A recent report ongoing by Infinium Global Research on abrasion resistant coatings market provides in-depth analysis of segments and sub-segments in the BRICS as well as regional abrasion resistant coatings market. The study also highlights the impact of drivers, restraints, and macro indicators on the BRICS and regional abrasion resistant coatings market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the BRICS abrasion resistant coatings market. According to the report, the BRICS abrasion resistant coatings market is projected to grow at a significant CAGR over the forecast period of 2022-2028.
Abrasion resistant coatings are used for minimizing and eradicating surface wear and are used mainly in areas of application that are not appropriate for lubricants. The critical goal of abrasion resistant coatings is to prolong a product’s shelf-life since, in radioactive environments and high-temperature environments and even where running times are high, greases and lubricants do not perform well. Furthermore, coating systems allow metals, including galling, seizing, and other physical damage, to withstand various harmful impacts; hence, such metals need to be protected from the normal wear and tear of everyday life, despite the possible problems in applications such as pipelines. Therefore, abrasion resistant coatings are in huge demand from various industries.
There is a rising demand in industrial sectors of emerging countries of BRICS nations like India & China. The industries in such countries demand abrasion resistant coatings for their novel and improved products, which is expected to drive the demand for the abrasion resistant coatings market in the BRICS nations. Furthermore, the popularity of various Abrasion resistant coatings like ceramic and polymer are rapidly growing, which is anticipated to propel market growth over the forecast period. Moreover, the BRICS nations like India, China, and Russia continuously demand high-temperature polymer-based coating, which can contribute to developing the BRICS abrasion resistant coatings market. Additionally, the increasing need for superior quality coatings in rising economies is projected to propel the market’s growth over the forecast period. However, the high cost of implementation and environmental & safety concerns hamper the development of the BRICS abrasion resistant coatings market. Nevertheless, increasing the adoption of renewable energy sources is anticipated to offer ample growth opportunities to the market.
India is expected to lead the abrasion resistant coatings market in BRICS nations over the forecast period. The growth of the market in India is attributed to the growing power generation industries in the region, which are demanding abrasion resistant coatings on a large scale. Furthermore, the construction industry is the second-largest industry in India and has shown promising growth in the last few years. India’s construction industry is projected to emerge as the third-largest market globally by the forecast period. Moreover, the Indian government takes various initiatives such as the Bharatmala scheme, UDAN, and AMRUT. All the projects are estimated to earn a good number of revenue in the forecast period and support the growth of the abrasion resistant coatings market in India. Additionally, the burgeoning construction industry is expected to fuel the demand for the market in India over the forecast period. In addition, China is also expected to witness tremendous growth in the abrasion resistant coatings market in BRICS nations under the ‘Made in China 2025’ plan. According to this plan, China will supply over 10% of homemade commercial aircraft to the domestic market by 2025. This is expected to propel the demand for the BRICS abrasion resistant coatings market during the forecast period.
The report on the BRICS abrasion resistant coatings market covers segments such as type, and end-use. On the basis of type, the sub-markets include metal, ceramic, and polymer. On the basis of end-use, the sub-markets include oil and gas, marine, power generation, construction, mining, and others.
The report provides profiles of the companies in the market such as AkzoNobel, Hempel India, PPG, Shanghai Cloud Chemical Co., Ltd, Henkel, Praxair Surface Technologies Inc, Evonik Industries, Sika AG, and Arkema.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the BRICS abrasion resistant coatings market. Moreover, the study highlights current market trends and provides forecast from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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