Rise in use in elevated temperature applications and lubrication of metal, rubber, and plastic products fuel the growth of the global graphite coatings market. Based on end-user, the automotive segment dominated the market in terms of revenue in 2019. Moreover, by region, the market across the Asia-Pacific region held the largest market share in 2019, and is expected to lead the trail by 2027.
Portland, OR, May 17, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global graphite coatings industry was estimated at $0.6 billion in 2019, and is estimated to reach $0.9 billion by 2027, manifesting a CAGR of 6.8% from 2020 to 2027.
Rise in use in elevated temperature applications and lubrication of metal, rubber, and plastic products fuel the growth of the global graphite coatings market. On the other hand, health hazards regarding the inhalation of graphite coatings restrain the market growth. Conversely, advancements in the technology of graphite coatings is anticipated to usher an array of opportunities for the market players in the future.
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The outbreak of the pandemic has created challenges for the end-users of graphic coatings including the automotive, electronics, and aerospace sectors. In addition, the reduced demand for passenger vehicles negatively affected the graphic coatings market.
The pandemic and tariff war between China and the U.S. forced the relocation of several market players involved in the manufacturing of display and sensors, which are the prime end-users of graphic coatings.
Moreover, the prolonged lockdown across several regions and travel restrictions resulted in disruption of the supply chain.
The global graphite coatings market is segmented on the basis, end-use and region. By application, the lubrication segment held the largest share in 2019, held highest market share with nearly two-fifths of the global graphite coatings market. In addition, the segment to portray the highest CAGR of 7.2% during the forecast period.
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By end use, the automotive segment dominated the market in terms of revenue in 2019, with more than one-third of the global graphite coatings market. Additionally, the segment would also manifest the fastest CAGR of 7.2% from 2020 to 2027.
By region, the market across the Asia-Pacific region held the largest market share in 2019, holding for more than half of the market. In addition, the Asia-Pacific is expected to manifest the fastest CAGR of 7.9% from 2020 to 2027. Other regions studied in the report include Europe, North America, and LAMEA.
Key market players profiled in the report include Asbury Carbons, Imerys Graphite & Carbon, Elcora Advanced Materials Corp., Mersen, CONDAT Corporation, Triton Minerals, Van Sickle Paint Mfg. Company, Whitford, BECHEM, and Final Advanced Materials.
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