Composite Coatings Market Overview
“The Global Composite Coatings Market is expected to grow at 8.4% CAGR during 2023-2030. It was valued 1.001 billion at 2023 & to reach above USD 1.95 billion by 2030.”
Composite coatings refer to a type of protective coating that is composed of two or more distinct materials. These materials are combined to create a coating with enhanced properties such as improved strength, durability, corrosion resistance, or thermal conductivity.
The composite coating typically consists of a base material or matrix, which provides the primary structure, and one or more reinforcing materials, which enhance specific properties. This combination of materials allows composite coatings to offer superior performance compared to traditional single-component coatings.
The market for composite coatings is being driven by these coatings use as thermal barriers and intumescent layers. The need is anticipated to increase for excellent corrosion resistance. Increased processing costs could hurt the market.
However, the growing popularity of protective coatings is significantly increasing demand. The market for composite coatings is giving prospects in the tube and down-hole piping systems.
The market for composite coatings is the area of the coatings business that is concentrated on the creation, application, and distribution of composite materials as protective or adorning coatings. In order to generate a composite coating with improved qualities, two or more different materials, such as polymers, resins, fibres, or particles, are combined.
These coatings are made to give the surfaces they are applied to particular functionalities, such as corrosion resistance, wear resistance, thermal insulation, electrical conductivity, or aesthetic appeal.
Several industries, including automotive, aerospace, marine, oil & gas, construction, electronics, and others use composite coatings. They are used to shield substrates from abrasion, high temperatures, chemicals, and the environment. When compared to conventional coatings or other protective materials, composite coatings can also have benefits including improved performance, cost effectiveness, and lightweighting.
Demand Outlook
Manufacturers, producers, distributors, and end users of these specialized coatings are all a part of the composite coatings market. In order to achieve optimum adhesion and longevity of the coatings, it includes the creation of composite coating formulations, manufacturing procedures, quality control, and the application techniques used. The creation of environmentally friendly or sustainable composite coatings, improvements in coating processes, and the investigation of novel uses for these cutting-edge materials are market developments in this industry.
Several aspects that affect the composite coatings industry have an impact on how it grows and develops. These dynamics take into account elements including rising end-use industry demand, technical development, environmental laws, and competitive environment. The expanding demand for composite coatings across numerous industries is an important trend.
Coatings with exceptional protection against corrosion, abrasion, and wear are needed in sectors like automotive, aerospace, oil & gas, and marine. The demand for lightweight materials, increased fuel efficiency, and longer product lifecycles all contribute to these industries' increasing use of composite coatings.
In the market for composite coatings, technological improvements are quite important. New coating compositions, production methods, and application strategies all help to provide high-performance coatings with improved attributes. For instance, the application of nanotechnology to composite coatings can enhance their strength, toughness, and surface properties.
The market for composite coatings is impacted by environmental restrictions and sustainability issues. Environmentally friendly coatings with lower emissions of volatile organic compounds and less negative effects on the environment are becoming more popular in the industry. Research and development activities are directed towards developing more environmentally friendly composite coating solutions in response to regulatory requirements compliance and the growing emphasis on sustainable practices.
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Market Dynamics
Growth Drivers
Demand is growing from the Automotive Industry
It is believed that Composite Coatings get increasingly sought-after in the auto industry because of their superior durability and attractive color. Composite coatings are used in many different applications in the automotive industry, such as Wheel, Heavy Duty Equipment and other transportation. China has the distinction of being the biggest automobile market, as per the International Trade Administration (ITA) as well as the Chinese government is expecting the manufacturing of cars to increase to the 35 million mark by 2025.
As per the Organization International des Constructeurs d'Automobiles (OICA), Africa produced 776,967 passenger vehicles in 2018 and this increased to 1.3 percent to 787,287 by 2019. Based on Invest in India, passenger vehicle sales increased in value by 2.70 percent, the sales of two-wheelers increased in 4.86 percent, while three-wheeler sales rose by 10.27 percent during FY 2018-19 when compared with the FY 2017-18. This means that increasing the automation level will require more automotive parts that will serve as an engine to this Composite Coatings market in the forecast time.
