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July 21, 2016
By: Catherine Diamon
Research and Markets has announced the addition of the “Abrasion Resistant Coatings Market – Global Trends & Forecasts to 2021” report to their offering. The abrasion resistant coatings market size is estimated to reach $8.46 billion by 2021, at a CAGR of 6.3 percent between 2016 and 2021. The metal/ceramic abrasion resistant coatings segment is estimated to be the fastest-growing type in the abrasion resistant coatings market. The rising demands for abrasion resistant coatings with excellent chemical and corrosion resistant properties drive this segment in the abrasion resistant coatings market. Ceramic coatings are inert to acid and alkali actions and, therefore, are very tough in nature. Oxide ceramic coatings are electrically insulated and applied on substrates using thermal spray technique to protect from abrasion and corrosion. In 2015, North-America dominated the abrasion resistant coatings market due to rapidly expanding marine and power generation industries. The Asia-Pacific region is projected to register the highest growth rate, both in terms of value and volume, owing to high demand from China and India. China is the second-largest market for abrasion resistant coatings, globally, with major demand coming from the oil and gas industry. Growing innovation and development and rising demand in the industrial sector for novel and improved products are directly driving the rise in the use of abrasion resistant coatings. Significant growth and innovation, along with industry consolidations, are projected to entail a bright future for the market in the region.
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