Yahoo Finance Low Friction Coating Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The market is expected to grow at a CAGR of over 6% during the forecast period. One of the major factors driving the market is the increasing demand for low friction coating from the automotive industry, across major economies.
New York, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Low Friction Coating Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06370514/?utm_source=GNW
However, government regulations on the toxicity of overheated PTFE are expected to hinder the growth of the market studied.
The growing demand for low friction coating in the healthcare industry is likely to act as an opportunity for the market studied in the coming years.
By the end-user industry, the automotive industry is expected to dominate the market over the forecast period.
Asia-Pacific region is expected to dominate the market with the largest consumption from countries, such as China, India, and Japan.
Key Market Trends
Increasing Demand Low Friction Coating in Automotive Industry
Low friction coatings give improved performance and service life while dispensing with the requirement for wet lubricants in a working environment that expect protection from heat, synthetic substances, or cleanroom conditions.
According to the U.S. Department of Energy, one-third of automobiles fuel or electric energy consumption is spent overcoming friction which has a direct impact on emissions and miles per gallon (MPG) or Miles per gasoline-equivalent (MPGe).
The Implementation of low-friction and super-hard coatings in the automotive industry provides a low friction surface, increased fuel economy, durability, and environmental compatibility of advanced engine systems.
The automotive industry is expected to grow significantly over the coming years. Evolving digital technology, change in customer sentiment and economic health have played a vital role in non-commercial business practices of manufacturing vehicles.
Hence, owing to the above-mentioned factors, the application of low friction coating in automotive industry is likely to dominate during the forecast period.
Asia-Pacific Region to Dominate the Market
Asia-Pacific region is expected to dominate the market during the forecast period. The rising demand for low friction coating with the growing automotive and healthcare industry in countries like China and India is expected to drive the demand for low friction coating in this region.
The largest producers of low friction coating are based in the Asia-Pacific region. Some of the leading companies in the production of low friction coating are VITRACOAT, CARL BECHEM GMBH, The Chemours Company, Dow, and ASV Multichemie Private Limited among others.
According to Economic Times projection, the Asian healthcare market grew by almost USD 200 billion between 2016 and 2020, to a total value of USD 2,660 billion and is expected to continue growing in coming years.
Owing to the above-mentioned factors, the market for low friction coating in the Asia-Pacific region is projected to grow significantly during the study period.
Competitive Landscape
The global low friction coating is partially consolidated in nature. Some of the major companies in the market include Whitford, CARL BECHEM GMBH, The Chemours Company, Dow, and Poeton among others
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
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