Fact.MR – a market research and competitive intelligence provider, anticipates the global hard coatings market to top US$ 1 Bn by 2031, expanding at nearly 7% CAGR, according to a recently published study on the landscape. Growth is likely to be nudged by extensive uptake across the medical devices & equipment manufacturing industry. Historically, sales of hard coatings increased at a CAGR of over 6% from 2016 to 2020. In terms of revenue, the market grew from approximately US$ 600 Mn in 2016 to over US$ 750 Mn in 2020. While prospects remained sluggish across several industrial verticals amid the COVID-19 crisis, the food processing segment majorly sustained sales, given the increased demand for instant foodstuff during the lockdown period.
Future growth prospects are equally reliant on the ever-broadening food processing industry. With anticipated increase of around 70% in global food demand by 2050, the need for processed and hygienic food is multiplying. Hence, advanced processing solutions that deploy hard coatings is on the incline, with key manufacturers introducing innovative food coating product lines.
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Key Takeaways from Market Study
- By deposition technique, hard coatings based on physical vapor deposition to experience nearly 5% CAGR
- Oxide hard coating sales to expand highest by material, expanding at a CAGR close to 8% by 2031
- Sales of boride hard coatings to be valued at above US$ 450 Mn by 2031-end
- Hard coatings made from nitrides to expand robustly, surging at nearly 7% CAGR
- High uptake in medical device manufacturing bolstering U.S. growth prospects, reaching over US$ 200 Mn in 2020
- China to deploy hard coatings extensively in architectural coatings, topping US$ 250 Mn by 2031
- Japan and Canada are other noteworthy markets, expanding at CAGRs of around 4% and 6%, respectively
Key Segments Covered in Market Study
- Deposition Technique
- Hard Coatings Based on Physical Vapor Deposition
- Hard Coatings Based on Chemical Vapor Deposition
- Boride Hard Coatings
- Nitride Hard Coatings
- Oxide Hard Coatings
- Carbide Hard Coatings
- Carbon-based Hard Coatings
- Multi-Component Hard Coatings
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Key manufacturers of hard coatings are reliant on multiple growth strategies- from new product launches and R&D funding to strategic mergers & acquisitions and collaborations. Some notable developments in the hard coatings industry analysis include:
- In January 2021, ASB Industries Inc. collaborated with Hannecard to henceforth operate under the name Hannecard Roller Coatings Inc. This partnership is likely to expand ASB’s rubber & polyurethane roller coatings business across key industries.
- Since 2020, CemeCon K.K has been collaborating with several Japanese tool manufacturers to provide its range of diamond coatings at its new coating center in Nagoya. Furthermore, they have successfully integrated the HiPIMS technology.
After reading the Hard Coatings Market report, readers can:
- Understand the drivers, restraints, opportunities and trends affecting the growth of the global .
- Analyze key regions holding significant share of the total Hard Coatings Market revenue.
- Study the growth outlook of the global Hard Coatings Market scenario, including production, consumption, history and forecast.
- Learn consumption pattern and impact of each end use on the Hard Coatings Market growth.
- Investigate the recent R&D projects performed by each Hard Coatings Market player.
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The Hard Coatings Market report answers important questions which include:
- What does the status of the Hard Coatings Market look?
- Hard Coatings Market look like after the forecast period?
- Which region has the highest contribution to Hard Coatings Market Devices why?
- Which players remain at the top of the Hard Coatings Market look?
- What opportunities are available for the Hard Coatings Market players to expand their production footprint?
- Which segment has the maximum impact on Hard Coatings Market?