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3. Expansions and New Product Developments were the Key Growth Strategies Adopted by Major Market Players in Low Friction Coatings Market Between 2014 and 2016

The low friction coatings market is projected to reach USD 810.4 Million by 2021, at a CAGR of 5.7% from 2016 to 2021. Low friction coatings are applied to achieve a lower coefficient of friction to enhance smoothness in relative motion and reduce the loss of material. Low friction coatings are being preferred over conventional lubricants, due to the ease of application and ability to perform under high pressure and temperature environment. The low friction coatings market depends largely on end-use industries, such as aerospace, automotive, textile, general engineering, chemical, food, pharma, and medical devices coatings. The low friction coatings market in the automotive industry is witnessing high growth, due to their increasing use to improve fuel efficiency.

Expansions and new product developments were the key growth strategies adopted by major market players in low friction coatings market between 2014 and 2016. Apart from these strategies, companies also adopted joint ventures, agreements, and acquisitions to increase their market penetration and regional coverage. Major players in the low friction coatings market include Dow Corning Corporation (U.S.), The Chemours Company (U.S.), Whitford Corporation (U.S.), BECHEM (Germany), Endura Coatings (U.S.), and Everlube (U.S.).

Dow Corning Corporation (U.S.) adopted expansions and new product developments as major development strategies. In August 2016, the company developed a silver metallic colored anti-friction coating that can be applied on visible parts of automobiles for a glossy finish. In March 2016, Dow Corning Corporation signed an agreement with Chempoint, Inc., a subsidiary of Univar, Inc. (U.S.), for the distribution of Molykote products in North America, Europe, and Middle East & Africa. This is expected to help the company to increase its market penetration and customer satisfaction through dedicated service and enhanced supply chain.

The Chemours Company (U.S.), a spin-off from DuPont (U.S.), adopted expansions as a key development strategy. The company established a new Teflon Finishes production plant in China in July 2016. This increased capacity helped of Chemours to cater to the automobile and industrial applications in Asia-Pacific

Related Reports:

Low Friction Coatings Market by Type (Polytetrafluoroethylene (PTFE), Molybdenum Disulfide (MoS2), End Use Industry (Aerospace, Automobile & Transportation, General Engineering, Energy, Food & Healthcare), and Region - Global Forecast to 2021

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