The Low Friction Coatings market is a fast-growing market with a 5.7% CAGR, due to the rising demand from the end use industries like automobile, aerospace, and healthcare. The global market value is estimated to reach about USD 905.74 million by the end of the forecast period.
Researchers at the University of Michigan, have come up with a new coating formula as a result of research sponsored by the Office of Naval Research (ONR). This formula, named Omniphobic Coating, can repel many substances like water, oil, and alcohol and is used for coating naval vessels to reduce friction drag.
PPG Industries Inc. is reportedly said to acquire US coating company Whitford Worldwide Company, one of the leading companies in the production of low friction and non-stick coatings for industrial applications.
Low Friction Coatings Market Value and Growth:
The Global Low Friction Coatings market size was around USD 686.5 million by revenue, at the end of 2018. It is estimated to grow at CAGR of 5.7 % to reach USD 905.74 million by 2023.
Low Friction Coatings Market Drivers and Restraints:
The rapid growth of end-user industries in emerging economies due to, urbanization and industrialization, is a key driver to the global market. The high ability of the molybdenum disulfide to perform at high temperature and pressure makes it the only suitable type for industrial application hence the increased growth in the market. Although there is a decent growth in the low friction coatings market the strict regulations imposed by the government agencies about the production of the coatings, in consideration of environmental damage, restrains the growth of the market. Also, centralization of the global market in regions like the Asia Pacific makes the production majorly dependent on the geography and climate of these regions, thus restraining the global market expansion.
Low Friction Coatings Market Segmentation Analysis:
Based on the type of chemical used in the coatings the global Low Friction Coatings market is categorized into Molybdenum Disulfide (MoS2), Polytetrafluoroethylene (PTFE), and Others. Of all the types of low friction coatings Molybdenum Disulfide (MoS2) sector is a widely used type of low friction coatings and is anticipated to witness rapid growth in the forecast period. The ability to perform under high pressure and at very high temperature is the reason for its prosperous growth in the low friction coatings market. Whereas, the PTFE is generally used for high wear resistance applications and at low temperature.
By End-Use Industry
Based on the end use of the Low Friction Coatings the global market is divided into Aerospace, Automobile & Transportation, General Engineering, Energy, Food & Beverages, Healthcare, and Others. The increasing demand from these end-user industries especially, the automobile industry, is the main reason for the global market growth.
Low Friction Coatings Market Geographical Analysis:
By geography, the market is segmented as Latin America, Europe, Asia Pacific, Middle-East & Africa, and North America.
Asia Pacific had the largest global market share in the year 2018 and is expected to be the fastest-growing market in the forecast period, due to its high CAGR, increasing demand for growing industries and scope of future opportunities, mainly in developing countries like Japan, India, and China.
Europe and North America are next in the lead in terms of market value. The well-established industries in this region are the reason for its stable global market growth.
The Middle East & Africa and Latin America regions, being in the low developing countries due to the contribution of low GDP countries, have fewer chances for industry growth. Hence, the Low Friction Coatings market in these regions are slow growing in nature.
Low Friction Coatings Market Key Market Players:
By the end of 2018, Dow Corning Corporation (U.S.), AGC Chemicals Europe, Ltd. (U.K.), Whitford Corporation (U.S.), Poeton Industries (U.K.), Gujarat Fluorochemicals Limited (India), BECHEM (Germany), The Chemours Company (U.S.), Daikin North America LLC. (U.S.), Whitmore Manufacturing Company (U.S.), Uniflon America LLC (U.S.) Everlube Products (U.S.), and Endure Coatings (US) are the leading shareholders of the Global Low Friction Coatings market. These companies are currently focused on expansion strategies to improve their market value and position.
Low Friction Coatings Market Research Report Key Highlights:
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1.2 Polytetrafluoroethylene (PTFE)
5.1.3 Molybdenum Disulfide (MoS2)
5.1.5 Y-o-Y Growth Analysis, By Type
5.1.6 Market Attractiveness Analysis, By Type
5.1.7 Market Share Analysis, By Type
5.2 End Use Industry
5.2.3 Automobile & Transportation
5.2.4 General Engineering
5.2.6 Food & Beverages
5.2.9 Y-o-Y Growth Analysis, By End Use Industry
5.2.10 Market Attractiveness Analysis, By End Use Industry
5.2.11 Market Share Analysis, By End Use Industry
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
184.108.40.206 By Geographical Area
220.127.116.11 By Type
18.104.22.168 By End Use Industry
6.1.4 Market Attractiveness Analysis
22.214.171.124 By Geographical Area
126.96.36.199 By Type
188.8.131.52 By End Use Industry
6.1.5 Market Share Analysis
184.108.40.206 By Geographical Area
220.127.116.11 By Type
18.104.22.168 By End Use Industry
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Dow Corning Corporation
8.3 AGC Chemicals Europe, Ltd.
8.4 Whitford Corporation
8.5 Poeton Industries
8.7 The Chemours Company
8.8 Daikin North America LLC.
8.9 Whitmore Manufacturing Company
8.10 Uniflon America LLC
8.11 Endure Coatings
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures