As per Fact.MR’s hard coatings industry research, revenue in the global market topped US$ 750 Mn in 2020, in spite of recessionary impacts induced by the COVID-19 pandemic. Sales remained high amid high uptake in the food processing industry. Future prospects are likely to receive significant nudge, with the market anticipated to reach a valuation exceeding US$ 1 Bn by 2031.
Key Points Covered in Hard Coatings Industry Analysis:
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand Share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Hard Coatings and How to Navigate
- Recommendation on Key Winning Strategies
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Hard Coatings Market Outlook (2016-2020) & Future Growth Prospects (2021-2031)
Fact.MR – a market research and competitive intelligence provider, has analyzed that, from 2016 to 2020, hard coating sales forecast experienced strong expansion, expanding at a CAGR of over 6%. The market was valued at nearly US$ 600 Mn at the commencement of the historical period. Extensive applications across such key industries as healthcare and food & beverage processing primarily drove growth.
Adjusting for the COVID-19 induced downturn, the market for hard coatings topped US$ 750 Mn in 2020. Growth was majorly sustained by applications in the food processing industry, attributed to the surging demand for ready-to-eat foods during the lockdown period. From 2021 to 2031, demand is poised to experience a growth of nearly 7% in value CAGR terms.
How is Expanding Global Healthcare Industry Fueling Growth Prospects for Hard Coating Suppliers?
According to the hard coatings demand outlook, a proliferating global healthcare landscape is opening up lucrative growth opportunities for hard coatings, particularly in the medical devices and equipment manufacturing domain. Functionalization of surfaces through PVD coatings are an indispensable part of modern medical technology.
PVD coatings impart a unique combination of extreme surface hardness, low friction coefficient and anti-corrosion properties. Furthermore, compliance with biocompatibility regulations is an additional feather in the cap of the hard coatings landscape. Prominent manufacturers such as Oerlikon Balzers and SCS Medical Coatings are thus finding high ground for future expansion, contributing significantly to overall market growth.
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Will Food Manufacturing Open New Growth Frontiers for Hard Coatings?
As the global population swells, demand for hygienic food is increasing exponentially. As a consequence, food manufacturers have been investigating the scope of hard coatings to enhance food quality, introducing numerous innovative technologies, driving market expansion. These coatings are important to prevent food spoilage from biotic and abiotic environmental factors.
Hence, major players are specializing in edible food coatings which help preserve food quality. Edible coatings are applied in active packaging due to their functional properties and because they eliminate or inhibit the growth of microorganisms in food products. Active antimicrobial packages are designed to function when in direct contact with food as they incorporate antimicrobial additives.
What are the Key Challenges to Future Hard Coating Sales?
While hard coatings demand has flourished across major industries in the historical period, high total cost of ownership and highly capital intensive nature of investment are poised to hinder expansion prospects to a significant extent.
Further challenges are anticipated amid high availability of cheaper substitute coatings which are water soluble and biodegradable. Consequently, industries are likely to be more inclined towards the latter.
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What Do Hard Coatings Market Insights Conclude about the U.S.?
The market for hard coatings in the U.S reached over US$ 200 Mn in 2020. Growth is expected to be spurred by high uptake across the medical devices sector. According to the Centers for Medicare and Medicaid (CMS), national healthcare spending across the U.S is poised to grow at an average annual rate of 5.4% until 2028.
By 2020, total healthcare spending reached US$ 4.01 Tn amid the pandemic crisis. Consequently, the medical devices industry received a tremendous boost, acting as a catalyst for hard coatings sales for the healthcare industry. Coatings manufactured through physical vapor deposition (PVD) and titanium nitride are the most widely sold products.
How is China Likely to Fare in the Global Hard Coatings Landscape?
China is anticipated to reach over US$ 250 Mn in revenue terms, expanding at a staggering CAGR exceeding 10% until 2031. Prominent manufacturers are increasingly targeting the architectural coatings landscape, as they constitute over 1/3 of the domestic market for hard coatings.
As per Fact.MR’s analysis of hard coatings demand for China, these are increasingly being deployed across the buildings and construction industry, attributed to the increasing need for robust material to protect infrastructure from corrosion, abrasion and other abiotic phenomena.
Which is the Most Preferred Hard Coating Deposition Technique?
By deposition technique, hard coatings based on physical vapor deposition (PVD) are expected to register high sales, growing at approximately 5% CAGR, as per Fact.MR’s projections.
