Global Composite Coatings Market: Snapshot
Products in the global composite coatings market, composite coatings are manufactured by adding two or more substances of varied physical and chemical properties. These can include, in most common cases for the composite coatings, resins such as epoxy and polyurethane. These products in the global composite coatings market can be applied to various substrate surfaces of varying textures or formats such as concrete or steel. Primary purpose of applying composite coatings is to protect the substrate surface from hazardous external conditions. These products in the global composite coatings market are applied to protect important surfaces against corrosion, harmful radiations, and fire. Applied through various different techniques such as brazing, laser met injection, and electro less plating, products in the global composite coatings market display various properties according to their matrix and reinforcement materials.
Most sought after properties in products in the global composite coatings market include anti-corrosion, Ultra violet protection, thermal protection, self-lubrication, and chemical resistance, among others. Surging applications in industrial and original equipment manufacturing are anticipated to bolster the rise of the global composite coatings market in coming years. Rising demand for the products in global composite coatings market can also be attributed to their excellent thermal barrier and intumescent properties. Increasing demand from construction and oil and gas industries is expected to augment the growth of the global composite coatings market in coming years.
Composite coatings are protective layers applied to substrates such as steel, concrete, or metals. They provide excellent corrosion protection and waterproofing. Composite coatings offer protection against fire, heat, corrosion, and harmful radiations. Different layers of composite coatings include adhesive treated substrate, primer, base coat, and top coat. The construction industry is one of the common end-user industries of composite coatings. These coatings are typically used to protect steel from corrosion in the building & construction industry. Composite coatings are used as intumescent and thermal barriers on concrete and other materials. Commonly used composite coatings are light in weight; as a result, they help improve fuel efficiency. Besides construction, other industries that employ composite materials are manufacturing, automotive, aerospace, and oil & gas. Composite materials are coated on various substrates with the help of technologies such as laser melt injection, electroless plating, brazing and others. Composite coatings have attractive properties such as uniform coating thickness, accuracy, and consistency.
Rapid expansion in automotive and aerospace industries is the key factor driving the global composite coatings market. Anti-corrosion properties of composite coatings are also anticipated to drive the global composite coatings market. Growth in population and rapid industrialization are major factors boosting the composite coatings market in emerging economies. Attractive growth opportunities offered by the oil & gas industry is expected to propel the composite coatings market in the near future. Technological innovations in processes such as piping system, and downhole tubing systems are anticipated to augment the composite coatings market. Composite coatings are used in coating airframes in aircraft. They are also used to coat wind turbine blades. Increase in awareness about renewable energy is estimated to augment the consumption of composite coatings.
Based on application, the global composite coatings market can be segmented into transportation, oil & gas, building & construction, marine, and metal forming. In terms of technology, the composite coatings market can be classified into laser melt injection, electroless plating, brazing and others. Others segment can be sub-segmented as laser cladding and electrochemical. Composite coatings contain resin and fiber. Commonly used resins include epoxy, polyester, polyamide, and cyanate ester. Fibers can be categorized into glass fiber, carbon fiber, and aramid fibers.
The global composite coatings market expanded at significant pace in 2016. This trend is anticipated to continue during the forecast period. In terms of geography, the composite coatings market can be divided into Asia Pacific, North America, Europe, Middle East & Africa, and Latin America. Increase in population and rise in number of transportation vehicles in China and India are propelling the composite coatings market in Asia Pacific. North America offers attractive growth opportunities to the composite coatings market owing to the expansion in aerospace and defense sectors in the region. Growth in the automotive industry coupled with technological advancements is anticipated to fuel the composite coatings market in Europe. In Latin America, recent advancements in the aerospace industry and building & construction industry are anticipated to drive the composite coatings market in the near future. Rise in immigration and rapid urbanization in Middle East & Africa are boosting the composite coatings market in the region.
High degree of competition exists in the global composite coatings market. Key players operating in the market include PPG Industries Inc, Axalta Coating Systems LLC, and Nickel Composite Coatings, Inc.
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