What is the future of Composite Coatings Market? Know Covid Impact on Size, Share & Forecasts
June 25, 2020
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Composite Coatings Market.
It was estimated prior to this unanticipated outbreak that the Composite Coatings Market was expected to grow at a CAGR of 8.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Composite Coatings are mainly protective layers that are applied to concrete, steel, or any other substrate material. They are applied for the basic reason of protecting the substrate material from corrosion.
Composite Coatings are used with the technique of laser melt injection, brazing, electroless plating, and others. Transportation, aerospace & defense, industial, oil & gas, and others are the industries where the composite coatings are used.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the application type, the market is segmented as anti-corrosion, UV protection, thermal protection, and others. Composite coatings for the anti-corrosion application occupy a major chunk of the market owing to their remarkable properties, such as uniform coating thickness, precision, and consistency, and likewise. On account of these features, they are utilized in large volumes in industries such as industrial, transportation, and oil & gas.
Based on the end-use industry type, the market is segmented as transportation, aerospace and defense, industrial, oil & gas, and others. The transportation end-use industry has been estimated as the fastest-growing segment in the composite coatings market. Composite coatings offer numerous features comprising uniform coating thickness, accuracy, stiffness, and consistency in comparison to powder coatings, because of which they are utilized in various end-use industries.
In terms of regions, North America is estimated to be the fastest-growing market for composite coatings during the forecast period. The prime factors contributing to its growth are the increasing demand from the transportation and aerospace & defense industries. These advanced coatings are employed for the different equipment used in these industries as they offer uniform coating thickness, accuracy, stiffness, and consistency, leading to low-maintenance cost, which is essentially required. Asia-Pacific and Europe are also expected to offer substantial growth opportunities in the coming five years.
Key Players:
Some of the major players in the composite coatings market are Axalta Coating Systems, LLC, A.W. Chesterton Company, KC Jones Plating Company, PPG Industries, Inc., OM Sangyo Co., Ltd., Poeton Industries Ltd., Nickel Composite Coatings, Inc., Surteckariya Co., Ltd., Sharretts Plating Company, and Walter Hunger GmbH & Co. Kg.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Composite Coatings Market analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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