According to TechSci Research report, “Composite coatings Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Composite Coatings Market stood at USD 1,289.12 million in 2022 and is anticipated to grow with a CAGR of 6.13% in the forecast period, 2024-2028. The initiatives taken by the government based on composite coatings have led to favorable market conditions for the Global Composite Coatings Market. Several factors contribute to the growth of various composite coatings products.
The United States government has actively engaged in initiatives aimed at enhancing the performance and sustainability of coatings, including composite coatings. For example, the National Institute of Standards and Technology (NIST) conducts thorough research and develops testing methods to improve auto coatings, specifically composite coatings, in terms of scratch resistance and durability. Moreover, the Environmental Protection Agency (EPA) has provided support for initiatives focused on developing amorphous alloy surface coatings for diverse applications, including composites.
In Europe, governments have implemented various initiatives to foster the development and adoption of composite coatings. The Graphene Flagship project of the European Union, backed by a budget of €1 billion, actively promotes research and innovation in graphene-based composites and coatings, with the aim of enhancing their performance and commercial viability.
The Department of Science and Technology (DST) in India has allocated funding for research at the International Advanced Research Centre for Powder Metallurgy and New Materials (ARCI), specifically for the development of nanocomposite coatings that reduce friction. These coatings aim to extend the lifespan of devices and reduce energy consumption.
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The continuous surge in research and development (R&D) has led to the expansion of application areas for composite coatings. In the automotive sector, for instance, R&D efforts have resulted in the development of lightweight composite coatings that offer improved fuel efficiency and reduced emissions. Similarly, in the aerospace industry, advanced composite coatings have been developed to enhance aircraft performance, reduce maintenance costs, and ensure durability in extreme conditions.
R&D activities have also explored new avenues for composite coatings in emerging industries such as renewable energy and medical devices. The development of coatings with specific functionalities, such as anti-microbial properties or enhanced thermal insulation, has opened doors for diverse applications.
The Global Composite Coatings Market is segmented into technique, application, end user, regional distribution, and company
Based on its end user, the aerospace & defense segment held the largest share in the market. Composite coatings are utilized in the aerospace and defense sector due to their advantageous properties. They offer durability, lightweight strength, and stiffness, as well as thermal and fire protection to aircraft components.
The global aerospace and defense market is projected to experience significant growth in the forecast period. For instance, Boeing estimates that the market will reach a value of US$2.6 trillion from 2020 to 2029, with the United States accounting for approximately 60% of the total market share. The aerospace industry is witnessing growth in regions such as Asia-Pacific, the Middle East, and Africa, driven by stable GDP growth, strong passenger demand, and favorable commodity prices. Additionally, the Asia Pacific and Central Asia regions are expected to witness growth in the construction industry due to ongoing investment plans in infrastructure development.
Based on region, the North America segment is expected to grow during the forecast period. The growing aerospace and defense industry in the region is propelling market expansion. The increasing population and per capita income are fostering growth in the aerospace sector in the region.
Based on Boeing's Commercial Market Outlook 2020-2039, the expected economic growth (GDP) for commercial airplanes is 4.3%, with a 4.4% growth in airline fleet and projected aircraft deliveries of 8,600 over the next 20 years. According to Boeing's 2020 Commercial Market Outlook (CMO), Southeast Asian passenger traffic is expected to increase at a rate of 5.7% annually until 2039.
Consequently, the flourishing aerospace industry will generate higher demand for aerospace components, driving the growth of the Composite Coatings market in the Asia-Pacific region. Additionally, the automobile industry plays a crucial role in the composite coatings market due to the utilization of lightweight materials and composite applications in vehicle manufacturing.
Major companies operating in the Global Composite Coatings Market are:
- Axalta Coating Systems, LLC
- A.W. Chesterton Company
- KC Jones Plating Company
- PPG Industries, Inc.
- OM Sangyo Co., Ltd.
- Poeton Industries Ltd.
- Nickel Composite Coatings, Inc.
- Surteckariya Co., Ltd.
- Sharretts Plating Company
- Walter Hunger GmbH and Co. Kg.
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“Growing application of composite coatings in various end-user industries are key drivers of the composite coatings market. Growth in the competitive landscape and the presence of well-established companies in the market who are dedicated to enhancing their productivity of composite coatings with every passing year are anticipated to register an impressive growth to the Global Composite Coatings Market in the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Composite coatings Market By Technique (Laser Melt Injection, Brazing, Electroless Plating, Others), By Application (Anti-Corrosion, UV Protection, Thermal Protection, Others), By End User (Transportation, Aerospace & Defense, Industrial, Oil & Gas, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Composite Coatings Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Composite Coatings Market.
Table of Content-Composite Coatings Market
- Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.2.1. Markets Covered
1.2.2. Years Considered for Study
1.2.3. Key Market Segmentations
- Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, Trends
- Global Composite Coatings Market: Demand-Supply Analysis
4.1. By Region
- Global Composite Coatings Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Technique (Laser Melt Injection, Brazing, Electroless Plating, Others)
5.2.2. By Application (Anti-Corrosion, UV Protection, Thermal Protection, Others)
5.2.3. By End User (Transportation, Aerospace & Defense, Industrial, Oil & Gas, Others)
5.2.4. By Region
5.2.5. By Company (2022)
5.3. Market Map
5.3.1. By Technique
5.3.2. By Application
5.3.3. By End User
5.3.4. By Region
- Asia Pacific Composite Coatings Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Technique
6.2.2. By Application
6.2.3. By End User
6.2.4. By Country