The low friction coatings market is projected to reach USD 810.4 million by 2021, at a CAGR of 5.7%. Low friction coatings are applied to achieve a lower coefficient of friction to enhance smoothness in relative motion and reduce the loss of material. Low friction coatings are being preferred over conventional lubricants, due to the ease of application and ability to perform under high pressure and temperature environment. Key end-use industries for these coatings include automotive & transportation, aerospace, general engineering, and food & healthcare.
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The low friction coatings market is majorly driven by the demand from end-use industries, including automobile, aerospace, general engineering, oil & gas, and food & healthcare. Rising concerns about environmental issues and drawbacks of conventional lubricants such as low heat stability and disposability have led to companies operational in the automotive industry adopting low friction coatings to increase fuel efficiency and reduce the impact on the environment. The increasing use of low friction coatings to reduce noise, vibrations, and emissions in automobiles has fueled the demand for these coatings across the globe.
Companies providing medical devices and instruments prefer the use of low abrasion and low friction coatings. Low friction coatings offer low friction, good surface coverage, wetting, uniform adhesion, wear resistance, and coating homogeneity. The Asia-Pacific healthcare devices coatings market is projected to witness the highest growth during the forecast period, due to growing end-use industries in India and China.
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Key players in the low friction coating market include Dow Corning Corporation (U.S.) and The Chemours Company (U.S.), BECHEM (Germany), Whitford Corp. (U.S.), Endura Coatings (U.S.), and Everlube (U.S.). Expansions and new product developments were the key growth strategies adopted by major market players in low friction coatings market. Apart from these strategies, companies also adopted joint ventures, agreements, and acquisitions to increase their market penetration and regional coverage.
The Chemours Company (U.S.), a spin-off from DuPont (U.S.), adopted expansions as a key development strategy. The company established a new Teflon Finishes production plant in China in July 2016. This increased capacity helped of Chemours to cater to the automobile and industrial applications in Asia-Pacific.
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