PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1472094
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1472094
Global Hard Coatings Market is valued at approximately USD 1.59 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 7.0% during the forecast period 2023-2030. Hard coatings, specially formulated treatments applied in liquid form and cured through heat or UV energy, enhance the surface performance of plastic substrates. They provide increased abrasion resistance and durability, particularly benefiting materials such as Polycarbonate. This results in broader applicability across various industries and a prolonged lifespan, contributing to a reduced carbon footprint by minimizing the need for replacement. The market for hard coatings is propelled by their key attributes such as hardness, corrosion resistance, and resilience to temperature and electrical factors, which are increasingly acknowledged by customers, thereby fostering market growth. The growing need for Physical Vapor Deposition (PVD) coatings in medical devices due to their biocompatibility and resistive nature, this factor is considered a major driver on the market.
The increased usage of advanced medical devices requires coating according to their working conditions such as the requirement of water resistance, electricity conductors & insulators and so on, these needs raise the demand for the use of various Hard coatings by Materials, Processes and more. According to the World Health Organization (WHO), In 2024, the global market comprises an estimated 2 million distinct medical devices, classified into over 7,000 generic device groups. Each device necessitates coating by its specific specifications. The market in the Developing countries like India, Malaysia is untapped due to their developing economies which are currently at a high growth rate in every industry, experiencing urbanization, automation & industrialization. These nations can serve as an unquenched opportunity to penetrate this market. Furthermore, the anticipated growth and expansion within the healthcare sector present opportunities for the advancement of medical equipment, with hard coating playing a pivotal role in enhancing their quality. However, the high capital cost of Hard Coatings can hinder market growth throughout the forecast period. Furthermore, the absence of awareness regarding product and material options can present a multifaceted challenge for consumers, diverting their attention from the market.
The key regions considered for the Global Hard Coatings Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 owing to industrialization, the rise in government funding, the establishment of sophisticated infrastructure, and advancements within the marine and aerospace sectors have contributed significantly to the growth of this region. Asia Pacific is also expected to grow significantly over the forecast period, owing to some additional factors such as the growing middle class and high disposable income fuels the demand for high-quality products with long life and resistivity under critical conditions where hard coatings play a crucial role. Additionally, Supportive Government policies and investments in the development of infrastructure are expected to bolster the market over the next coming years.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
List of tables and figures are dummy in nature, final lists may vary in the final deliverable
List of tables and figures are dummy in nature, final lists may vary in the final deliverable