NEWARK, Del, Dec. 16, 2022 (GLOBE NEWSWIRE) -- It is predicted that the market for zero friction coatings would be worth US$ 879 million in 2023 and US$ 1,575.59 million in 2033. In the predicted period from 2023 to 2033, the growth rate is expected to be close to 6%. The fact that these coatings reduce friction and wear, resulting in reduced fuel consumption and less heat output, can be linked to growth. The European Automobile Manufacturers' Association estimates that 79.1 million motor cars were produced worldwide in 2021, an increase of 1.3% from the previous year. Zero friction coatings can prolong the interval between component upkeep and replacement, particularly for machine parts with high manufacturing costs.
Wear-resistant plastic seals are used in a number of automotive applications that demand lifetime service confidence and zero tolerance for failure. Over the projected period, the product is expected to experience rising demand from the automotive industry globally for a variety of applications, including fuel pumps, automatic gearboxes, oil pumps, braking systems, and others. High pressure, high temperatures, and vacuums are examples of harsh situations where low friction coatings can be used. In settings that need chemicals, heat, or clean room conditions, these coatings can improve service life and performance by doing so, negating the need for wet lubricants. Products ideal for non-reinforced plastics are those free of molybdenum disulfide (MoS2), whilst those containing MoS2 are acceptable for reinforced plastics.
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Zero friction coatings are paint-like substances made of submicron-sized solid lubricant particles that have been spread using solvents and resin mixtures. The substance can be applied using customary painting methods as brushing, dipping, or spraying. The anti-corrosion abilities, coefficient of friction, and service life of the product are significantly influenced by the film's thickness. Its thickness need to be larger than the mated surfaces' surface roughness.
Key Takeaways from Market Study
- In 2022, molybdenum disulfide emerged as the dominant type segment by contributing around 50% of the revenue share.
- The automobile & transportation was the dominating end-use segment accounting for a revenue share of more than 35% in 2022 due to the rapid growth of the automotive industry across the globe.
- The energy end-use segment is anticipated to grow at a CAGR of 5.7% in terms of revenue by 2033.
- In Asia Pacific, the market is projected to witness the highest CAGR of 5.8% over the predicted years.
“Properties of zero friction coatings such as vacuum & radiation resistance, dry and clean lubrication that is not affected by dust, non-flammability, and no oxidation are predicted to foster the product demand over the forecast period,” says an analyst at Future Market Insights.
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Key Market Players
Major players are channelling efforts toward expanding their production capacities to strengthen their market share and cater to the growing demand. Market expansion is anticipated to be aided by the growing number of partnerships and collaborations among key players that are looking to increase their presence in the market. Key players in the zero friction coatings market are Endura Coatings; DuPont; VITRACOAT; Poeton; Bechem; ASV Multichemie Private Limited; GMM Coatings Private Limited; and IKV Tribology Ltd. Some of the recent key developments among key players are:
- In June 2020, Poeton Industries launched the latest in a long line of ground-breaking surface treatments. The Gloucester based company has launched Apticote 480A, a new composite coating that combines the properties of nickel and fluoropolymer materials into one problem-solving solution. The new advanced coating builds on the strong Poeton history of developing innovative solutions. The treatment has been created in the Poeton Research & Development Laboratory led by Dr John Archer and builds on the success of existing nickel-polymer treatments.
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global zero friction coatings market, presenting historical analysis from 2018 to 2022 and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of Type (Polytetrafluoroethylene, Molybdenum Disulfide), By Application (Aerospace, Energy), & Region.
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The chemicals and materials team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
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