The market for hard coatings is expected to grow at a CAGR of more than 8% during the forecast period. Major factors driving the market studied are rapidly growing demand from healthcare sectors and increasing usage of hard coatings in developing nations.
- On the flip side, the high capital requirement is likely to hinder the market over the forecast period.
- Asia-Pacific dominated the market across the globe with the largest consumption from countries such as China and India.
Key Market Trends
Optics Segment to Dominate the Market
- The optical industry is one of the major users of hard coatings. Usually, lenses and other optical components use soft coatings, but with the development of high performing techniques, such as hard coating, the use of soft coating becomes obsolete.
- Hard coating provides numerous advantages over soft coating. Hard coatings remain constant for several years after continuous use, while soft coated lenses and optical components show change over time. Hard coatings are scratch resistant, durable, anti refractive, and anti-fog, and increase longevity.
- The major countries contributing to the revenue of the spectacle lenses market included the United States, Germany, France, Italy, the United Kingdom, Spain, Netherland, Canada, etc.
- In 2018, the revenue from spectacle lenses in the United States, Germany, France, Italy, United Kingdom was about USD 12,187.75 million, USD 5104.58 million, USD 4393.27 million, USD 3528.32 million, and USD 3020.38 million respectively.
- Aforementioned factors are likely to increase the demand for hard coatings market in the forecast period.
United States to Dominate the North America Region
- Hard coatings in the United States are used in many industries, such as buildings and construction, automotive, general manufacturing, transportation, etc.
- In buildings and construction industry, hard coatings can be used for interior or external decorative purposes. The demand for various resistance coatings, such as scratch, electrical, hardness, and wear is, in turn, increasing the demand for the market studied.
- Furthermore, the United States is the second-largest producer and seller of commercial vehicles and cars. With the increase in electrical vehicles production in the United States, the demand for hard coatings is likely to increase.
- The growing awareness regarding the benefits of using hard coatings and the increasing demand for hard coatings for decorative coatings, cuttings tools, etc., are anticipated to encourage the growth of the United States market throughout the forecast period.
The hard coating market is fragmented. Some of the major companies dominating the market studied for its products, services, and continuous product developments are OC Oerlikon Management AG, IHI Ionbond AG, CemeCon, IHI Hauzer BV, and Sulzer Ltd, among others.
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