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Hard Coatings Market worth 1,351.3 Million USD by 2026
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Borides segment estimated to be the largest material type segment of the market in terms of value
The borides segment is estimated to be the largest segment of the hard coatings market, by material type, in terms of value. Diborides of transition metals (ex. Ti, Cr, Mo V) are some of the key types of boride coatings. Economic expansion in developing countries of Asia-Pacific will increase the demand for hard coatings, especially in automotive and general manufacturing industries. Boride coatings are relatively less explored and are therefore costlier than the other coatings.
PVD to register the highest growth rate during the forecast period
Hard coatings can be used in various industries. Hard coating materials can be deposited by various deposition techniques, such as physical vapor deposition (PVD) and chemical vapor deposition (CVD). PVD is the most widely used technique, as it is less time intensive and durable. Other techniques involve dipping, sol gel, micro-oxidation, packed diffusion, ionic beam surface treatment, and laser assisted techniques.
Hard coating market in Asia-Pacific is estimated to witness the highest CAGR during the forecast period
Asia-Pacific is the largest market for hard coatings, in terms of value, followed by North America and Western Europe. China, U.S., Germany, and Japan are the largest consumers of hard coatings. Applications such as cutting tools and decorative coatings represent the bulk of the demand for hard coatings in the Asia-Pacific region. Rising awareness about the benefits of hard coatings has increased the importance as well as demand of hard coatings in Asia-Pacific countries, such as China, Japan, and South Korea.
Key players in the hard coatings market
The key players in the global hard coatings market include OC Oerlikon Corporation AG (Switzerland), IHI Ionbond AG (Switzerland), CemeCon (Germany), IHI Hauzer Techno Coating B.V. (Netherlands), and Sulzer Ltd. (Switzerland).
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