High Performance Ceramic Coatings Market Trends
Growth Drivers
- Growing Technological Developments in Plasma Spray Coatings – As the use of plasma spray coating is increasing in the medicinal, and consumer goods industries scientists are making efforts to develop new techniques to enhance the efficiency of the coatings.
- Growing Semiconductor Sector- It is expected that as spending on consumer electronic devices such as PCs, cellphones, and tablets has increased, so has demand for the semiconductors that power them. Further, high performance ceramic coatings are used in various electronics owing to their excellent insulation properties. According to estimates in 2022, global semiconductor sales reached over USD 570 billion.
Challenges
- Exorbitant Cost of High Performance Ceramic Coatings - The high cost is one of the major factors predicted to slow down the high performance ceramic coatings market growth. For instance, advanced materials are required for the production of such coatings which are expensive. This as a result can increase the overall cost of the coatings.
- Lack of Skilled Professionals
- Presence of Technological Issues
High Performance Ceramic Coatings Market: Key Insights
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
8.9% |
|
Base Year Market Size (2024) |
USD 11.86 billion |
|
Forecast Year Market Size (2037) |
USD 35.93 billion |
|
Regional Scope |
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