Hard Coatings Market | Size, Value, Trend and Outlook 2023
Posted by Rishab Gupta on January 30th, 2020
As per the MRFR analysis, the Global Hard Coatings Market is exhibiting a significant growth, and is anticipated to retain its demand growth over the forecast period to reach USD 13,903.3 million by 2023 end.
The market growth is attributed to increasing demand from the end-use in surfactant, pharmaceutical, and personal care industries. House hold and personal care industry is the prominent end-use industry accounting for major share in the overall Hard Coatings consumption. In addition to this, the global market is driven by the increasing penetration of alcohol Hard Coatings. Owing to such factors, the global market is anticipated to witness a significant CAGR of 3.76% over the forecast period
Top Key Players:
Market Research Future (MRFR) recognizes the following companies as the key players in the global Hard Coatings market: BASF SE, Royal Dutch Shell plc, The DowDuPont Inc. Huntsman International LLC, AkzoNobel N.V., Solvay SA, Evonik Industries AG, Mitsui Chemicals, Inc., SABIC, Sasol Ltd, Ineos Group Ltd., Arkema SA
Hard Coatings are organic compounds that are manufactured by treating alcohols and phenols with ethylene oxide in the presence of potassium hydroxide as a catalyst. They are usually obtained by the addition of ethylene oxide (EO) to compounds comprising dissociated protons. Hard Coatings are more prominently used in a variety of industries due to their emulsifying properties. Some of the protuberant industry applications include, household & personal care, agrochemicals, oilfield chemicals, pharmaceuticals, and others. Among these applciations, Hard Coatings are dominantly consumed in manufacturing fatty alcohol ether sulphate used in household detergents and personal care products.
In 2016, household and personal care applications cumulatively accounted for 34.7% of the overall Hard Coatings consumption. Such industries consume range of Hard Coatings type. Numerous ethoxylate types are consumed in different quantities in the aforementioned industrial applications. Some of the major ethoxylate type include natural alcohol Hard Coatings, synthetic alcohol Hard Coatings, Fatty Amine Hard Coatings, Fatty Acid Hard Coatings, Methyl Ester Hard Coatings, Ethyl Ester Hard Coatings, Glyceride Hard Coatings, Glyceride Hard Coatings, and Polyethylne Glycol.
Such applications include laundry detergents, dishwashing detergents, and fabric softeners. Laundry detergents are the foremost application within household and personal care. Growing use of laundry detergents is in Asia Pacific is boosting the household & personal care demand. Consequently, household & personal care is the fastest growing segment, growing with a CAGR of 4.7% over the forecast period. Industrial and institutional cleaning is the second largest segment and anticipated to witness significant growth of 4.3% over the forecast period. Moreover, agrochemical and pharmaceutical segments were estimated to cumulatively account 25.7% of the overall consumption in 2016.
Based on type, Hard Coatings are segmented as alcohol Hard Coatings, fatty amine Hard Coatings, fatty acid Hard Coatings, methyl ester, ethyl ester, glyceride, and polyethylene glycol. Among the types, alcohol Hard Coatings accounted for dominating share of 41.6% in overall Hard Coatings market in 2016.
Geographically, Asia Pacific dominated the global Hard Coatings market, accounting for more than one third of the value share of the global Hard Coatings market. The regional market trends substantiating the growth of Hard Coatings market includes the growing production and consumption of laundry detergents in emerging China and India markets.
Furthermore, the rapid industrialization in the region, high penetration of alcohol Hard Coatings manufacturers in the region, availability of raw material, and proximity to market is estimated have positive impact on overall Hard Coatings market in the region. The other emerging markets such as Latin America and the Middle East & Africa seems to follow a similar market trend as Asia Pacific and offers lucrative opportunities for manufacturers of Hard Coatings in these regions.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of key vendors.
Market Research Future concludes that over the past few years, the global Hard Coatings market has witnessed a moderate growth and as per the analysis, the market is likely to continue growing over the forecast period. The market growth is attributed towards the continuously increasing growth of the end-use industries such as surfactants, pharmaceuticals, and household detergents market. Global Hard Coatings market is projected to reach USD 13,903.5 Million by 2023 at a CAGR of 3.76% during the review period 2017-2023.The alcohol Hard Coatings segment accounted for 41% share in 2016.
Access Full Report Summary @ https://www.marketresearchfuture.com/reports/Hard Coatings-market-5468
Industry/ Innovation/ Related News:
June 2016 – Foremost chemical industry specialty material producer Evonik Industries has commercialized the biosurfactants: the specialty chemicals company was the first in the world to use biotech methods for producing industrial-scale quantities of high- quality surfactants, which is a key component of modern shampoos, shower gels, and household cleansers. The newly added bio surfactants are added to bridge increasing demand form the personal care industry, especially, in cleansing product application. As per the MRFR analysis, analysts have given the overall conclusion, that commercialization of bio surfactants will help to recognise the additional demand generated for Hard Coatings.
February 1, 2018 – Global chemical industry leader as well as specialty material producer BASF SE has announce the expansion of production capacity of alkyl polyglucosides. The expansion proposal will be done in two production plants at Ohio based plant as well as in China based plant. As per the one of the board member of the BASF, this investment will avail them to cater new formulation in mild surfactants, specifically in personal care applications. Furthermore, increasing focus on the surfactants expected to have positive impact on production capacities of Hard Coatings.
November 4, 2014 – Clariant has launched innovative surfactants with some of the additional effects. The newly added series is named as GLUCOTAIN, and has made the existing product line even stronger. The company is the global leader in the specialty chemicals and has added the new surfactants series by aiming the new growth potential in the personal care industry. New added series has outstanding mildness and very good cleaning performance for skin and hair. Addition of the new products in the existing line is expected to offer new growth prospects for ethoxylate as a surfactants group. GLUCOTAIN is sugar based surfactants and offers sensory benefits.
Asia Pacific is the largest market for the Hard Coatings, both in terms of production as well as consumption. The region has acquired largest6 shares as of 2016, with a dynamic CAGR and is likely to grow in a similar manner. Booming pharmaceutical production across the North America as well as Europe also to support the regional growth in both of this region. Being a leading healthcare market, North America has a widely available medical as well as pharmaceutical resources and the factor to avail growth advantage to this region.
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About the AuthorRishab Gupta
Joined: November 25th, 2019
Articles Posted: 303
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