The global low friction coatings market stands at a value of US$ 915 million in the year 2023 and is anticipated to increase at a high-value CAGR of 6.7% and reach a market valuation of US$ 1.75 billion by 2033-end. Low-friction coating are gaining popularity around the world due to their ability to improve surface properties, including corrosion resistance, wettability, wear resistance, and adhesion. Increasing application of low friction coating in various industries, including marine, aerospace, and others is expected to generate lucrative opportunities.
Manufacturers of low-friction coatings are developing novel products to match the rising requirement for application-specific products. In recent years, low-friction thin film coatings, which enable surfaces to rub against each other with less wear and friction are becoming popular around the world. Their popularity is also attributed to numerous environmental limits regarding the utilization of lubricants tighten.
The offer in this portion accompanies many open doors including fabricating items, appropriation, retail, and showcasing administrations. Broad rounds of essential and far reaching optional exploration have been utilized by the examiners at Fact.MR to show up at different assessments and projections for Demand of Low Friction Coatings Market both at worldwide and provincial levels.
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Market Players: –
- Asv Multichemie Pvt., Ltd.
- Whitford Corporation
- Vitracoat America, Inc.
- The Chemours Company
- Poeton Industries Ltd.
- Ikv Tribology, Ltd.
- Harves Co., Ltd.
- GMM Coatings Private Limited
“Automobile and Transportation Industry to Account for High Demand for Low Friction Coatings”
Low friction coatings offer improved service and performance life. They also ensure the protection of surfaces from synthetic substances and heat. Implementation of super-hard and low-friction coatings in the automotive industry offers increased durability, increased fuel economy, and environmental compatibility.
- Worldwide sales of electric cars doubled in the year 2021 compared to 2020, according to the International Energy Agency (IEA). They reached a count of 6.6 million in the same year. Their sales increased at a substantial speed with a sale of 2 million EVs in the first quarter of 2022.
Economic stability, changes in consumer sentiment, and evolving digital technology are estimated to play a significant role in the non-commercial business practices to manufacture vehicles, which will put a direct impact on the demand for low-friction coatings.
Competitive Landscape
Key providers of low friction coatings are increasing their expenditure to maintain product standards. They are also taking initiatives to strengthen their supply chain management systems.
The incorporation of advanced technologies and new product development are adopted by key players to attract consumers in the market.
For instance :
- PPG, in April 2022, acquired Arsonsisi to maximize its reach across Europe and enhance its business for low-friction coatings. The latter is based in Milan and is an industrial coatings company.
- The FUCHS Group, in June 2021, acquired Gleitmo Technik AB’s lubricants business in Kungsbacka, Sweden. This acquisition broadened the product portfolio of The FUCHS Group.
Leading companies in the low friction coatings market are Asv Multichemie Pvt., Ltd., Whitford Corporation, Vitracoat America, Inc., The Chemours Company, Poeton Industries Ltd., Ikv Tribology, Ltd., Harves Co., Ltd., and GMM Coatings Private Limited.
Segmentation of Low Friction Coating Industry Research
- By Product :
- Molybdenum Disulfide (MoS2)
- Polytetrafluoroethylene (PTFE)
- Others
- By End Use :
- Building & Construction
- Automobile & Transportation
- Aerospace
- Marine
- Electrical & Electronics
- Food & Beverages
- Medical & Healthcare
- Chemicals
- Others
- By Formulation :
- Water-based
- Powder-based
- Solvent-based
- Others
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of LATAM)
- EU – (Germany, France, Italy, Spain), UK, BENELUX (Belgium, Netherlands, Luxemburg), NORDIC (Norway, Denmark, Iceland, Sweden), Eastern Europe (Poland, Ukraine, Czech Rep. etc.), Rest of Europe
- CIS & Russia
- Japan
- Asia Pacific Excluding Japan (Greater China, India, S. Korea, ASEAN Countries, Rest of APEJ)