Sliding wear coatings and spray coatings are used in several different industries — from automotive to aerospace to electronics — for a variety of reasons. For example, the paint used to mark parking spots, airport surfaces, and streets all require wear coatings for longevity. These wear-resistant coatings ensure that the object is protected from corrosion during repeated use.
Recently, the market for abrasion resistant coatings has grown in demand. In fact, 352 million gallons of industrial coatings totaling $6.8 billion were sold in 2014 alone. That same year, automotive refinish coatings became the largest sub-segment of coatings. According to PR Newswire, the market for abrasion resistant coatings is expected to reach $8.46 billion by the year 2021. Between this year and 2021, the CAGR (Compound Growth Annual Rate) is expected to increase 6.3%.
With experts estimating this segment to be the fastest growing type of wear coatings on the market, the numbers prove this to be true.
Some people may wonder what caused the sudden spike in interest for sliding wear coatings. The increased demand for these coatings with both chemical and corrosion resistant properties are the main reason. Many industries are now using the thermal spray technique to protect against abrasion and corrosion and, as a result, the demand for these coatings has increased. It has been used in the automotive industry for years, but more aerospace and electronic industries are now following suit more frequently.
Of all the regions in which these coatings are used, North America led the market in 2015. This is due to the rapid increase of the marine and power generation industries. While North America may have dominated, the Asia-Pacific region is estimated to have the highest growth rate worldwide. This is in terms of both value and volume of sales due to Chinese and Indian consumers. Just behind North America is China with the second largest market for these wear coatings.
Advancements in technology and new innovative techniques are helping to increase the demand for coatings that are durable and cost-effective. These new improvements have directly resulted in the market doing better than ever recorded and it is only expected to get better. With 2021 not too far away, it will be no surprise to see the market do much better than expected.