As per a study by Fact.MR, the global hard coatings market is expected to surpass a valuation of US$ 750 million by the end of 2021 in comparison to US$ 600 million registered between 2016 and 2020. Thanks to the extensive uptake across the food processing and healthcare industry, the market demand is expected to project growth at a CAGR of 7% during the forecast period 2021 to 2031.
Ongoing expansion food processing industry is fueling the demand for hard coatings. According to Fact.MR, hard coatings sales growth is primarily sustained by demand in the food processing sector. Rising demand for ready-to-eat food will continue creating opportunities for sales within the industry.
As a result of steady expansion of the food processing sector, the need for well-processed and hygienic food is multiplying. Since hard coatings prevent food spoilage from abiotic and biotic environmental factors, their demand is expected to soar.
Prospects for application in healthcare also are giving impetus to the hard coatings market. Hard coatings are especially used in the medical devices and equipment manufacturing domains. Coatings manufactured using physical vapor deposition (PVD) process and titanium nitride are widely sold in the healthcare sector.
Fact MR identifies the U.S. and China as highly lucrative markets for sales. Rising healthcare spending and demand for advanced facilities will continue supporting growth in both countries. The China market is forecast to reach a valuation of US$ 250 Mn, expanding at 10% CAGR by 2031.
"Manufactures are investigating the scope for application of hard coatings in the food processing industry. They are focusing on developing innovative products such as edible coating to preserve food quality and address the increasing demand for hygienic processed food products," says the Fact.MR analyst.
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Key Takeaways from Hard Coating Market Analysis
- The market for hard coating in the U.S. is anticipated to surpass a valuation of US$ 200 million through 2021, owing to the high uptake across the medical devices and equipment sector.
- China is likely to generate a market revenue of more than US$ 250 million, growing at a staggering CAGR of over 10% by 2031.
- Canada is expected to emerge as a lucrative market, expanding at CAGRs of around 6% by 2031, favored by the increasing demand for processed food.
- The hard coating market in Japan is estimated to exhibit steady growth at a CAGR of 4% during the forecast period.
- The sales of oxide hard coating are projected to expand at the highest rate, growing at a CAGR of around 8% by 2031.
Key Drivers
- Increasing demand for PVD from the medical devices and equipment sector is spurring the sales of hard coating.
- Ongoing expansion in the food processing industry is fueling the demand for hard coating.
- Rising awareness among consumers with regard to the benefits of hard coatings is expected to drive market growth.
Key Restraints
- High capital-intensive nature of investment for hard coatings is hampering the growth of the market.
- High cost of hard coating is a factor restraining the market growth.
- Availability of substitutes is impeding the demand for hard coating.
Competitive Landscape
Leading player operating in the hard coating market are focusing on launching new products and engaging into strategic collaborations and mergers & acquisitions to maintain their lead and strengthen their global footprint. Some notable developments in the hard coatings industry analysis include:
- In January 2021, ASB Industries Inc. announced its collaboration with Hannecard, a European company, and stated that they will operating under the name Hannecard Roller Coatings Inc., henceforth.
- In June 2021, AgroFresh Solutions Inc., a company based in America, announced a launch of its new edible plant-based coatings for fresh product under its VitaFresh Botanicals brand
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Some of the prominent players operating in the hard coating market profiled by Fact.MR are:
- ASB Industries Inc.
- CemeCon AG
- Dhake Industries Inc.
- DIARC-Technology Oy
- Duralar Technologies
- Exxene Corp
- Gencoa Ltd.
- Hardcoatings Inc.
- Ihi Hauzer Techno Coating B.V
- Ihi Ionbond AG
- Kobe Steel Ltd.
- Momentive Performance Materials Inc.
- OC Oerlikon Corporation AG
- Platit AG
- SDC Technologies Inc.
- Sulzer Ltd.
- Ultra Optics
- Zeiss Group
More Valuable Insights on Hard Coating Market
Fact.MR, in its new report, offers an unbiased analysis of the global hard coating market, analyzing forecast statistics through 2019 and beyond. The survey reveals growth projections on in hard coating market with detailed segmentation:
- Deposition Technique
- Hard Coatings Based on Physical Vapor Deposition
- Hard Coatings Based on Chemical Vapor Deposition
- Material
- Boride Hard Coatings
- Nitride Hard Coatings
- Oxide Hard Coatings
- Carbide Hard Coatings
- Carbon-based Hard Coatings
- Multi-Component Hard Coatings
Key Questions Covered in the Hard Coating Market Report
- The report offers insight into hard coating demand outlook for 2021-2031
- The market survey also highlights projected sales growth for hard coating market between 2021 and 2031
- Hard coating market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Hard coating market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
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