Hard coatings based on PVD are tougher and more corrosion-resistant compared to coatings made by other processes, such as electroplating. PVD coatings are used in thin film solar panels, aluminized PET film for food packaging and titanium nitride coated cutting tools for metalworking.
Why are Projections for Oxide Hard Coatings the Strongest?
Fact.MR’s hard coatings industry analysis projects that demand for oxide hard coatings are anticipated to surge at nearly 8% CAGR throughout the forecast period.
Techniques such as black oxide coating, for instance, offer minimal dimensional changes, provides a more aesthetic finish, zero hydrogen embrittlement and enhanced resistance to corrosion. Moreover, oxide hard coatings reduce friction.
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Key manufacturers of hard coatings are reliant on multiple growth strategies- from new product launches and R&D funding to strategic mergers & acquisitions and collaborations. Some notable developments in the hard coatings industry analysis include:
- In January 2021, ASB Industries Inc. collaborated with Hannecard to henceforth operate under the name Hannecard Roller Coatings Inc. This partnership is likely to expand ASB’s rubber & polyurethane roller coatings business across key industries.
- Since 2020, CemeCon K.K has been collaborating with several Japanese tool manufacturers to provide its range of diamond coatings at its new coating center in Nagoya. Furthermore, they have successfully integrated the HiPIMS technology.
Historical Data Available for
US$ Mn for Value & ‘000 Units for Volume
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
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Key Segments Covered in Market Study
- Hard Coatings Based on Physical Vapor Deposition
- Hard Coatings Based on Chemical Vapor Deposition
- Boride Hard Coatings
- Nitride Hard Coatings
- Oxide Hard Coatings
- Carbide Hard Coatings
- Carbon-based Hard Coatings
- Multi-Component Hard Coatings
Hard Coatings Market- Scope of Report
A recent study by Fact.MR on the hard coatings market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with offering hard coatings.
The study also provides the dynamics responsible for influencing the future status of the hard coatings market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.
A list of prominent companies manufacturing hard coatings, along with their product portfolios, enhances the reliability of this comprehensive research study.
The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of hard coatings across the globe.
A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of hard coatings during the forecast period. Price point comparison by region with global average price is also considered in the study.
Key Questions Answered in Report
- Which are the most lucrative markets for hard coatings?
- Which factors will impact the growth of hard coatings?
- How will changing trends impact the strategies of market players?
- How can market players capture the low-hanging opportunities across regions?
- Which companies are leading the hard coatings industry?
- What are the winning strategies of stakeholders in the market?
Analysis on Market Size Evaluation
The market has been analyzed for each segment in terms of volume (‘000 Units) and value (US$ Mn).
Estimates at global and regional levels for hard coatings are available in terms of “US$ Mn” for value and in “‘000 Units” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global hard coatings market.
Inspected Assessment on Regional Segments
Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the hard coatings during the forecast period.
Country-specific valuation on demand for hard coatings has been offered for each region, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value and volume for emerging countries has also been included in the report.
In-depth Analysis on Competition
The report sheds light on leading manufacturers of hard coatings, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in offering hard coatings has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the hard coatings domain.
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the hard coatings industry, and reach conclusions on the future growth parameters. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.
Secondary resources referred to by analysts during the preparation of the market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the research report as a primary resource.
- FAQs -
The global hard coatings market has surpassed US$ 750 Mn in revenue terms.
Hard coating demand is expected to surpass US$ 1 Bn by 2031, expanding at around 7% CAGR.
Hard coatings market insights estimates that the market expanded at above 6% CAGR from 2016 to 2020.
Sales of hard coatings are majorly influenced by an ever-flourishing medical devices & equipment industry.
Hard coating application is expected to emerge strongest across the food processing industry.
The U.S., Canada, China, Japan, and Germany are expected to emerge as frontrunners as far as global hard coatings sales are concerned.
Sales of hard coatings in the U.S. totaled more than US$ 200 Mn as of 2020.
Demand for hard coatings in China is likely to expand at a CAGR exceeding 10% through 2031.
Hard coatings manufactured from oxides are expected to expand at nearly 8% CAGR until 2031.
ASB Industries Inc., SDC Technologies Inc., CemeCon AG, and OC Oerlikon Corporation AG are some of the major hard coating manufacturers.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
Is a sample of this report available for evaluation?
Yes, you can request a sample, and it will be sent to you through an email.