Growth Drivers
Challenges
Growth Drivers
Growth in Automotive Industry – Ceramic coatings are being utilized on metal parts in vehicles owing to its characteristics which include corrosive and abrasive resistance properties. Further, ceramic coatings are useful in lowering the heat absorption and making the vehicles fuel-efficient. Therefore, the growth in automotive industry is forecasted to increase the sales of ceramic coatings in the assessment period. The recent statistics reveal that the global automotive industry is expected to reach approximately USD 9 trillion by 2030.
Soar in Number of Vehicles on the Roads – The recent urbanization has led the number of vehicles on the roads to increase. As a result, the adoption rate of ceramic coatings is expected to also surge considerably. The latest reports suggest that were approximately 2 billion vehicles on roads across the globe by the end of first quarter of 2022.
Rising Concern Regarding Carbon Dioxide Emission – International Energy Agency revealed the data of carbon dioxide emission to be 36.2 gigatonnes in 2021, a 6% increase from the previous year.
Expanding Gross Domestic Product (GDP) Figures – According to World Bank, the world Gross Domestic Product was USD 86.41 trillion in 2018, which rose to USD 96.1 trillion in 2021.
Challenges
The ceramic coatings market is segmented and analyzed for demand and supply by application into automotive & transportation, energy, aerospace, & defense, industrial goods, healthcare, and others. Out of these, the automotive & transportation segment is attributed to garner the highest market share by 2033, owing to high demand of vehicles. International Organization of Motor Vehicle Manufacturers (OICA), released the global sales of vehicles statistics which revealed that it rose from 56,398,471 units in 2021 to 53,917,153 units in 2020. Whereas, the global production of vehicles calculated to be 57,054,295 units in 2021, an increase from 55,908,989 units in 2020.
Base Year |
2024 |
Forecast Year |
2025-2037 |
CAGR |
7.8% |
Base Year Market Size (2024) |
USD 11.94 billion |
Forecast Year Market Size (2037) |
USD 31.7 Billion |
Regional Scope |
|
Author Credits: Rajrani Baghel
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