcare sector, it is also gaining inclusion due to its ability to increase the durability of tools. However, it incurs substantial capital investment, which can deter the market growth.
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Segmentation:
The global report on the Hard Coatings Market Size is a holistic study that segments the market into deposition technique, application, material type, and end use industry to get a closer look at the market and understand factors that can help in forming strategies.
By material type, the global report on the hard coatings market has been segmented into nitrides, carbon-based, borides, multi-component coatings, oxides, and others.
By deposition technique, the report on the hard coatings market has been segmented into physical vapor deposition (PVD) and chemical vapor deposition (CVD).
By application, the global hard coatings market has been studied on the basis of decorative coatings, cutting tools, bearings, optics, gears, pneumatic coatings, cylinders, and others.
By end-use industry, the report on the global hard coatings market has been discussed on the basis of transportation, building & construction, general manufacturing, medical, sports, food manufacturing equipment, aerospace & defense, and others.
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Regional Analysis:
Increasing support from government policies and rapid industrialization are factors putting the Asia Pacific region as the market leader. In countries like South Korea, Japan, China, India, Thailand, and others, this growth would be substantial.
Competitive Landscape:
CemeCon AG (Germany), IHI Ionbond AG (Switzerland), Sulzer Ltd. (Switzerland), OC Oerlikon Corporation AG (Switzerland), ASB Industries, Inc. (the U.S), Momentive (U.S.), ZEISS International (Germany), PLATIT AG All (Switzerland), SDC Technologies (the U.S.), and Hardcoatings, Inc. (U.S.), are some of the major companies taking part in the hard coatings market competition. These players have been deploying strategic measures to ensure their growths get tailwinds. The major moves include a merger, hike in research-related investment, acquisition, innovation, the launching of new products, innovative ways of branding, collaborations, and others. Latest changes in the market were recorded by MRFR to gauge trends that impacted the most.
Industry News:
In June 2020, the team at Onyx announced that they had started the certification process with SGS International for their path-breaking Onyx Graphene product. Iy is an ultra-hard 10H ceramic coating, engineered to offer N1 smoothness level, which would guarantee durability for a lifetime.
Nano-coating is gaining popularity as ceramic coating and its features like hydrophobic (water repellent) and oleophobic (oil repellent) are expected to make it alluring. It plays a significant role in providing a protective shield on the car against water, oil, dry particles, and dirt. It also makes the car UV resistant, high temperature resistant, anti-corrosive, and increases its resistance against various chemical compounds.
The market for hard coatings is witnessing a slump as several end user industries have put a hold on the intake of the product due to the ongoing pressure from the COVID-19 pandemic. In several countries, automotive and building & construction sectors are working with limited resources owing to which their production has dropped and, subsequently, the intake of their hard coatings market.
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