Ceramic Coating Market Growth & Trends
With growing research and development activities, Ceramic coatings are venturing into wider application segments. Currently, automobiles and transportation are expected to be the largest application for ceramic coatings. However, with further product innovations, ceramic coating is likely to have a larger application share than its counterparts, such as PTFE or regular coatings. For instance, in 2021, IGL Coatings launched graphene reinforced product Eco coat Kenzo. Eco coat Kenzo revolutionized the ceramic coatings industry by developing a zero-VOC, high-solids recipe. Its unique high solids recipe distinguishes it, resulting in global demand for the smooth and bright ceramic coating.
The COVID-19 pandemic significantly impacted the ceramic coatings industry. Demand for all categories dropped drastically in 2020 due to manufacturing disruptions in key end-use industries. As the ceramic coating industry does not fall under essential services, it experienced a negative impact on the year-on-year growth rate due to reduced demand from key sectors such as automotive, aerospace, steel, electronics, and others.
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Ceramic Coating Market Report
Report Attribute Details
Market size value in 2022 — USD 10.42 billion
Revenue forecast in 2030 — USD 19.19 billion
Growth Rate — CAGR of 7.8% from 2022 to 2030
Base year for estimation — 2021
Historical data — 2017–2020
Forecast period — 2022–2030
Ceramic Coating Market Report Highlights
- The oxide segment accounted for 57.2% of the global revenue share in 2021. This is due to oxides are cheaper compared to other coatings such as carbide and nitride
- Thermal spray accounted for around 74% of the revenue share in the global market. Since this type of mode is the most popular choice among ceramic coating producers, it can be applied to almost any type of material composition and has a high density
- The carbide segment is expected to expand at a CAGR of 7.7% during the forecast period. This is due to the carbide coatings’ gradual entry into the sports industry, where it is used on applications such as horse hooves, golf clubs, and bicycles
- Asia Pacific dominated the market in 2021 with more than 44% of global consumption. This is due to the presence of a large number of industries coupled with tightening environmental norms
