The global hard coatings market size is projected to reach USD 1,351.3 million by 2026, at a CAGR of 8.0% from 2016 to 2026. Increasing awareness about benefits of hard coatings in the Asia-Pacific region, growing healthcare market, and efficiency of hard coatings are fueling the growth of the hard coatings market, globally.
The hard coatings market is expected to witness a high growth rate between 2016 and 2026, in terms of value. The market is rapidly evolving with key players playing a crucial role in its development. The key companies profiled in this market report include OC Oerlikon Corporation AG (Switzerland), IHI Ionbond AG (Switzerland), CemeCon (Germany), IHI Hauzer Techno Coating B.V. (Netherlands), and Sulzer Ltd. (Switzerland).
Expansions and new product launches are the most widely used strategies by the key players to strengthen their market presence and reach, especially in regions such as Asia-Pacific, Western Europe, and North America. These market players also concentrate on increasing their production capacities and developing cost-effective technologies. They are investing to upgrade their units for the enhanced production of hard coatings. All these developments meet the increasing demand for hard coatings from a variety of applications, such as cutting tools and decorative coatings.
OC Oerlikon Corporation AG (Switzerland) adopted expansion and new product launch as key strategies in the hard coatings market. The company added new hard coating products and technologies to its existing portfolio in October 2015. In November 2015, the company acquired Laser Cladding Services (USA) to expand its Surface Solutions Segment’s technology portfolio. Earlier, in January 2014, Oerlikon acquired the thermal spray coating unit of Sulzer (Switzerland), to focus on the oil-and-gas sector.
IHI Ionbond AG (Switzerland), a leading producer of hard coatings, opened its second PVD and PACVD coating service center for automotive components in Chengdu, China in October 2015. It also inaugurated a new center for decorative, automotive component, and tool coatings in Venlo (the Netherlands), in the same month. The company inaugurated a new 3700 m2 facility for tungsten carbide inserts and forming dies in Kunshan City, China in May 2015, for molding tools, medical instrument, and round shank cutting tools.
Hard Coatings Market by Material Type (Nitrides, Oxides), Application (Cutting Tools, Decorative Coatings), Deposition Technique (PVD and CVD), End-Use Industry (General Manufacturing, Transportation), and by Region - Global Forecast to 2026
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