The composite coatings market is driven by the increasing demand for anti-corrosion and self-lubrication in the transportation industry and chemical resistance and anti-corrosion in the oil & gas industry. Also, technological advancements in the mass production of composite coatings is one of the factors driving the composite coatings market globally.
Composite coatings are mainly utilized for applications such as anti-corrosion, UV protection, thermal protection, and others. Composite coatings for anti-corrosion comprise a major share in the global composite coatings market. Electroless nickel co-deposited with nano-particles such as boron nitride, diamond infused, medium phosphorus, PTFE and others are mainly used for anti-corrosion applications. These coatings are majorly used in the transportation, oil & gas, and industrial end-use industries.
The major end-use industries in the composite coatings market include transportation, oil & gas, industrial, and aerospace & defense. The transportation end-use industry constituted a major part of the composite coatings market. Composite coatings offer superior properties, including uniform thickness, stiffness, and accuracy and so on, in comparison to traditional coatings. These factors are leading to the high growth of the composite coatings market in the transportation, industrial, and aerospace & defense end-use industries.
North America accounts for the largest market share of composite coatings in 2016, globally, due to the high demand for properties such as uniform coating thickness, consistency, stiffness, and accuracy. In addition, technological advancements in the mass production of composite coatings and increasing usage of these coatings in the transportation and aerospace & defense end-use industries is also contributing to the high growth of the Composite Coatings Market in the North American region. North America is projected to be the fastest-growing market for composite coatings from 2017 to 2022.