Global Composite Coatings Market Is Set For A Rapid Growth And Is Expected To Reach Around USD 1,500 Million By 2024

10/1/2020 10:41:52 AM

(MENAFN- iCrowdNewsWire) Oct 1, 2020

Zion Market Research has published a new report titled 'Composite Coatings Market by Technique (Laser Melt Injection, Brazing, Electroless Plating, and Others), by Application (Anti-Corrosion, UV Protection, Thermal Protection, and Others), and byEnd-Use (Transportation, Aerospace and Defense, Industrial, Oil & Gas,and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017–2024'. According to the report, the global composite coatings market was valued at around USD 240 million in 2017 and is expected to reach approximately USD 1,500 million by 2024, growing at a CAGR of slightly above 6% between 2018 and 2024.

Composite coatings are applied to steel, concrete, or metal to provide excellent protection against fire, heat, corrosion, and harmful radiations. These coatings are applied in different layers, namely substrate, base coat, primer, and top coat. These composite coatings are lightweight and are applied with the help of various technologies, such as electroless plating, and brazing, among others.

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The automotive industry is growing rapidly globally. China, Philippines, India, and Vietnam are expected to be the potential markets for the automobile industry. This is due to the easy availability of labor at low cost, economical prices of raw material prices, and a growing urban population. These factors are projected to influence the growth of the composite coatings market in the region over the next few years. The oil and gas industry is also expected to play a major role in this market's growth due to the technological developments and innovation related to various processes, such as piping, down-hole tubing in the sea, etc. The offshore oil and gas industry is now using lightweight composite pipelines instead of the conventional metal pipeline that are heavy. These lightweight pipelines reduce weight, improve efficiency, and reduce manufacturing costs. The key market players are also contributing toward various technological developments for market growth, which, in turn, is likely to bolster the demand for composite coatings the forecast time period. A major restraining factor for the global composite coatings market is the high processing costs. However, high demand for composite coatings transportation and infrastructure industries likely to provide various opportunities for the key players operating in the composite coatings market.

The global composite coatings market can be segmented based technique, application, and end-use. By technique, this market is divided into brazing, electroless plating, and others. By application, this market is segmented into anti-corrosion, thermal protection, UV protection, laser melt injection, and others. By end-user, this market is classified into industrial, transportation, aerospace and defense, oil and gas, and others. The industrial segment is further sub-segmented into medical and food industries. The automotive industry is likely to be the dominant segments in the forecast time period. Increase in the demand for automotive is also expected to drive the demand for composite coatings in the years to come.

Based on regions, the market is segmented into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. The Asia Pacific contributed significantly toward composite coatings market share in terms of volume in 2017. This was due to the increase in the demand for automotive in the region. The North American composite coatings market is also likely to witness noteworthy growth during the forecast time period.

Some major players operating in the global composite coatings market are Sangyo Co.,Poeton Industries Ltd., PPG Industries, Axalta Coating Systems, LLC, KC Jones Plating Company, A.W. Chesterton Company, Nickel Composite Coatings, Inc., Endura Coatings, Mader Group, Twin City Plating,Inc., Aztron Technologies, LLC, and Surteckariya Co., Ltd.,among others.

This report segments the global composite coatings market as follows:

Composite Coatings Market: Technique Segment Analysis