Report Code: 11032 | Available Format: PDF
The hard coatings market was USD 1,187.2 million in 2023, which will increase to USD 1,839.9 million by 2030, powering at a rate of 6.5% between 2024 and 2030.
A major barrier in the industry is the large initial investment needed. Setting up coating facilities and obtaining specialized equipment can be very costly involving infrastructure, sophisticated machinery, and trained personnel. This entry barrier makes it difficult for small businesses or startups to compete against already established players who already have the infrastructure and economy of scale. Additionally, research & development as well as the manufacturing of the new and enhanced hard coatings add to the initial investment challenges.
Moreover, hard coatings have to compete with other materials such as ceramics and polymers. Such materials possess comparable properties, such as wear endurance as well as durability, at a much less costly price. This makes them attractive options in certain applications, mainly those with low specific performance requirements.
For example, for basic wear protection, polymers could be used as an alternative to hard coatings in some construction applications. This competition therefore challenges coating manufacturers to develop and optimize their products to keep them competitive. They should concentrate on developing cost-effective solutions, emphasizing the distinctive advantages of hard coatings over other options, and aiming for applications where their greater performance explains the cost premium.
The borides category, based on material type, accounted for a significant share of the industry. This is mainly because of the proliferation of the amorphous films, boosted by a rising atomic ratio and decreasing metallic radius of rare earth metals. The strong directional bonding of boron is a major factor in the growth of the category. The structural arrangement of the boride phase greatly affects both mechanical and optical properties, thus making it a significant player in the industry. This complex coordination of elements makes borides a key and influential player in shaping the industry's landscape.
The physical vapor deposition category, based on deposition technique, is the largest contributor to the industry. The automotive sector boosts the need for hard film coatings due to its focus on lightweight materials to improve fuel efficiency as well as decrease carbon dioxide emissions.
This trend will drive the growth of the industry during this decade, as industries look for high-end coating solutions to meet strict environmental standards and improve the lifetime of critical components to achieve sustainable & effective manufacturing approaches.
Report Attribute | Details |
Market Size in 2023 |
USD 1,187.2 Million |
Revenue Forecast in 2030 |
USD 1,839.9 Million |
Growth Rate |
6.5% CAGR |
Historical Years |
2017-2023 |
Forecast Years |
2024-2030 |
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
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Globally, APAC is the largest contributor to the industry. This can be ascribed to the region's strong industrial and manufacturing sectors, along with a vibrant aerospace and automotive sector. India, South Korea, Japan, and China, are leading the utilization of developed technologies and materials to improve their industrial abilities, thus also boosting the need for hard coatings.
Furthermore, the developing consumer electronics sector of the region is another contributor to the rising need for hard coatings as manufacturers try to improve the product's performance and longevity. The region’s investment in infrastructure, as well as construction projects, further creates a strong demand for hard coatings in the industrial machinery & equipment area.
North America is likely to advance at the fastest compound annual growth rate during this decade. This can be mainly because of technological improvements, rising emphasis on sustainability, and innovative applications in the continent. The rapidly developing automotive and aerospace sectors of the region leverage hard coatings to achieve better fuel economy, less emissions, and better performance.
Furthermore, the increasing focus on renewable energy sources generates the need for hard coatings in the wind energy industry. The North American medical devices industry also considers hard coatings for surgical instruments and implants, which boosts regional industry growth.
The hard coatings market is fragmented, which comprises established players as well as emerging startups. This results in a dynamic environment that is continuously innovative and competitive.
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