Zero Friction Coatings Market revenue to reach USD 2 Billion by 2036, says Research Nester
Prominent zero friction coatings market players include PPG Industries, Inc., The FUCHS Group, Peoton Industries, Endura Coatings, DuPont, VITRACOAT, ASV Multichemie Private Limited, GMM Coatings Private Limited, IKV Tribology Ltd., and Carl Bechem GmbH.
New York, Nov. 16, 2023 (GLOBE NEWSWIRE) — The global zero friction coatings market size is predicted to grow at a CAGR of over ~6% from 2024 to 2036. The market is projected to garner a revenue of USD 2 billion by the end of 2036, up from a revenue of ~USD 880 million in the year 2023. driven by the ever-expanding automotive industry, Around the globe a total of 86 million motor vehicles were manufactured in 2022 marking a growth of 5.8[R1] % in comparison, to the year 2021.
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The use of these coatings in engines, transmissions, and other automotive components helps to reduce friction and wear, leading to improved fuel efficiency and longer component life. Additionally, these coatings are also beneficial in reducing emissions, as less friction means less energy is needed to propel the vehicle. This further reduces the cost of owning and operating an automotive vehicle, making it an attractive choice for consumers.
Effectiveness of Zero Friction Coatings to Boost Market Growth
Zero friction coatings are a new type of lubricant that can reduce wear and tear on machinery by up to 50[R2] %. They work by creating a thin, smooth layer on the surface of the machinery that reduces friction and heat buildup. This can lead to longer lifetimes for the machinery and reduced maintenance costs. Furthermore, MOLYKOTE[R3] is often referred to as “lubricating paints”. It is an Anti-Friction Coating that consists of lubricants dispersed in resin blends and solvents that are carefully chosen. Zero friction coatings help to reduce friction between surfaces, allowing them to move with less resistance. This allows machines to work more efficiently, resulting in cost savings. Additionally, zero friction coatings can help reduce wear and extend the life of machine components.
Zero Friction Coatings Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Automobile Industry and Urbanization to Drive the Growth in the Asia Pacific Region
The zero friction coatings market in Asia Pacific region is estimated to garner the largest revenue by the end of 2036. The growth of the automobile industry in the region can be attributed to the increasing demand for fuel-efficient and electric vehicles. As the demand for electric vehicles increases, so does the need for zero friction coatings, as they are used to reduce friction and improve the efficiency of vehicles. A growing number of construction projects and urbanization is also driving market growth in the region, which requires zero friction coatings to reduce heavy machinery wear and tear. In 2021 India experienced a 1.30[R4] % increase, in urbanization. This growth rate rose by 1.6% compared to the year. Moreover in the year 2022, 66 percent of China’s population resided in urban areas. As the region becomes more urbanized, the need for more efficient infrastructure also increases, which requires the use of zero friction coatings to reduce wear and tear on heavy machinery.
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Increasing Infrastructure Projects to Drive the Growth in the Europe Region
The Europe zero friction coatings market is estimated to garner the largest revenue by the end of 2036. This growth is primarily attributed to the increasing demand for protective coatings, such as grease and lubricants, in the automotive industry, as well as the use of zero friction coatings for improving industrial operational efficiency. Moreover, rising infrastructure projects in the region are expected to drive the demand for zero friction coatings. The European Union has allocated approximately 1.7 billion euros, to support the construction of the Brenner base tunnel, which is considered a large flagship transportation infrastructure project. Zero friction coatings are commonly used in infrastructure projects to reduce friction and wear, which helps to reduce costs and extend the life of the structures. As more infrastructure projects are built, the demand for zero friction coatings is expected to increase.
Zero Friction Coatings Segmentation by Type
- Molybdenum Disulphide
The molybdenum disulphide (MoS2) segment in zero friction coatings market is anticipated to hold the largest revenue by the end of 2036. MoS2 is resistant to corrosion, which is essential for machinery components that are in contact with corrosive chemicals. The Zero Friction Coatings segment is expected to grow significantly due to increasing usage of MoS2 in the automotive industry, where it is used to provide lubrication and reduce friction in engines. MoS2 acts as a protective dry film lubricant to prevent issues like galling, fretting and seizing. It greatly enhances the lifespan of materials when exposed to temperatures ranging from 350°F, to[R5] +500[R6] °F. The coatings coefficient of friction is 0.07 ensuring smooth operation. MoS2 is a dry film lubricant that is highly resistant to corrosion and erosion. The coefficient of friction of this type of coating is very low, which makes it ideal for applications where friction needs to be kept to a minimum.
Zero Friction Coatings Segmentation by End User
- General Engineering
- Food & Healthcare
The automobile segment is anticipated to hold the largest revenue by the end of 2036. Auto manufacturers are increasingly focusing on reducing the friction coefficient between components to save energy and increase efficiency. This is driving the demand for zero friction coatings, as they are used to reduce friction in key components of vehicles, such as bearings, brakes, and transmissions. Additionally, the rising demand for electric vehicles is likely to further drive the growth of the zero friction coatings market. According to IEA[R7] , the percentage of cars sold has increased by over three times in just three years rising from approximately 4% in 2020 to 14%, in 2022. As electric vehicles become more popular, there will be a need for better components, such as bearings, brakes, and transmissions, to reduce the risk of wear and tear. Zero friction coatings can provide the necessary lubrication to reduce friction, allowing them to last longer and perform better.
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A few of the well-known indsutry leaders in zero friction coatings market that are profiled by Research Nester are PPG Industries, Inc., The FUCHS Group, Peoton Industries, Endura Coatings, DuPont, VITRACOAT, ASV Multichemie Private Limited, GMM Coatings Private Limited, IKV Tribology Ltd., Carl Bechem GmbH, and other key market players.
Recent Development in the Zero Friction Coatings Market
- April 2022: PPG Industries, Inc. announced the acquisition of Arsonsisis powder coatings manufacturing business. This acquisition provides PPG, with a state-of-the-art powder manufacturing facility located in Verbania, Italy. The factory is equipped to produce both large batches of powder coatings efficiently and is fully automated incorporating advanced computerized systems.
- June 2022: The FUCHS Group, a known global company specializing in lubricants has recently announced its acquisition of Gleitmo Technik ABs lubricants business located in Kungsbacka, Sweden. This exciting development will result in the integration of Gleitmo Technik ABs operations, into FUCHS LUBRICANTS SWEDEN AB, a subsidiary of the FUCHS Group.
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