The global market size for hard coatings is projected to reach USD 1.3 Billion by 2026, at a CAGR of 8.0% during the forecast period. The market is driven by rise in demand in the Asia-Pacific region, increase in awareness about the benefits of hard coatings, and emerging automotive and healthcare sectors. General manufacturing is one of the major markets for hard coatings in developing as well as developed economies.
The various material types discussed in the report are nitrides, oxides, carbides, carbon-based, borides, and multi-component coatings. The borides segment is the largest material type segment of the hard coatings market, in terms of value, owing to the material's unique combination of properties making it useful for a number of industries.
By application, the report segments the hard coatings market into cutting tools, decorative coatings, optics, gears, bearings, cams, cylinders, hydraulic/pneumatic component, and other applications, such as firearm, implants, and injection molding dies. Cutting tools is the fastest-growing application segment of the hard coatings markets in countries such as India, China, and Malaysia.
Asia-Pacific, North America, and Western Europe are the major hard coatings markets. The Asia-Pacific region dominates the global hard coatings market. The market in Asia-Pacific is estimated to record high growth owing to increasing demand from the automotive sector. The demand for hard coatings in North America and Western Europe is comparatively lower than that of Asia-Pacific due to the economic slowdown in these regions.