Flourishing Construction Sector
The Asia-Pacific construction industry is among one of the largest in the world, and it is expanding due to the growing population. The increasing number of infrastructure construction projects as well as the investment of foreign investors of Europe and the European Union into the cost-effective market of China have also contributed to the growth of the construction industry. China's construction industry has grown quickly in recent times as the government focused on investing in infrastructure to boost economic expansion. Foreign restrictions on investments in land development as well as the operating huge theme parks have also been lifted.
The growing oil and gas industries is expected to increase the market for composite coatings in India. The construction industry of Asia Pacific has been growing continuously due to urbanization, which is why the Government has launched a variety of initiatives to support this. In the Construction Industry of India is projected to reach $1.4 trillion by the year 2025, with investments of 24% in Renewable energy; 19% for highways and roads as well as 16% in urban infrastructure and 13% in railways, which is the 2 2nd largest FDI investments in the period 2000-2020. Polypropylene is a popular carbon resins in the industrial and construction industries is increasing and increasing the demand for composite coatings for construction during the forecast time.
Therefore, it is expected that, with the growing construction industry and the growing demand for composite coatings, there will be an increase in demand for composites that will in turn increase growth in the Composite Coatings market to expand during the forecast time.
Challenges
Higher Price of Composites
The price associated with Composite Coatings is more expensive. The reason is the price of its production in the process of making composite coatings, the equipment and machinery that are employed are associated as having a higher cost, and the machinery requires high maintenance. Because of this it is no surprise that the product Composite Coatings is sold at an expensive price when compared with other materials, which can slow the expansion in the marketplace.
Even when Composite Coatings gives superior results, customers typically prefers the cheaper. This is the primary challenge of Composite Coatings in terms of usage and growth, which limits the expansion in the marketplace.
Composite Coatings Market Segment Analysis
By technique the market is segmented into laser melt injection, electroless plating, brazing, others. While electroless plating gives homogenous and corrosion-resistant coatings, laser melt injection offers precise and localized coating deposition. Between the substrate and the coating, brazing allows a powerful connection. Thermospray, physical vapor deposition, and chemical vapor deposition are further methods that each have their own benefits in terms of coating characteristics, application flexibility, and industry-specific requirements.
By application the market is segmented into Anti-corrosion, thermal protection, UV protection, others. Anti-corrosion coatings stop substrate degradation brought on by chemistry or the environment. Coatings for thermal protection provide insulation against extreme temperatures and heat transfer.
Surfaces are protected against ultraviolet radiation damage by UV protection coatings. In order to meet the needs of different industries and offer specialized solutions for different applications, other capabilities may include electrical conductivity, abrasion resistance, or aesthetic upgrades.
By end user the market is segmented into aerospace & defense, industrial, transportation, oil & gas, others. High-performance coatings are required by the aerospace and defence industry for corrosion resistance, weight reduction, and thermal protection. Coatings are needed in the industrial sector for the protection of infrastructure, machinery, and equipment.
Coatings are essential to the transportation sector for use in automobile, rail, and maritime applications. The oil and gas sector is looking for coatings for equipment, offshore constructions, and pipelines. Other industries cover a wide range of uses, including those in electronics, building, and healthcare, each having unique coating specifications.
Competitive Landscape of the Composite Coatings Market
Composite coatings market key players include Axalta Coating Systems, LLC, PPG Industries, Inc., OM Sangyo Co., Ltd., Poeton Industries Ltd., Endura Coatings, Twin City Plating, Aztron Technologies, LLC, Mader Group, A.W. Chesterton Company, KC Jones Plating Company.
March 14, 2023: Axalta launched new ICONICA collection in the US for the Architectural and Construction Market.
May 23, 2023: PPG launched paint films solutions for automotive and industrial customers.
