The global market size of abrasion resistant coatings is projected to grow from USD 8.0 billion in 2019 to USD 11.1 billion by 2024, at a compound annual growth rate (CAGR) of 6.5% during the forecast period. The major driving factors for the market are stringent EU and US regulations regarding VOC emissions. The other significant drivers include the enhanced properties of abrasion resistant coatings such as fast curing time and high temperature resistance. The demand for abrasion resistant coatings is increasing from developing economies such as China, India, and Indonesia.
The leading players in the abrasion resistant coatings market are AkzoNobel N.V. (Netherlands), Saint-Gobain (France), The Jotun Group (Norway), The Sherwin-Williams Company (US), Hempel A/S (Denmark), Praxair Surface Technologies (UK), Henkel (Germany), and SIKA AG (Switzerland). These players adopted new product development and agreement as their key growth strategies from 2015 to 2019, which helped them increase their manufacturing capacities and cater to the widening customer base.
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AkzoNobel has launched Awlgrip HDT polyurethane clearcoat that helps in resisting abrasion in the sea. The product has lower VOC content and is also repairable. The company has tested the product’s durability on 7 boats in the Volvo Ocean Race Boatyard 2017-2018 edition. AkzoNobel has inked a 2-year deal with Nakilat, a Qatar Gas Transport Company to supply AkzoNobels product, Intersleek 1100SR. It is a fluoropolymer technology used as a hull coating to resist any fouling organism settle on the underwater hull and exhibit properties such as abrasion resistance.
The Jotun Group has launched Jotatemp 1000 ceramic coating to meet the increasing demand from hydrocarbon processing facilities. This coating can be applied to surfaces with the temperature reaching 1832°F. The previous coating that Jotun offered could only meet the requirements of temperature up to 1112°F. This coating provides increased tolerance and a shift to higher temperature operations that help optimize the processing and productivity of the hydrocarbon processing industry.
The major players such as AkzoNobel N.V. (Netherlands), Saint-Gobain (France), The Jotun Group (Norway), The Sherwin-Williams Company (US), and Hempel A/S (Denmark) have emphasized on expanding the market through their already existing product portfolio.
Abrasion Resistant Coatings Market by Type (Metal/Ceramic, Polymer), End-Use Industry (Oil & Gas, Marine, Power Generation, Transportation, Mining, Construction), Region (North America, APAC, Europe, MEA, South America) - Global Forecast to 2024
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