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Low Friction Coatings Market - Forecast(2023 - 2028)
Low Friction Coatings Market Overview
The Low Friction Coatings Market size is projected to reach US$987.4 million by 2027, after growing at a CAGR of 5.9% during the forecast period 2022-2027. Low friction coatings, which are made of tungsten disulfide, polytetrafluoroethylene, molybdenum disulfide and others, are used to lessen friction between two surfaces. The low friction coatings significantly cut down on material pick-up from the counter surface and the propensity to stick, which decreases the amount of downtime needed for cleaning. The low friction coatings are utilized in various end-use industries, including building & construction, food & beverages and more. The bolstering transport industry is a crucial factor for the growth of the low friction coatings market. Also, the booming medical and healthcare sector would fuel the demand for low friction coatings. As a result, the low friction coatings market size would expand in the upcoming years. However, in 2020, the restrictions on logistics and supply chain disruption due to the COVID-19 pandemic impacted industrial production activities. This negatively impacted the low friction coatings industry growth. In 2021, the improvement in logistics and supply chain disruption facilitated the Low Friction Coatings industry growth.
Report Coverage
The report: "Low Friction Coatings Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Low Friction Coatings Market.
By Product Type: Molybdenum Disulphide (MoS2), Tungsten Disulphide (WS2), Polytetrafluoroethylene (PTFE), Perfluoroalkoxy Alkanes (PFA), Fluorinated Ethylene Propylene (FEP), Xylan, Graphite and Others.
By Formulation: Water-based, Solvent-based, Powder-based and Others.
By Substrate Material: Plastic, Metal (Aluminum, Steel, Titanium, Magnesium and Others), Glass, Wood, Foam & Rubber and Others
By End-use Industry: Building & Construction (Residential, Commercial, Industrial and Infrastructure), Transport [Automotive {Passenger Vehicles (PV), Light Commercial Vehicles (LCV) and Heavy Commercial Vehicles (HCV)}, Aerospace (Commercial, Military and Others), Marine (Passenger, Cargo and Others) and Locomotive], Electrical and Electronics [Computers, Smartphones, Semiconductors, Light-Emitting Diodes (LED) and Others], Food & Beverages, Medical and Healthcare (Pharmaceuticals, Medical Devices and Others), Chemical and Others.
By Geography: North America (the USA, Canada and Mexico), Europe (the UK, Germany, France, Italy, the Netherlands, Spain, Russia, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and the Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and the Rest of South America) and the Rest of the World [the Middle East (Saudi Arabia, the UAE, Israel and the Rest of Middle East) and Africa (South Africa, Nigeria and the Rest of Africa)].
Key Takeaways
- Asia-Pacific dominated the Low Friction Coatings Market, owing to the automotive industry growth in the region. For instance, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2021, the production of total vehicles in Asia-Pacific was 46,732,785 units, an increase of 6% over 2020.
- The increasing purchasing power, expansion of industries and other similar factors are driving the growth of building & construction activities. As a result, the demand for coatings is surging. This factor is benefiting the market growth.
- Moreover, the surging adoption of water-based Low Friction Coatings would create an opportunity for market growth during the projected forecast period.
- However, the fluctuations in the raw materials prices of Low Friction Coatings may restrict the market growth during the forecast period of 2022-2027.
Figure: Low Friction Coatings Market Revenue Share, by Geography, 2021 (%)
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Low Friction Coatings Market Segment Analysis – By Product Type
The molybdenum disulfide (MoS2) segment held the largest Low Friction Coatings Market share in 2021 and is expected to grow at a CAGR of 6.1% during the forecast period 2022-2027. Molybdenum disulfide (MoS2) low friction coatings create a lubricating layer that is dry, clean and impervious to moisture, oils, greases, dust or other contaminants. As a result of this, molybdenum disulfide (MoS2) low friction coatings are not subject to aging, evaporation or oxidation. MoS2 has superior corrosion resistance over Tungsten disulfide. These coatings provide superior rust prevention without the need for any surface preparation. Also, molybdenum disulfide coatings provide metals and plastics with a non-flammable, non-staining layer of protection. They can reach precise load-bearing capacities because a controlled film thickness is present in these low friction coatings. Due to these benefits of molybdenum disulfide (MoS2), its adoption is increasing. This factor is further boosting the Low Friction Coatings market growth.
Low Friction Coatings Market Segment Analysis – By End-use Industry
The transport segment held the largest Low Friction Coatings Market share in 2021 and is projected to grow at a CAGR of 6.3% during the forecast period 2022-2027. Low friction coatings such as tungsten disulfide, polytetrafluoroethylene, molybdenum disulfide and others are utilized in transport vehicles such as passenger cars, aircraft, vessels, etc. to significantly prolong the service life of such vehicles by protecting their parts from wear and tear. Increasing adoption of passenger cars, the booming transport production and other factors are accelerating the growth of the automotive industry. For instance, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2021, the global production of automobiles was 80,145,988 units, an increase of 2% over 2020. Hence, the growth of the transport industry is fueling the demand for low friction coatings. As a result, the Low Friction Coatings market is expanding.
