Rockville, March 17, 2023 (GLOBE NEWSWIRE) -- The global low friction coatings market is forecasted to reach a valuation of US$ 1.75 billion by the end of 2033, expanding at a healthy CAGR of 6.7% over the next ten years. The ability of low-friction coatings to improve surface properties, including corrosion resistance, wettability, and wear resistance can increase their popularity.
Rising utilization of low-friction coatings in different industries, including transportation, healthcare, automobiles, and others, is expected to bolster their demand. The growing call for coating perfect medical instruments, strict environmental rules, and the ever-growing automobile sector are generating substantial demand for low-friction coatings.
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Low friction coatings assure minimal deterioration and allow smooth contact between two surfaces, which further stimulates their demand in the food and healthcare industries as well. Low-friction coatings promote durability and wear resistance in the automobile industry, which is helpful to improve the overall performance of the substrate to which they are applied. In the transportation industry, low-friction coatings are used to assist in reducing pollution, noise, and vibration.
Rapid growth in the healthcare and automotive industries across developing countries, including India, and others are estimated to drive opportunities in the target market. Low-friction coatings can increase the service life and performance of products while eliminating the requirement for wet lubricants.
The application of super-hard and low-friction coatings in the automobile industry ensures durability, greater fuel efficiency, and a low-friction surface. A substantial expansion of the automobile sector is expected in the forecasted period. Shifting consumer interest, evolving digital technologies, and economic health are predicted to impact non-commercial vehicle manufacturing business practices which can generate demand for low-friction coatings as well.
Manufacturers of low-friction coatings are developing novel products to meet the increasing requirements for application-specific products. These newly developed products also match the standards and regulations, including restrictive use of lubricants and others, which are set by respective bodies. The newly produced low-friction coatings are utilized to improve the tribological qualities 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.
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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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the low friction coatings market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on product (molybdenum, disulfide (MoS2), polytetrafluoroethylene (PTFE), others), end use (building & construction, aerospace, automobile & transportation, marine, food & beverages, electrical & electronics, medical & healthcare, chemicals, others), and formulation (water-based, solvent-based, powder-based, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
Key Questions Covered in the Low Friction Coatings Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Low Friction Coatings sales grow until 2033?
- Which are the factors hampering the Low Friction Coatings demand?
- Which region will spearhead the growth in the global industry during 2023-2033?
- Which are the factors driving sales in the Low Friction Coatings Market during the forecast period?
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