Hard Coating Market Size Will Attain USD 1481.08 Million by 2029 growing at 8.10% CAGR - Exclusive Report by Exactitude Consultancy

Luton, Bedfordshire, United Kingdom, Nov. 25, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Hard Coating Market.

“The global Hard Coating market is expected to grow at 8.10% CAGR from 2021 to 2029. It is expected to reach above USD 1481.08 Million by 2029 from USD 794.25 Million in 2021.”

Hard Coating Market Overview

Hard coatings and thin films are frequently used as a surface engineering approach to increase the wear resistance of tools and components. These coatings frequently need to function in corrosive conditions, such as in maritime, biomedical, or oil and gas applications, due to their broad range of use.
The electrochemical coating method known as hard coatings hardens surfaces by anodizing sulfuric acid. The hard coatings are employed in many end-user sectors, including ball bearings, tools, equipment, and optical lenses, since they increase the durability and scratch resistance of the goods. Due to its natural hardness and heat resistance, borides are the material type segment of the market with the fastest growth rate. In addition, the automobile industry is anticipated to adopt hard coatings as a result of technological developments in the field and a rise in demand for lightweight components.


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Trends
Metal + diamond: a unique hard coating technology
Proprietary InnerArmor coating technology
Proprietary DualArmor coating technology

Growth Factors
These are some of the key aspects that are creating favourable prospects for the expansion of the hard coating market during the projected period. Hard coatings have a variety of industrial applications that help to protect machinery and equipment that operates in tough conditions. To get a competitive advantage, the big corporations are primarily refocusing their efforts on producing novel and ground-breaking goods and expanding their production capabilities into the amino resins industry. The items are created in a way that will support compliance with strict formaldehyde emission laws.

Segmentation
Based on Material

  • Boride Hard Coatings - Boride coatings have a growing proclivity for amorphous film growth with increasing atomic ratio and, for rare earth hexaborides, decreasing metal radius of rare earth metal due to the strong directionality of covalent boron-boron interactions.
  • Nitride Hard Coatings
  • Oxide Hard Coatings
  • Carbide Hard Coatings
  • Carbon-based Hard Coatings
  • Multi-Component Hard Coatings

Based on Deposition Technique

  • Physical Vapour Deposition - In 2021, Physical Vapour Deposition held the greatest proportion of the hard coatings market.
  • Chemical Vapour Deposition

Based on Application

  • Cutting Tools - In 2021, Cutting Tools held the greatest proportion of the hard coatings market.
  • Decorative Coatings
  • Optics
  • Gears
  • Bearings
  • Pistons
  • Cams
  • Cylinders
  • Hydraulic/Pneumatic Components

Based on End-Use

  • Transportation Industry
  •  Automotive - The automotive industry held the greatest share of the hard coatings market in 2021 and is expected to increase at a CAGR of 5.7% between 2022 and 2028.
  • Railroad
  • Marine
  •  Aerospace
  •  Medical & Dental Industry
  •  Building & Construction Industry
  •  General Manufacturing Industry
  •  Food & Beverage Industry
  •  Sports Industry
  • Others

Market Drivers

  • Boride chemical demand is increasing in the hard coatings sector. This chemical is one of the toughest and most heat-resistant compounds available. Because of its extraordinary toughness capabilities, it is extensively utilised as a coating for products that must survive the hardest conditions, such as cutting instruments. The increased demand for boride chemicals in hard coating is likely to fuel the hard coating market's growth rate.
  • The optical industry is a major user of hard coatings. Soft coatings are commonly used on lenses and other optical components, although their use has become outdated with the development of high-performance approaches such as hard coatings. Hard coatings have numerous advantages over soft coatings. Following continuous application, hard coating remains stable for a period of years, whereas soft coated lenses and optical components change over time.
  • Hard coatings have numerous features, including electrical and temperature resistance, corrosion resistance, hardness and wear, and a low friction coefficient after lubrication. All of these properties enhance the need for hard coatings in the global market.
  • The growing understanding of the benefits of hard coatings has increased their application in a variety of end-user industries, including general manufacturing, automotive, and construction. Because of their increased energy efficiency, usefulness, and lifetime, hard coatings are widely employed in the general industrial business. The increased demand for hard coatings in a variety of industries is likely to boost market value over the forecast period.

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Key Players
Major key players are ASB Industries Inc., CemeCon AG, Dhake Industries Inc., DIARC-Technology Oy, Duralar Technologies, Exxene Corp, Gencoa Ltd., Hardcoatings Inc., Ihi Hauzer Techno Coating B.V, Ihi Ionbond AG, Kobe Steel Ltd., Momentive Performance Materials Inc., OC Oerlikon Corporation AG, Platit AG, SDC Technologies Inc., Sulzer Ltd., Ultra Optics, Zeiss Group

Industry News

  • 22 November 2022, The Ionbond plant in Greensboro, USA, is a center of excellence in servicing customers, with a very diverse product portfolio. Read on to learn about their unique aerospace certification and coating capabilities.
  • November 17, 2022, Sulzer has successfully finalized an extensive modernization project in the Kotka pump factory. The automation and digitization of the processes will take the production to a completely new level, cutting production throughput time by 93%.
  • November 9, 2022, SDC Technologies, Inc. (SDC), the recognized global leader in premium, high-performance specialty coating solutions, has acquired Coburn Technologies, Inc., an established innovator in the production, service and support of award-winning, high quality, precision ophthalmic lens processing systems and instruments for the eye care industry. For more than 65 years, Coburn has supplied optical labs and eye care professionals with products and services that have reinvented lens production methods with high-speed automation, machine intelligence, precision, and sustainable coating technologies. They also offer a state-of-the-art line of accurate and reliable diagnostic machines that eye care professionals use to conduct eye examinations.
  • In March 2022, In Chicago, the engineers at the University of Illinois had developed a long-lasting coating, considered the most effective ice immune product in the industry that provides ecological sustainability. It was designed after careful research on the nature of chemicals.

Regional Analysis

  • North America (United States, Canada and Mexico)
  • Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
  • Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
  • South America (Brazil, Argentina, Columbia etc.)
  • Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

In 2021, the Asia-Pacific region held the biggest market share (35%). It dominates the hard coating market due to its aromatic hydrocarbon composition, excellent polyester products production, and well-established distribution route.
The North American region is predicted to increase significantly at an 8.4% CAGR during the projection period. Because of the constant rise in the usage of hard coatings materials, mostly in the aerospace and defence, and marine sectors, the United States is the region's largest market. This is likely to boost market growth in this region during the forecast period.

Restraints

  • The technique requires a significant investment in this sector, which is projected to stymie the expansion of the hard coating market. The high cost of ownership, along with the availability of alternatives, limits the market's growth rate.
  • The Current Market Scenario and the Impact of Raw Material Shortages and Shipping Delays.

FAQ

  • Which region holds the highest share in the Hard Coating Market?
  • What is the future market value for the hard coating market?
  • What is the application segment?
  • Who are the key players in the Hard Coatings Market?

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Irfan Tamboli (Head of Sales) - Exactitudeconsultancy
Phone: + 1704 266 3234 
sales@exactitudeconsultancy.com 

11/25/2022 10:27

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