Low Friction Coatings Market Segment Analysis – By Geography
Asia-Pacific is the dominating region in the market as it held the largest Low Friction Coatings Market share (up to 44.4%) in 2021. The economic growth of the Asia-Pacific countries is driven by the growth of the sectors such as automotive, aerospace and more. The growing commercial industry, rising disposable income of people and other such variables are expanding the automotive and aerospace industry's growth in the region. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2020, the production of light commercial vehicles in Asia-Pacific was 4,668,333 units and in 2021, it was 5,099,264 units, an increase of 9%. Moreover, in 2020, the production of passenger vehicles in the Asia-Pacific region was 35,822,949 units and in 2021, it was 38,152,172, an increase of 7%. Therefore, the growth of the transport industry in Asia-Pacific is fueling the demand for low friction coatings. This factor is accelerating the growth of the Low Friction Coatings market size.
Low Friction Coatings Market Drivers
New Food & Beverages Manufacturing Facility Development
In the food & beverages industry, Low Friction Coatings are used to assure cleanliness and food compatibility. They are made to keep sorting, packing, filling, molding and printing machines & equipment for the food industry operating as efficiently as possible around-the-clock. The expansion of new manufacturing facilities related to the food & beverages industry is driving the food & beverage industry growth. For instance, in October 2021, Nestle made an estimated US$550 million investment in the construction of a new food processing facility in Ohio, United States. Moreover, in July 2021, The Interroll food processing and logistics complex in Baal, Germany, started to expand its production capacity and is anticipated to add roughly 13,000 square meters to the area. By the end of 2022, the plant is expected to be fully operational. Thus, the new facility development related to the food & beverages facilities is fueling the demand for machines and components, leading to the Low Friction Coatings market growth.
Surging Demand from Medical Devices
Low Friction Coatings are used on a variety of medical devices, including dental, surgical and others, to boost the devices' capacity to maneuver through difficult anatomical paths, improve device control, lessen tissue damage and improve patient comfort. Critical factors such as product innovations, new manufacturing facilities and others are accelerating the growth of the medical device industry. For instance, according to the International Trade Administration (ITA), in 2019, the Mexican medical device market was valued at US$15.27 billion and in 2020, it was US$16.80 billion. In other words, there was an increase of 10%. Moreover, Canada is the world's eighth-largest medical device market, valued at around USD$8.6 billion in 2020. Also, according to Invest India, it is forecasted that India’s medical device segment would reach US$50 billion by 2025. Thus, the growth of the medical device industry is boosting the demand for Low Friction Coatings. This, in turn, is driving the market growth.
Low Friction Coatings Market Challenge
Fluctuations in the Raw Materials Prices of Low Friction Coatings
A Low Friction Coatings can be made from a variety of basic ingredients, such as acetone, tetrahydrofuran, methanol, trichloroethylene or mixes thereof. Shortages and lack of availability of critical raw materials, along with considerable price increases, are wreaking havoc in the low friction coatings industry. For instance, according to BCF's monthly raw material prices study, the price of solvent increased the most in January 2021 compared to the previous year. Acetone prices increased by 123%, n-butyl acetate prices increased by 91%, IPA prices increased by 41% and n-butanol prices increased by 54%. Therefore, the fluctuation in the prices of Low Friction Coating raw materials is limiting the market growth.
Low Friction Coatings Industry Outlook
Technology launches, acquisitions and increased R&D activities are key strategies adopted by players in the Low Friction Coatings Market. The top 10 companies in the Low Friction Coatings market are:
- Dow Corning Corporation
- The Chemours Company
- Whitford Corporation
- BECHEM
- Endura Coatings
- Poeton Industries
- Whitmore Manufacturing, LLC
- VITRACOAT
- AGC Inc
- Everlube
Recent Developments
- In July 2020, Poeton Industries, a Gloucester-based business, introduced Apticote 480A, a revolutionary Low Friction Coating that combines the qualities of nickel and fluoropolymer materials to solve problems. This product launch focused on the expansion of Low Friction Coatings.
- In June 2019, Nippon Paint Marine (NPM), in response to the surging demand for its low-friction hydrogel-containing hull coatings, has now integrated the cutting-edge technology into its normal range of antifoulings to offer a practical means of lowering fuel usage.
- In March 2019, PPG acquired Whitford Worldwide Company ("Whitford"), a multinational company with expertise in low-friction and nonstick coatings for commercial and consumer goods. Financial details weren't made public. This acquisition expanded the position of PPG in the Low Friction Coatings industry.
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