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Rising Demand from Oil & Gas, Marine and Industrial Sectors is driving the Demand for Abrasion Resistant Coatings
Global abrasion resistant coatings market projected to reach USD 8.46 Billion by 2021, registering CAGR of 6.3% between 2016 and 2021
Rising demand from oil & gas, marine, and industrial sectors is driving the demand for abrasion resistant coatings. The properties of abrasion resistant coatings such as wear resistance, chemical resistance, heat resistance, and so on make them very popular among end-use industries. Companies are opting for the strategy of expansion to increase their market share in the global market. There have been increase in research & development in the industry and novel products are being developed. North America has the largest demand for abrasion resistant coatings in 2015 and Asia-Pacific is projected to be the fastest-growing market during the forecast period.
Increasing regulations regarding VOC free coatings is driving the market as powder-based and ceramic coatings do not possess VOC emission threats. There have been increased legislation and regulatory agencies such as EPA and REACH are actively trying to increase the usage of water borne coatings. The ability of abrasion resistant coatings to perform well in challenging operational conditions is making them the coating of choice. Polymer coatings such as PTFE can perform well in a wide temperature range and are being preferred for high temperature operations. The growing industrial and manufacturing sectors are playing a significant role in the increase in demand for abrasion resistant coatings. Rising growth in the industrial sector and increasing demand from infrastructure and transportation applications are driving the market growth worldwide. These drivers have encouraged the market players to adopt various growth strategies.
Expansions and mergers & acquisitions were the key strategies adopted by the key players to achieve growth in the global abrasion resistant coatings market. These two strategies together accounted for the largest share of all the strategies adopted by the market players. Some of the leading abrasion resistant coatings manufacturers such as Akzonobel NV (Netherlands), Saint-Gobain (France), Jotun A/S (Norway), The Sherwin-Williams Company (U.S.), Hempel A/S (Denmark), Paraxair Surface Technologies Incorporation (U.S.), Sika AG (Switzerland), Hardide PLC (U.K.), The Bodycote Group (U.K.), and PPG industries (U.S.) adopted expansion as their key growth strategy.
Beside merger & acquisition and expansion, companies adopted partnerships, agreements, and joint ventures to expand their market share and distribution network. These strategies accounted for the maximum share of the total number of growth strategies adopted by the market players of abrasion resistant coatings.
Hempel A/S launched a new range of floor coatings named STRATA for the Middle East market. These coatings are abrasion resistance and have good mechanical strength and can be used in harsh applications. This enhances the company’s product portfolio and offerings in the Middle East region. Hempel A/S generally uses product differentiation as a strategy to enter into new markets. AkzoNobel started production at its largest decorative paints manufacturing site in Chengdu, China. The expansion helped the company extend its reach in southwestern and northwestern regions of the country.
Jotun started operations at its manufacturing site in Brazil. The new manufacturing unit manufactures marine and protective coatings and has a name plate capacity of 10 Million liters. This expansion helped the company better serve the emerging South American market. Hempel acquired leading Dutch coatings manufacturer Schaepman. With the acquisition of this Netherlands-based coatings manufacturer, Hempel expanded its presence in the protective and industrial coatings markets in the European region. The company also focuses on better positioning of its products globally to capitalize on expected high market growth through development of innovative products and technologies.
Abrasion Resistant Coatings Market by Type (Ceramic Based and Polymer Based), Application (Oil & Gas, Industrial, Marine, Power Generation, Infrastructure, Transport, and Others) & by Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) - Global Trends & Forecasts to 2021
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