NEW YORK, Nov. 29, 2016 /PRNewswire/ -- "The hard coatings market is projected to register a CAGR of 8.0% during the forecast period" The global hard coatings market is projected to reach USD 1,351.3 million by 2026, at a CAGR of 8.0% from 2016 to 2026. Growth of the market is due to increasing applications, technological advancements, and growing demand for hard coatings in regions such as Asia-Pacific and the Middle East & Africa. Hard coatings is largely used in cutting tools application. In addition, rising awareness about the benefits of hard coatings is also fueling the demand. The deposition techniques for applying hard coatings require huge investments and are capital intensive in nature. These factors act as the most important restraints for the growth of the hard coatings market. "General manufacturing represents the bulk of the demand for hard coatings"The widest adoption of hard coatings has been in the general manufacturing end-use industry, where high material performances are increasingly required and where large scale hard coating has brought about enormous benefits. Hard coatings are used for wear protection of machine components. Drivers for the use of hard coatings in the general manufacturing industry are greater functionality, increase in lifetime, increased energy efficiency resulting in reduced fuel consumption or reduced lubricant requirements. "PVD to experience the highest growth rate during the forecast period"Hard coating materials can be deposited by various deposition techniques, such as PVD and CVD. PVD is the most widely used technique in various industries. The cutting tools industry, the first to adopt the PVD technology, continues the steady application of PVD technology to replace the conventional deposition techniques. Drivers for the use of this technique in various industries are greater durability and less time intensive.