The ceramic coating market size is expected to be worth US$ 10.49 billion in 2022 and US$ 21.82 billion by 2032, with a 7.6 percent CAGR from 2022 to 2032.
The growing demand for ceramic coating in developing countries is expected to propel the ceramic coating market share forward. The increased automotive production in these countries is likely to boost sales of ceramic coating in automobiles.
Due to its high anti-corrosion and abrasion resistance, ceramic coating is used extensively in the steel industry, including on chimneys, refractory pumps, bearings, and bricks.
The ceramic coating market size is expected to grow throughout 2032 due to properties such as corrosion resistance, wear, shock resistance, and hardness.
The use of ceramics as transparent conductive coatings (TCOs) in solar panels increased the demand for ceramic coating.
Installing solar PV systems in residences, commercial buildings, and industrial facilities is likely to improve the ceramic coating market outlook throughout the forecast period. Therefore, increased solar panel usage is anticipated to boost sales of ceramic coating solutions.
Demand for ceramic coating is expected to rise as the coating promotes improved heat resistance and lower atmospheric emissions. These factors are expected to drive the ceramic coating market share during the forecast period.
There is a growing trend in the aerospace and defence industries that is driving adoption and demand for ceramic coating.
Sales of ceramic coating solutions are expected to grow as they are incorporated into the windshield glass of many planes and are solely used in rocket exhaust cones, insulating tiles, space shuttles, and engine components.
Key Takeaways from Market Study
· The oxide coating segment led the ceramic coating industry by product type and is expected to reach around USD 7 billion by 2027.
· The carbide coating market is expected to grow significantly due to the increasing use of ceramic coatings in the oil and gas industry. Carbide coatings are frequently used in oil and gas exploration to save money.
· Due to increased product adoption in the automotive industry, the transportation and automotive segment was valued at USD 3 billion in 2020 and is expected to reach approximately USD 7 billion by 2032, with a CAGR of 7%.
· Thermal spray accounted for half of the ceramic coating market in 2020 and is anticipated to increase at a CAGR of 7.5 percent between 2022 and 2032 to reach over USD 10 billion by that time.
· Asia-Pacific is expected to dominate the ceramic coatings market, which had a market value of USD 813.14 million in 2018. This is likely due to the region’s developing automotive industry. China continues to be the largest auto market in the world.
· The ceramic coating market in North America is anticipated to represent around 23% of the entire industry revenue by 2032. The growth of the American aerospace sector is predicted to increase ceramic coating sales.
“The key reasons propelling the expansion of the ceramic coating market share over the forecast period include the increasing automotive industry, soaring demand for innovative coatings with exceptional attributes, expanding healthcare and aerospace sectors, and rising demand for antiviral coatings.”- Future Market Insights Analyst.
Competitive Landscape
There are a few significant participants in the moderately fragmented ceramic coating market. The main focus of the industry’s major participants is on offering items that are affordable so that they can expand their commercial potential.
Key competitors are aggressively constructing manufacturing facilities in the industry, which is anticipated to become the epicentre of demand. During the projection period, ceramic coating market share is anticipated to rise thanks to reasonable environmental regulations and a favorable business climate.
The following companies are among the major players in the global ceramic coating market: APS Materials, Inc., Bodycote, Praxair Surface Technologies, Kurt J. Lesker Company, and Ferro Corporation.
Ø XPEL, Inc. announced product range additions for its FUSION PLUS automobile ceramic coating in October 2020. The entire vehicle lineup now includes one-of-a-kind accessories designed to protect glass, wheels, brake callipers, plastic and trim surfaces, and upholstery.
Ø The Ecocoat Kenzo with graphene reinforcement, IGL Coatings’ flagship product, was set to go on sale in March 2021. Kenzo, an innovative 10H* certified, high solids ceramic coating from IGL, was honoured with the Gold Medal Award for Green Technology at the International Innovation Awards 2021.
Ø Tata Motors debuted one of the industry’s first ceramic coating service offers in April 2021 with the all-new Safari. This cutting-edge hydrophilic formulation method will revitalise the look of Tata vehicles.
These insights are based on a report Ceramic Coating Market by Future Market Insights
