Global Demand for Low Friction Coatings Is Estimated To Reach a Value of US$ 1.75 Billion By The End Of 2033
The global low friction coatings market is expected to be worth US$ 1.75 billion by 2033, growing at a respectable CAGR of 6.7% over the next ten years. Low-friction coatings’ capacity to improve surface qualities such as corrosion resistance, wettability, and wear resistance may increase their adoption.
The increasing use of low-friction coatings in several industries such as transportation, healthcare, autos, and others is likely to boost demand. The growing desire for flawless medical tools, stringent environmental regulations, and the ever-expanding vehicle sector are all driving up demand for low-friction coatings.
Low friction coatings ensure little deterioration and allow for smooth contact between two surfaces, which increases their demand in the food and healthcare industries. In the vehicle sector, low-friction coatings boost durability and wear resistance, which helps to improve the overall performance of the substrate on which they are applied. Low-friction coatings are used in the transportation industry to help reduce pollution, noise, and vibration.
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Substantial growth in the healthcare and automotive industries in developing nations such as India is expected to fuel prospects in the target market. Low-friction coatings can improve product service life and performance while removing the need for wet lubricants.
In the vehicle sector, the use of super-hard and low-friction coatings ensures longevity, increased fuel efficiency, and a low-friction surface. The vehicle industry is predicted to expand significantly throughout the forecasted period. Changing consumer interests, evolving digital technologies, and economic health are expected to have an impact on non-commercial vehicle manufacturing business practises, perhaps generating demand for low-friction coatings.
Low-friction coating manufacturers are creating new solutions to address the growing need for application-specific goods. These newly produced goods also meet the requirements and rules established by separate agencies, such as the restricted use of lubricants and others. Low-friction coatings are being developed to improve the tribological properties of metal shaping and cutting tools.
Key Takeaways from Market Study
- The global low friction coatings market is valued at US$ 915 million in 2023.
- Worldwide demand for low friction coatings is estimated to reach a value of US$ 1.75 billion by the end of 2033.
- Consumption of low-friction coatings is estimated to increase at a CAGR of 6.7% through 2033.
- Sales of molybdenum disulfide (MoS2) low friction coatings are predicted to expand at a CAGR of 6.2%.
- Demand for low friction coatings is forecasted to expand at a CAGR of 6% from 2023 to 2033 in Canada.
- Sales of low friction coatings are predicted to progress at a CAGR of 4.1% in Germany.
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Competitive Landscape
Key providers of low friction coatings are increasing their expenditure to maintain product standards. They are also taking initiatives to strengthen their supply chain management systems.
The incorporation of advanced technologies and new product development are adopted by key players to attract consumers in the market.
For instance:
- PPG, in April 2022, acquired Arsonsisi to maximize its reach across Europe and enhance its business for low-friction coatings. The latter is based in Milan and is an industrial coatings company.
- The FUCHS Group, in June 2021, acquired Gleitmo Technik AB’s lubricants business in Kungsbacka, Sweden. This acquisition broadened the product portfolio of The FUCHS Group.
Key Companies Profiled
- Asv Multichemie Pvt., Ltd.
- Whitford Corporation
- Vitracoat America, Inc.
- The Chemours Company
- Poeton Industries Ltd.
- Ikv Tribology, Ltd.
- Harves Co., Ltd.
- GMM Coatings Private Limited
Winning Strategy
Key providers of low-friction coatings are investing in advanced technologies and product developments to generate lucrative opportunities.
- Poeton Industries introduced Apticote 480A in July 2020. It is a type of revolutionary low-friction coating, which combines the qualities of fluoropolymer and nickel materials to solve related problems. This launch concentrated on the expansion of the company’s footprints.
- Nippon Paint Marine (NPM), in June 2019, integrated cutting-edge technology into its regular antifoulings range to provide a practical means to reduce the use of fuel. This initiative is taken to meet the rising demand for low-friction coatings.
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Segmentation of Low Friction Coating Industry Research
- By Product:
- Molybdenum Disulfide (MoS2)
- Polytetrafluoroethylene (PTFE)
- Others
- By End Use:
- Building & Construction
- Automobile & Transportation
- Aerospace
- Marine
- Electrical & Electronics
- Food & Beverages
- Medical & Healthcare
- Chemicals
- Others
- By Formulation:
- Water-based
- Powder-based
- Solvent-based
- Others
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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