Ceramic Coating Market Growth & Trends
The global ceramic coating market is expected to reach USD 19.19 billion by 2030, expanding at a compound annual growth rate (CAGR) of 7.8%, according to a new report by Grand View Research, Inc. This is due to the increasing utilization of automobile engine components and the aerospace & defense industry, which is projected to propel the market growth during the forecast period. Furthermore, ceramic coatings are being extensively used in the automobile and transportation industry, owing to their anti-corrosion properties and offering resistance to abrasion and heat. Ceramic coatings are also used for providing a finished polish look on the exterior body of cars slowly replacing wax.
With growing research and development activities, ceramic coatings are venturing into wider application segments. Currently, automobiles and transportation are expected to be the largest application for ceramic coatings. However, with further product innovations, ceramic coating is likely to have a larger application share than its counterparts, such as PTFE or regular coatings. For instance, in 2021, IGL Coatings launched graphene reinforced product Eco coat Kenzo. Eco coat Kenzo revolutionized the ceramic coatings industry by developing a zero-VOC, high-solids recipe. Its unique high solids recipe distinguishes it, resulting in global demand for the smooth and bright ceramic coating.
The COVID-19 pandemic significantly impacted the ceramic coatings industry. Demand for all categories dropped drastically in 2020 due to manufacturing disruptions in key end-use industries. As the ceramic coating industry does not fall under essential services, it experienced a negative impact on the year-on-year growth rate due to reduced demand from key sectors such as automotive, aerospace, steel, electronics, and others.
Ceramic Coating Market Report Highlights
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