Transparency Market Research observes that APS Materials, Inc., Aremco, Praxair Surface Technology Inc., Bodycote Plc, and Ceramic Polymer GmbH are some of the leading players in the global high performance ceramic coatings market. These players have a strong hold in North America and Europe due to a stable automotive industry that has focused on innovation since its inception. However, to stay ahead of the competition, companies are expected to look at developing economies to widen their horizons. Emerging trends such as rapid infrastructural developments in newer economies and supportive governmental regulations are also expected to favor mergers and acquisitions in the near future.
According to Transparency Market Research, the global high performance ceramic coatings market is expected to be worth US$ 2,980.4 mn by 2025 from US$7,119.3 mn in 2016. During the forecast years of 2017 and 2025, the global market is estimated to surge at a CAGR of 7.0%. The aviation industry is expected to be the key end user of the high performance ceramic coatings in the forthcoming years as the segment is likely to expand at a 7.1% CAGR. From a geographical point of view, Asia Pacific is expected to lead the global market due to booming industrial sector.
Aerospace Industry to Give Boost to Adoption of High Performance Ceramic Coatings Market
High performance ceramic coatings are advanced coatings having unique properties which help them to be used for a wide range of end user industries such as automotive, aviation, chemical equipment and medical. Commonly found compositions of high performance ceramic coatings are based on alumina, alumina-magnesia, silica, silicon carbide, titania, and zirconia. These thin layers of ceramics are coated either on metals or ceramic substrates in order to offer better resistance against wear, corrosion, and high temperature. High performance ceramic coatings can sustain temperatures upto 1500°C. Thus, they are extensively applied on automotive engine components, which in turn improves fuel efficiency. Flourishing aerospace industry is expected to be the key growth driver for the global market.
The efficiency of a common diesel engine is around 40%. Most of the fuel energy wastage is due to exhaust heat, which accounts for 60%. High performance ceramic coatings, due to their advanced properties control energy wastage and help improve the performance of the automobile. They provide higher advanced discharge mechanism. Similarly, the demand for superior thermally protective aircraft engines boost the consumption of high performance ceramic coatings. The chemical (plant machines) and medical (implants) sectors are also witnessing a rise in demand for high performance coatings. The tremendous advancements in material science is expected to have a positive influence on the overall market.
High Cost of Production to Hamper Market Growth
On the flip side, the global high performance ceramic coatings market is likely to face a few drawbacks. Analysts anticipate that the global market is likely to be hampered by the lack of skilled workers in the near future. Furthermore, the expensive nature of the products that coated with high performance ceramic coatings is likely to dissuade buyers in the near future. In addition to this, the complex technologies associated with production of high performance ceramic coatings is also anticipated to restrain market growth in the near future.