Rapid Advancements In Hard Coatings Market To Fuel Revenues Through 2022 – 2031 : Fact.MR

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According to a recently published study on the landscape, Fact.MR, a market research and competitive intelligence provider, expects the global hard coatings market to exceed US$ 1 billion by 2031, expanding at a nearly 7% CAGR. Extensive adoption in the medical device and equipment manufacturing industry is likely to nudge growth. From 2016 to 2020, sales of hard coatings increased at a CAGR of more than 6%. In terms of revenue, the market increased from around US$ 600 million in 2016 to over US$ 750 million in 2020. While prospects remained bleak across several industrial verticals during the COVID-19 crisis, the food processing segment significantly maintained sales, owing to increased demand for instant foodstuffs during the lockdown period.

Future growth prospects are also dependent on the expanding food processing industry. With a 70% increase in global food demand expected by 2050, the demand for processed and hygienic food is increasing. As a result, advanced processing solutions that use hard coatings are becoming more popular, with key manufacturers introducing innovative food coating product lines.

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Key Takeaways from Market Study

  • Hard coatings based on physical vapour deposition will experience a nearly 5% CAGR by deposition technique.
  • Oxide hard coating sales will grow the fastest by material, at a CAGR close to 8% by 2031.
  • Boride hard coatings sales are expected to exceed US$450 million by the end of 2031.
  • Nitride-based hard coatings are expanding rapidly, with a nearly 7% CAGR.
  • The rapid adoption of medical device manufacturing is boosting U.S. growth prospects, with over $200 million in revenue expected by 2020.
  • China plans to use hard coatings extensively in architectural coatings, with a total investment of $250 million by 2031.
  • Japan and Canada are two other notable markets, with CAGRs of around 4% and 6%, respectively.

Key Segments Covered in Market Study

  • 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

After reading the Hard Coatings Market report, readers can:

  • Understand the drivers, restraints, opportunities, and trends influencing global growth.
  • Examine key regions that account for a sizable portion of the total Hard Coatings Market revenue.
  • Examine the global Hard Coatings Market scenario, including production, consumption, history, and forecast.
  • Learn about the consumption patterns and the impact of each end use on the growth of the Hard Coatings Market.
  • Examine each Hard Coatings Market participant’s most recent R&D projects.

The Hard Coatings Market report answers important questions which include:

  • What is the current state of the Hard Coatings Market?
  • What will the Hard Coatings Market look like at the end of the forecast period?
  • Which region contributes the most to the Hard Coatings Market Devices, and why?
  • Which companies continue to dominate the Hard Coatings Market?
  • What opportunities exist for Hard Coatings Market participants to expand their production footprint?
  • Which segment has the greatest influence on the Hard Coatings Market?

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