High-performance Ceramic Coatings Market : Companies Investing in Product Development to Remain Ahead of the Curve
Rising Demand for High Performance Ceramic Coatings Observed in Automotive, Aerospace Industries
The prime driver for the global high performance ceramic coatings market is the growing demand for the same from the booming automotive and aviation industries. “The global automotive industry has been on a sharp growth curve since the last decade, with the growing urban demographic in emerging countries providing lucrative prospects to local as well as international automotive manufacturers,” TMR’s lead analysts commented. The tangible performance benefits of high performance ceramic coatings have encouraged their widespread adoption, particularly across the premium range, to make automotive engines more resistant to environmental and chemical impurities.
The aviation sector has also made extensive use of high performance ceramic coatings in recent years. The thermal protection offered by high performance ceramic coatings is second to none, a key asset for the aviation industry, which subjects engines to more extreme operating conditions than perhaps any other industry.
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“Nanoceramics are the latest advance in high performance ceramic coatings and are likely to dominate the global high performance coatings market in the coming years,” the analyst stated. Nanoceramics provide similar efficacy as conventional coatings, but at smaller volumes and thus lower costs. This is a key asset for the high performance ceramic coatings industry, which faces a serious challenge due to the high costs and technical sophistication of high performance ceramic coatings.
High Costs, Lack of Technical Expertise Hurting High Performance Ceramic Coatings Market
The key restraint on the global market for high performance ceramic coatings is their high costs, which limit the use of these coatings to the premium bracket of the respective end-use industries. Like any technological advance, steady use over time will make high performance ceramic coatings more widely available at considerably lower costs. A steady growth curve will also help the industry develop a sufficient base of skilled technicians, thus ameliorating the other influential restraint on the global high performance ceramic coatings market.
Vast Automotive, Aviation Industries to Keep North America, Europe Markets Dominant
Geographically, North America and Europe are the leading regional markets for high performance ceramic coatings, thanks mainly to the preeminent position of these two regions as the development hubs of the global aviation and automotive industries. The North America high performance ceramic coatings market, which accounts for more than a third of the global market, is expected to have a total volume of 415.9 kilotons by the end of 2016 and further rise to 540.8 kilotons by the end of 2020. Despite the growing promise of the Asia Pacific market, North America and Europe are set to dominate the high performance ceramic coatings market in the coming years.
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Apart from the automotive and aviation industries, which are the two leading consumers of high performance ceramic coatings, the healthcare, electronics, and power industries exhibit significant demand for high performance coatings.
The global high performance ceramic coatings market is expected to exhibit a sturdy 7% CAGR from 2014 to 2020, allowing the market’s valuation to rise to an estimated US$9.1 bn by 2020.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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