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The demand for lightweight vehicles is expected to drive this market. The growing industrial growth combined with technological innovation is likely to boost the “composite coatings market” size of composite coatings market.
Composite Coatings are a mixture of two or more materials that protect surfaces from corrosion. It offers excellent waterproofing and corrosion resistance making the product most desired in industrial coatings. These coatings exhibit excellent properties such as beautiful finish, fire and heat protection, and conductive coat and insulation. These coatings are made up of fluoropolymers composites, thermoset polyimide, and polyamide binders. Composite coatings are majorly carbon composites mixed with epoxy resins. The increased usage of composite coatings in end application industries is expected to drive the market demand. The demand for lightweight vehicles is expected to drive this market. The growing industrial growth combined with technological innovation is likely to boost the market size of composite coatings market.
Growing population and rapid industrialization are the factors driving market growth. Composite coatings are majorly used in applications such as construction, oil & gas, automotive & transportation, aerospace, wind energy, and other industries. Oil & gas is expected to grow at a substantial rate due to technological innovation in processes such as topside applications, piping system, and downhole tubing systems. The most common areas where composite coatings are applied are steel structures, bridges, underground pipelines, and offshore platforms. The increased usage of composite coatings in interior parts of buses, cars, aircraft. and trucks are expected to have a positive impact on market growth.
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The automotive sector is expected to grow in the Asia Pacific due to changing consumer demands and expanded regulatory requirements that favor the usage of composite coatings. Composite coatings are used in coating airframes in aircraft. They are used to coat wind panels used in the generation of electricity. The wind energy market is expected to double in the next five years. The increasing awareness on renewable energy can augment market growth for this segment. Government initiatives directed towards infrastructure and construction can boost market growth. The major restraint in this market is the fluctuating prices of raw materials.
Bio-composites developed from renewable sources are gaining importance as replacements for those manufactured from plastics that involves petrol and crude oil for its production. Nano-based composite coatings are touted as automotive coatings for cars in the near future.
Asia Pacific is the largest attractive market for composite coatings. The growing demand for public infrastructure is expected to boost market growth in this region. The increased automotive demand in China, India, Japan, and South Korea is fueling market growth in this region. The growth in this region can also be attributed to improved foreign policies in India and China due to which there is an increase in composite coatings manufacturers in this region. Asia Pacific is followed by Europe and North America. The strict environmental regulations in these regions are aiding the growth of composite coatings market.
The construction and the automotive industry is reviving in the U.S. and increased military expenditure in this country makes the U.S. a lucrative market. The coating industry in the U.S. is expected to grow by 8%, which is a positive sign for the composite coatings market. Germany is also a major market as it is characterized by the presence of automobile manufacturers. The presence of manufacturers in these regions is also responsible for the growth of these regional markets. The Middle East and Africa contribute to the overall market minimally due to less usage in end user applications. Brazil and Russia are expected to contribute in a big way as they are investing heavily in infrastructure due to upcoming events such as FIFA World Cup 2018 and Olympics 2016.
The key manufacturers of composite coatings are A.W. Chesterton Co., Zircotec, RPS Composites, Inc., Basler Lacke, Finnester Coatings Oy, Mader, Nickel Ceramic Composite Coatings, Inc., Metal Coatings Corp, TST Engineered Coating Solutions, and Endura Coatings.
The ARC series developed by A.W. Chesterton Co. belongs to the composite coatings segment and is mainly used to protect industrial machinery from corrosion. The composite coatings manufactured by Zircotec are used to coat exhaust in industrial and automotive applications. RPS has acquired Composite Coatings LLC to gain access to the Composite Coatings market. Basler Lacke specializes in premium grade composite coatings for carbon composites. The products offered by Finnester Coatings Oy in the composite coatings category are durester, deraster, and pheron. The composite coatings developed by Mader are used in the oil & gas industry. FluoroKote is the product manufactured by Metal Coatings Corp under the composite coating segment. Endura Coatings have developed Infused Matrix Coatings thatprovide Teflon like coating and help in preventing corrosion.
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