TAGS: Automotive Coatings Aerospace Coatings Industrial Coatings
The global high-performance ceramic coatings market has been positively impacted by the rise in demand for these coatings in automobile and aviation industries across the globe.
High-performance Ceramic Coatings Market: Dynamics
The demand for high-performance ceramic coatings has been rising in automobile, aviation, and chemicals industries since the past few years, as these coatings provide protection to different engine parts, reduce friction, and help increase wear resistance. This is expected to boost the global high-performance ceramic coatings market.
Investments in the global aerospace industry have been rising significantly since the past few years. For instance, in 2018, the aviation industry contributed US$ 151 Bn in export sales to the U.S. economy.
The aviation industry in India is likely to achieve investment of US$ 4.99 Bn by 2023. Growth in production and export of military aircraft and components from countries such as the U.S., the U.K., France, China, and Russia are expected to boost the demand for thermal spray coatings. This trend is likely to fuel the demand for high-performance ceramic coatings.
High-performance Ceramic Coatings Market: Prominent Regions
In terms of value, North America is a lucrative region of the global high-performance ceramic coatings market. The region accounted for a major share of the global high-performance ceramic coatings market in 2019. It is projected to be a highly lucrative market during the forecast period, due to rapid increase in investment in automotive and aviation industries in the region.
In 2018, automakers such as FCA, Ford, GM, Hyundai, Nissan, Toyota, and Volkswagen invested more than US$ 4 Bn in capacity expansion and R&D. This trend is expected to continue due to the high demand for passenger cars. The U.S.
dominated the high-performance ceramic coatings market in North America in 2019. It is anticipated to continue its dominance during the forecast period. This can be ascribed to the growth of automotive and aerospace industries in the country.
Asia Pacific held a key share of the global high-performance ceramic coatings market in 2019. Asia Pacific is an attractive region of the global high-performance ceramic coatings market due to rapid industrialization and urbanization.
Industrialization has led to significant rise in FDI in countries such as China, India, Japan, and South Korea.
Furthermore, new vehicle sales in Asia Pacific stood at 35.96 million in 2019; of this, 21.44 million were sold in China. Thus, China is a major hub for automotive products, wherein high-performance ceramic coated products are used. This is estimated to drive the high-performance ceramic coatings market in the country during the forecast period.
Europe is another key region of the global high-performance ceramic coatings market. Europe is the leading region in terms of the aerospace & defense industry. In 2018, the industry’s turnover stood at US$ 293 Bn. Furthermore, Europe was the leading exporter of aerospace and defense equipment in 2018. The revenue generated from exports stood at US$ 175 Bn in 2018. The expansion of the aerospace industry in Europe is projected to boost the high-performance ceramic coatings market in the region in the near future.
Source: TMR