Sol-Gel Coatings Market Comprehensive research study 2019 size, share, trend global demand industry statistics and current scenario by forecast to 2023
Jul 15, 2019
Market for Sol-Gel Coatings is valued at over USD 2,000 Mn. Increased demand sol-gel coatings from automotive, construction and electronic manufacturing sectors is creating growth opportunities for the market. By the year 2023, the market is expected to reach a valuation at USD 3,800 Mn.
Pune, India - July 15, 2019 /MarketersMedia/ —
Market Research Future (MRFR) reveals in its latest study that the global sol-gel coatings market is poised to thrive at a robust CAGR of 11.22% during the forecast period 2018 to 2023. MRFR further reveals that the market is estimated to reach a value over USD 3853.5 Mn by 2023
Global Sol Gel Coatings Market: Competitive Landscape:
The prominent players in the global sol gel coatings market are PPG Industries, Inc. (US), Akzo Nobel N.V. (Netherlands), 3M (US), Axalta Coatings (US), and the Sherwin-Williams Company (US).
These players collectively accounted for a market share of over 40%. The global sol gel coatings market mostly comprises established tier-1 companies located in the US with a global presence. Asia-Pacific is expected to be the fastest-growing market and the global players are focusing on expanding in the region.
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The players in the market have adopted various strategies such as acquisitions, product innovation, joint ventures, capacity expansions, and agreements as part of their business survival strategies. However, with the growing rivalry in the market, the major players are constantly acquiring smaller companies to maintain their dominance in the market.
In June 2017, the Sherwin William Company announced the completion of the acquisition of Valspar Corporation, an American manufacturer of paints and coatings based in Minneapolis. This acquisition was in line with the company’s growth strategy of becoming the global leader in the paints and coatings market. The combined products of these two companies are expected to result in a world-class brand portfolio.
In January 2018, PPG Industries, Inc. acquired ProCoatings BV, a paints and coatings wholesaler in the Netherlands. This acquisition is expected to help the company reduce disruptions in the supply chain. Earlier in 2016, the company divested its production sites in California (US) and entered into an agreement with Vitro S.A.B. de C.V to sells its glass coatings.
Axalta Coating Systems announced the acquisition of Spencer Coatings Group in May 2017, the largest industrial coatings manufacturer in the UK, which caters to the heavy-duty equipment, oil & gas, glass coatings, and general industrial segments. This acquisition is expected to provide Axlata technological know-how and also help expand its regional presence.
The other major players, such as 3M and Henkel A/S, are focused on capacity expansions to broaden their product portfolios and cater to the growing needs in the market. For instance, Henkel, as a part of its expansion strategy, announced an investment in the Netherlands-based Kriya Materials, which deals in customized multi-functional coatings and masterbatches. This investment is expected to boost the company’s functional coatings product portfolio in the flexible film and glass market.
In October 2015, 3M announced the opening of its production plant in the special economic zone of Alabuga, Russia. The plant has a capacity of 2.5 million liters of Scotchkote coatings per year. This move has helped strengthen the company’s presence in Russia and reduce the supply gap in the region. Moreover, the company has profited from the tax benefits of the special economic zone. However, the presence of stringent regulations on the VOC content in coatings is a major threat to its business.
Research Methodology:
4.1 Research Process 26
4.2 Primary Research 27
4.3 Secondary Research 28
4.4 Market Size Estimation 28
4.5 Forecast Model 29
Market Dynamics:
5.1 Introduction 31
5.2 Drivers 32
5.2.1 Drivers Impact Analysis 32
5.2.2 Growing Demand For Protective Coatings In The Transportation Industry 32
5.2.3 Use Of Sol-Gel Coatings In Display Screens Of Electronic Devices 33
5.3 Restraints 34
5.3.1 Restraints Impact Analysis 34
5.3.2 High Cost Of Sol-Gel Chemical Precursors 34
5.4 Opportunities 34
5.4.1 Increasing Awareness Of The Spread Of Infections In Hospital Surroundings 34
5.4.2 Increased Focus On Innovative And Eco-Friendly Sol-Gel Coatings 35
Market Factor Analysis:
6.1 Supply Chain Analysis 37
6.1.1 Raw Materials 37
6.1.2 Sol-Gel Coating Manufacturers 38
6.1.3 Distribution Channel 38
6.1.4 End-Use Industry 38
6.2 Porter’s Five Forces Model 39
6.3 Threat Of New Entrants 39
6.4 Threat Of Rivalry 39
6.5 Threat Of Substitutes 40
6.6 Bargaining Power Of Suppliers 40
6.7 Bargaining Power Of Buyers 40
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List of Tables:
TABLE 1 MARKET SYNOPSIS 16
TABLE 2 LIST OF ASSUMPTIONS 19
TABLE 3 GLOBAL SOL-GEL COATINGS, BY APPLICATION, 2016–2023 (USD MILLION) 42
TABLE 4 GLOBAL SOL-GEL COATINGS MARKET, BY APPLICATION, 2016–2023 (KILO TONS) 43
TABLE 5 GLOBAL SOL-GEL COATINGS MARKET FOR AUTOMOTIVE GLASS, BY REGION, 2016–2023 (USD MILLION) 44
TABLE 6 GLOBAL SOL-GEL COATINGS MARKET FOR AUTOMOTIVE GLASS, BY REGION, 2016–2023 (KILO TONS) 44
TABLE 7 GLOBAL SOL-GEL COATINGS MARKET FOR HEALTHCARE, BY REGION, 2016–2023 (USD MILLION) 45
TABLE 8 GLOBAL SOL-GEL COATINGS MARKET FOR HEALTHCARE, BY REGION, 2016–2023 (KILO TONS) 45
TABLE 9 GLOBAL SOL-GEL COATINGS MARKET FOR MARINE, BY REGION, 2016–2023 (USD MILLION) 46
TABLE 10 GLOBAL SOL-GEL COATINGS MARKET FOR MARINE, BY REGION, 2016–2023 (KILO TONS) 46
TABLE 11 GLOBAL SOL-GEL COATINGS MARKET FOR CONSTRUCTION, BY REGION, 2016–2023 (USD MILLION) 47
TABLE 12 GLOBAL SOL-GEL COATINGS MARKET FOR CONSTRUCTION, BY REGION, 2016–2023 (KILO TONS) 48
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
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Source: MarketersMedia
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