The use of hard coatings is helpful for a number of different industries. From the automotive manufacturing industry to oil companies, agricultural businesses and gun manufacturers, the sliding wear coatings are very good for protecting a wide range of tools and kinds of equipment. Accordingly, ReportLinkerandnbsp;is reporting that the global market for the industrial coatings is expected to grow throughout the next ten years.
It is estimated that the compound annual growth rate (CAGR) for the sliding wear coatings global market is expected to reach 8% over the next ten years. Experts say that this market should get to $1.351.3 million by the year 2026. The CAGR of 8% will be achieved due to the fact that more applications are being found for the industrial coating service. Also citied in this growth rate are the new advancements in the technology for wear-resistant coatings and the increasing demand levels from regions of the world such as the Asia Pacific, Africa and the Middle East.
As more and more companies learn of the benefits of using sliding wear coatings, more companies in a larger number of industries are turning to hard coatings to protect their equipment. This increased awareness is also fueling the growth in the market.
General manufacturing is a big driver of the market. Nowhere is the use of sliding wear coatings more valuable than in the area of general manufacturing. In this industry, few things can impact the bottom line for a company more than improving the performance level of the equipment. Using hard coatings on the various machine components increases their functionality, improves their energy efficiency, extends the lifespan of the machinery. All of this reduces the costs associated with general manufacturing and improves individual company’s bottom line. The decreased need for fuel and lubricants saves the industry a lot of money.
The biggest are for the growth of the global market for hard coatings is the Asia Pacific region. The regional market for the industrial coatings is currently the largest on the planet and that is only expected to grow over the next decade. The second largest market is North America. This is followed by the markets in Western Europe and then China. The countries that use the most hard coatings on the planet remain the United States, Germany and Japan. As more countries in the developing world start to improve and expand their industries, it is expected that the market for sliding wear coatings will also grow.
For the Asia Pacific market, the increased awareness of the benefits of using hard coatings is driving up demand in China, Japan and South Korea. Companies there are just learning of how critical using these coatings can be for the increased profitability of the industries there.
When various industries are looking at sliding wear coatings, they find there are several benefits to applying them to their equipment. They include:
- They offer protection from wear and tear. As machine components rub against each other, they can cause damage. By applying sliding wear coatings, a lot of this damage can be prevented.
- They save companies money. In the first place, companies that use sliding wear coatings need to use less lubricant, which is the traditional way that this equipment has been protected from this kind of wear and tear. In the second place, by preventing wear and tear damage, the equipment and the components need less repairs and will last longer.
- They protect from weather, heat and cold. Many industries use their equipment either outside or inside but in conditions that include excessive heat and cold. When the sliding wear coatings are used, the equipment is protected against heat, cold, humidity and rain (or snow). This prevents the machinery from falling victim to rust.
- They make it easier to clean. Pieces of equipment that have a coating applied are easier to clean. They are also safe from corrosive chemicals that may be used on or around the machinery. Many industries use chemicals that can be very damaging to heavy equipment.
As more countries grow their general manufacturing and other industries and more of them learn the benefits of using sliding wear coatings, the market for them will increase.