Hard Coatings Market Insights | Key Players: OC Oerlikon Corporation AG (Switzerland), IHI Ionbond AG (Switzerland), CemeCon (Germany), IHI Hauzer Techno Coating B.V. (Netherlands) & Sulzer Ltd. (Switzerland)
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The hard coatings market is expected to witness a high growth rate between 2016 and 2026, in terms of value. The market is rapidly evolving with key players playing a crucial role in its development. The key companies profiled in this market report include OC Oerlikon Corporation AG (Switzerland), IHI Ionbond AG (Switzerland), CemeCon (Germany), IHI Hauzer Techno Coating B.V. (Netherlands), and Sulzer Ltd. (Switzerland).
Expansions and new product launches are the most widely used strategies by the key players to strengthen their market presence and reach, especially in regions such as Asia-Pacific, Western Europe, and North America. These market players also concentrate on increasing their production capacities and developing cost-effective technologies. They are investing to upgrade their units for the enhanced production of hard coatings. All these developments meet the increasing demand for hard coatings from a variety of applications, such as cutting tools and decorative coatings.
OC Oerlikon Corporation AG (Switzerland) adopted expansion and new product launch as key strategies in the hard coatings market. The company added new hard coating products and technologies to its existing portfolio in October 2015. In November 2015, the company acquired Laser Cladding Services (USA) to expand its Surface Solutions Segment’s technology portfolio. Earlier, in January 2014, Oerlikon acquired the thermal spray coating unit of Sulzer (Switzerland), to focus on the oil-and-gas sector.
IHI Ionbond AG (Switzerland), a leading producer of hard coatings, opened its second PVD and PACVD coating service center for automotive components in Chengdu, China in October 2015. It also inaugurated a new center for decorative, automotive component, and tool coatings in Venlo (the Netherlands), in the same month. The company inaugurated a new 3700 m2 facility for tungsten carbide inserts and forming dies in Kunshan City, China in May 2015, for molding tools, medical instrument, and round shank cutting tools.
The global market size for hard coatings is projected to reach USD 1,351.3 million by 2026, at a CAGR of 8.0% during the forecast period. The market is driven by rise in demand in the Asia-Pacific countries, increase in awareness about the benefits of hard coatings, and emerging automotive and healthcare sectors.
Technology advancements in the hard coatings industry, such as the HiPIMS (High Power Impulse Magnetron Sputtering) coating technology and the hydrogen-free DLC coating, are expected to drive the hard coatings market. Cutting tools is expected to be the fastest-growing application segment of the hard coatings market. Drivers for the growth of this segment include greater functionality and increase in lifetime. As a result, major players in the hard coatings market, such as OC Oerlikon Corporation AG (Switzerland) and IHI Ionbond AG (Switzerland), have rolled out new cost-effective products.
PVD (Physical Vapor Deposition) is the most widely used technique in various industries. The cutting tools industry, the first to adopt the PVD technology, continues to steadily apply the PVD technology to replace the conventional deposition techniques. Drivers for the use of this technique in various industries include greater durability and less time intensive. In September 2013, CemeCon launched PVD coating HARDLOX for hard processing to enhance the durability.
General manufacturing represents the bulk of the demand for hard coatings. Hard coatings are used for wear protection of machine components in industries. Drivers for the use of hard coatings in the general manufacturing industry are greater functionality, increased product lifetime, and increased energy efficiency resulting in reduced fuel consumption or reduced lubricant requirements. In October 2015, OC Oerlikon Corporation AG (Switzerland) launched BALINIT ALTENSA AlCrN-based coating to meet the expected high demand.
The multi-component coatings segment is expected to be the fastest-growing material segment of the hard coatings market. Drivers for the use of multi-component coatings are greater functionality, increase in lifetime, increased energy efficiency resulting in reduced fuel consumption or reduced lubricant requirements. Oerlikon Balzers developed the BALINIT ALTENSA AlCrN-based coating for ultrafast gear cutting to meet the increased demand for hard coatings in this segment.
The Asia-Pacific region dominated the global hard coatings market in 2015. The Asia-Pacific market is driven by the increasing demand from the automotive sector. In October 2015, IHI Ionbond AG (Switzerland) set up two new plants, in China and in the Netherlands, to cater to the increasing demand for hard coatings.
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