3 Jan, 2023: TWI has developed an electroless nickel-phosphorus plating (ENP) composite coating for demanding applications as part ongoing geothermal related research projects such as Geo-Coat, Geo-Drill, and GEOHEX.
AkzoNobel acquired Stahl’s powder activities to strengthen their position as a full-service provider of sustainable solutions for heat-sensitive substrates, and to build on a worldwide leading position by entering emerging market segments. Further, the acquisition enables the introduction of powder application to temperature-sensitive substrates such as MDF, plywood, thermoplastics, and composites.
In July 2021,ODG Composite Llc(Saginaw, Texas, U.S.) has launched Element Xtreme Coatings for mold coating designed for exterior durability, flexibility and adhesion when applied to infused, epoxy-based composite parts. The traditional gel coats can account for 15-25% of the total part weight. Element Xtreme, sprayed directly into the mold before infusion and cure to save weight up to 50% compared to gel coats. Less coating is required due to the hardness of Element Xtreme.
In March 2021, Pronexos(Tonex®) has launched a new composite coating for CFRP rollers that will provide a cost-effective solution for roller application designed to meet specific needs of the printing & packaging, converting, and non-woven markets
Regional Insights
In recent years, a number of industries, like the composite coatings market, have seen substantial expansion in the North American market. The region's thriving automobile, aerospace, and oil & gas sectors are among the factors fostering this prosperity.
For the purpose of shielding their assets from corrosion, wear, and other environmental issues, these industries have a strong demand for composite coatings. Innovations in coating formulas and technical improvements have also contributed to the market's expansion.
A strong infrastructure, cutting-edge research and development capabilities, and a welcoming business environment benefit the North American market, luring investments and promoting the growth of the composite coatings industry in the area.
The Asia Pacific region is experiencing rapid industrialization, urbanization, and infrastructural development, creating substantial demand for composite coatings. Countries like China, India, and Japan are major contributors to the market growth, with rising investments in industries such as automotive, electronics, and marine.
Furthermore, the increasing awareness regarding the benefits of composite coatings in terms of corrosion resistance, wear protection, and thermal management further fuels the market growth in the region.
Segments Covered in the Composite Coatings Market
Composite Coatings Market by Technique
- Laser Melt Injection
- Electroless Plating
- Brazing
- Others
Composite Coatings Market by Application
- Anti-Corrosion
- Thermal Protection
- UV Protection
- Others
Composite Coatings Market by End User
- Aerospace & Defense
- Industrial
- Transportation
- Oil & Gas
- Others
Composite Coatings Market by Region
- North America
- Asia Pacific
- Europe
- South America
- Middle East and Africa
Frequently asked questions with answers
What is the worth of composite coatings market?
The Global Composite Coatings Market is expected to grow at 8.4% CAGR during 2023-2030. It was valued 1.001 billion at 2023 & to reach above USD 1.95 billion by 2030.
What is the size of the North America in composite coatings industry?
North America held more than 30% of composite coatings market revenue share in 2021 and will witness expansion in the forecast period.
What are some of the market's driving forces?
The market for composite coatings is being driven by these coatings' use as thermal barriers and intumescent layers. The need is anticipated to increase for excellent corrosion resistance. Increased processing costs could hurt the market. However, the growing popularity of protective coatings is significantly increasing demand. The market for composite coatings is giving prospects in the tube and down-hole piping systems.
Which are the top companies to hold the market share in composite coatings market?
Axalta Coating Systems, LLC, PPG Industries, Inc., OM Sangyo Co., Ltd., Poeton Industries Ltd., Endura Coatings, Twin City Plating, Aztron Technologies, LLC, Mader Group, A.W. Chesterton Company, KC Jones Plating Company.
What is the leading segment of composite coatings market?
By end user the market is segmented into aerospace & defense, industrial, transportation, oil & gas, others. High-performance coatings are required by the aerospace and defence industry for corrosion resistance, weight reduction, and thermal protection. Coatings are needed in the industrial sector for the protection of infrastructure, machinery, and equipment.
