Hard Coatings Market

Hard Coatings Market Size 2023-2028

The hard coatings market was valued at USD 1028.10 million in 2022 and is projected to arrive at USD 1.412.30 million in 2028, registering a CAGR of 8.2% between 2023 and 2028.

The growing need for hard coatings in automotive and healthcare is a pivotal factor in the global market. On the basis of application, the manufacturing segment is expected to experience the fastest growth during the forecast period. On the basis of deposition technique, physical vapor deposition (PVD) is supposed to be the fastest-growing segment in the global hard coatings market during the foreseen period.

The optical industry is one of the main users of hard coatings. The hard coating offers many advantages over soft coating. They remain constant for several years after continuous use, while soft optics and lenses show changes over time. They are scratch-resistant, durable, anti-reflective, and anti-fog, and increase longevity. The main countries that contributed to the sales of the spectacle lens market were the United States, Germany, France, Italy, the United Kingdom, Spain, the Netherlands, Canada, etc. The above factors are likely to increase the market demand for hard coatings in the coming years.

Hard Coatings Market Drivers:

The rapid development of the healthcare sector is expected to drive the growth of the global hard coatings market during the outlook period. Moreover, the increasing consumer awareness of the effectiveness and benefits of using hard coatings is likely to accelerate market growth. Cutting tools are the fastest-growing application segment in India, China, and Malaysia. The consistent application, durability, and shorter overall properties of PVD technology are utilized in the cutting tool industry, allowing it to replace conventional deposition technology. Growing awareness of the benefits of hard coatings has led to the use of these coatings in a wide range of end-user industries, including automotive, general manufacturing, and construction. Hard coatings also find applications in the general manufacturing industry due to their increased functionality, longer life, higher energy efficiency, reduced fuel consumption, and lubricant requirements.

Hard Coatings Market Restraints:

The major constraints hindering the growth of the global hard coatings market are the high total cost of ownership and the high capital investment market. In addition, the development of cost-effective substitutes is expected to pose challenges for the growth of the worldwide market.

Opportunities in the Hard Coatings Market:

The increasing emphasis on new product development, innovations, and research and development activities is expected to generate opportunities for the major players operating in the global hard coatings market during the forecast period. In addition, new developments in several developing countries are supposed to show a positive trend in the hard coatings business. In the automotive industry, lightweight materials are chosen due to lower fuel consumption and lower carbon dioxide emissions. Policies to restrict hex chrome plating due to environmental concerns in economies such as Europe and the United States are likely to further stimulate the growth of the hard coatings industry.

Challenges in the Hard Coatings Market:

The high deposition temperatures for some chemical vapor deposition (CVD) processes (often above 600°C) are often unsuitable for structures already fabricated on substrates. Although some materials can be used to lower deposition temperatures through the use of plasma-assisted chemical vapor (CVD) or organometallic precursors. Another drawback is that chemical vapor deposition (CVD) precursors are often dangerous or harmful, and some precursor by-products can often be harmful. 

HARD COATINGS MARKET REPORT COVERAGE:

Hard Coatings Market Segmentation as per the research report until 2028.

Hard Coatings Market - By Material:

• Borides
• Carbon-Based
• Oxides
• Nitrides
• Carbides
• Multicomponent Coating

Borides are widely used in the hard coatings market. Boride coatings show an increasing tendency for the growth of amorphous films with increasing atomic ratio and, for rare earth hexaborides, with decreasing metal radius of the rare earth metal due to the strong directivity of boron covalent bonds boron. The crystallographic structure of the boride phase strongly influences the mechanical and optical properties.

Hard Coatings Market - By Technique:

•  Physical Vapor Deposition

• Chemical Vapor Deposition

Physical vapor deposition accounted for the largest share of the hard coatings market in 2020. PVD techniques are in demand in various end-use industries such as aerospace, automotive, cutting tools, and others due to their toughness and wear resistance, reduced friction, and better resistance to oxidation.

Hard Coatings Market - By Application:

• Decorative Coatings
• Cutting Tools
• Optics
• Pistons
• Gears & Bearings
• Cams
• Cylinders
• Others

Cutting tools accounted for the largest share of the hard coatings market in 2020. The application of hard coatings and lubricants to cutting tools has brought tremendous benefits to the metal-cutting industry by reducing wear and tear and by considerably increasing the service life of tools. The deposition of a hard coating on the cutting tools increases the consistency of the surface finish by preserving the structure of the cutting edge of the tool as well as the reduced coefficient of friction and reduced temperatures.

Hard Coatings Market  - By End Use:

• Transportation Industry

• Medial & Dental Industry

• Building & Construction Industry

• General Manufacturing Industry

• Food & Beverage Industry

• Sports Industry

• Others

The automotive industry held the largest share of the hard coatings market in 2020 and is expected to grow at a CAGR of 5.9% during the forecast period 2022 - 2027. Its main advantage is the reduction of manufacturing costs due to the longer life of the equipment and the improvement of the quality of the products. Low-friction hard coatings often lead to energy savings and longer service lives in the automotive and forging industries. The demand for hard coatings is expected to increase with the increased production of electric vehicles in the United States.

Hard Coatings Market - By Region

• North America 

• Europe 

• Asia Pacific

• Latin America 

• Middle East & Africa 

Asia-Pacific is the largest market due to the region's strong leadership in industrialization as well as increased government funding in infrastructure, marine, aerospace, and defense. India, Japan, and China are the main markets in this region due to increasing public and private investment in key end-user hard coatings industries. The United States is the largest market in North America due to the steady increase in the use of hard coating materials, primarily in the aerospace and defense, and maritime industries. This is expected to support growth in the region over the foreseen period. Europe is another important region in the global hard coatings market, after North America. The main contributors to the regional market are the United Kingdom, France, Germany, Italy, and Poland. Europe has emerged as a leading market for hard coatings, which it is primarily used in automotive and general industrial applications. In the coming years, the Middle East and Africa are likely to contribute significantly to the growth of the market due to the increasing demand from the construction industry. Finally, Latin America is experiencing constant growth due to the presence of end-use industries in countries like Brazil and Argentina. The calming economic and political scenario in the region is said to boost the growth of the local market.

Recent Developments in the Hard Coatings Industry:

• In November 2020, Actega launched ACTGreen barrier coatings. The new ACTGreen range includes barrier coatings and TPE (Yunico) dispersions for coating and bonding, all water-based, allowing substrates to be widely and easily recycled according to standard practices.

• In June 2020, Transcontinental Advanced Coatings has added high-performance CE Gloss reflective films to its hard-coated reflex film line. The new reflex CE Gloss is a transparent glossy film formulated from highly stabilized optical grade polyester. It is doubled in a clean room certified ISO Class 7 (Class 10,000). The product features a proprietary formulation of a scratch-resistant hard coating on one side of the film and a receptive print coating on the other, enabling both solvent and UV screen printing inks.

Hard Coatings Market Key Players:

1. Sulzer Ltd. (Switzerland)

2. OC Oerlikon Corporation AG (Switzerland)

3. CemeCon AG (Germany)

4. IHI Ionbond AG (Switzerland)

5. Momentive (U.S.)

6. ZEISS International (Germany)

7. ASB Industries, Inc. (the U.S)

8. SDC Technologies (the U.S.)

9. PLATIT AG All (Switzerland)

10. Hardcoatings, Inc. (U.S.)