Hard Coatings Market worth $1.7 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Feb. 23, 2024 /PRNewswire/ -- The report "Hard Coatings Market by Material Type (Nitrides, Oxides, Carbides, Carbon, Borides, Multi-Component), Deposition Techniques (PVD, CVD), Application, End-use industry, and Region (North America, Europe, APAC, South America, MEA) - Global Forecast to 2028", is projected to reach a market size of USD 1.7 billion by 2028 from USD 1.2 billion in 2023, at a CAGR of 7.0%.

Asia Pacific is one of the largest markets for hard coatings. The demand for hard coatings is increasing in cutting tools, decorative coatings, Optics, and Gears. The demand from developing nations, such as India, China, Malaysia, Germany, Mexico, and Brazil are expected to drive the global hard coatings market.

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369 – Tables
40 – Figures
302 – Pages

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Cutting tools by application type segment is expected to account for the largest share of the hard coatings market during the forecasted period.

The application of hard coatings in cutting tools is expected to hold the largest share of the hard coating market. Cutting tools are subjected to extreme conditions during machining operations, including high temperatures, abrasion, and mechanical stresses. Hard coatings, such as titanium nitride (TiN) and diamond-like carbon (DLC), significantly enhance the wear resistance and durability of cutting tools, extending their lifespan and improving cutting performance. The demand for precision machining and high-quality surface finishes in industries like automotive, aerospace, and manufacturing necessitates the use of cutting tools with superior wear resistance and hardness provided by hard coatings. Advancements in coating technologies, including the development of multi-layered coatings and nanocomposite materials, further enhance the performance and reliability of hard-coated cutting tools. The increasing adoption of hard coatings in cutting tools is driven by cost-effectiveness, as the extended tool life reduces the frequency of tool replacements and downtime, resulting in overall efficiency gains for manufacturers.

General Manufacturing, by end-use industry segment, holds the largest share in the overall hard coatings market during the forecast period.

The diverse range of components and machinery used in general manufacturing processes require protection against wear, corrosion, and friction to maintain operational efficiency and longevity. Hard coatings, such as titanium nitride (TiN) and chromium nitride (CrN), offer exceptional resistance to these factors, making them essential for various manufacturing applications. the increasing demand for high-quality and durable products across industries like automotive, aerospace, and consumer electronics drives the adoption of hard coatings in general manufacturing. These coatings enhance the performance and lifespan of critical components, reducing maintenance costs and downtime. advancements in coating technologies, such as improved deposition techniques and the development of nanocomposite materials, further bolster the market for hard coatings in general manufacturing by offering enhanced performance and customization options.

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Asia Pacific region likely to be the fastest growing hard coatings market during the forecast period.

Rapid industrialization and urbanization in countries like China, India, and Southeast Asian nations have fueled the demand for hard coatings across various industries such as automotive, aerospace, electronics, and manufacturing. As industries in Asia Pacific continue to evolve and expand, the need for advanced hard coating technologies becomes more pronounced, further propelling the region's economic development. Shifting consumer preferences towards high-quality products with longer lifespans drive the adoption of hard coatings in consumer electronics and automotive sectors.

OC Oerlikon Management AG (Switzerland), Momentive (US), Cemecon AG (US), Carl Zeiss Meditec AG (Germany), and SDC Technologies, Inc. (US) are the key players in the global hard coatings market.

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