Ceramic Coatings Market Worth $10.12 Billion by 2020
The global ceramic coatings market is expected to grow at a compound annual growth rate (CAGR) of 7.50% from 2015 to 2020 to reach a value of $10.12 billion by 2020, according to a recent report by Markets & Markets entitled “Ceramic Coatings Market by Type (Oxide Coatings, Carbide Coatings, Nitride Coatings, and Others), by Technology (Thermal Spray, PVD, CVD, and Others), by Application (Transportation & Automotive, Energy, Aerospace & Defense, Industrial goods, Healthcare, and Others) - Global Trends & Forecasts to 2020.”
Asia-Pacific reportedly dominated the ceramic coatings market in 2014 and accounted for over 40% of the market by value. The market for China was the biggest in the Asia-Pacific region in 2014 and is projected to grow at a CAGR of 8.48% in terms of consumption between 2015 and 2020. However, the rest of the world is expected to witness the highest growth rate by 2020. The major applications of ceramic coatings are in the transportation and automotive, energy, aerospace and defense, industrial tools, and healthcare sectors.
Thermal spray held the largest market share by value for the ceramic coatings in 2014 and accounted for approximately 66% share by value. The highest growth rate until 2020 in the ceramic coatings market is projected to come from the “others” segment, which includes coatings such as diamond-like carbon coatings, antimicrobial coatings, and phosphate coatings. These are used in different industrial applications and are projected to continue to expand in the coming years. Oxide coatings dominate the ceramic coating market by type in terms of value and consumption.
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