The Global "Nanocoatings Market" is growing at a high CAGR during the forecast period (2022-2029).
Nanocoatings are substrates coated with nanomaterials by a film of a thickness in the nano-range. These coatings provide weather resistance to protect painted surfaces from getting degraded.
The global nanocoatings market is being driven by rising technological advancement and an increase in research and development in the world.
For instance, in 2017 the Leibniz Institute for New Materials introduced new nano-coatings that reduce the effort required for cleaning heat exchangers as well as their corrosion. In these new coatings, the research scientists combine antiadhesive, anticorrosive and, antimicrobial properties.
Also, the rise in the growth of nanotechnology has led to the increasing adoption of nanocoatings on a global level.
In addition to this, the growing emphasis on renewable energy facilities also drives the usage of nanocoatings.
By application, the global nanocoatings market is segmented into medicine, energy, electronics, food industry, space technology, and other applications. Currently, medical held the largest market share in the global nanocoatings market and is expected to continue its dominance during the forecast period.
The constant release of the active substance, antimicrobial effect, no chemical impurities, and no later discoloration of the device or equipment material are some of the benefits of nanocoatings in the medical industry.
The increasing market of pharmaceuticals is also fuelling the demand for nanocoatings in the healthcare industry.
Further, the electronics segment is anticipated to grow at the highest CAGR during the forecast period owing to the increasing use of nanotechnology in the electrical and electronics industry.
Geographically, the global nanocoatings market is segmented into North America, Europe, South America, Asia Pacific, and RoW. Of these, North America is currently leading the nanocoatings market regarding volume followed by Europe.
However, the growth of the European and North American nanocoatings markets is expected to experience sluggish growth in the forecast period.
Further, regional companies focus on strategic partnerships and collaborations to increase product development and launch commercially viable end-products.
For instance, in April 2018, General Nano has launched VeeloVEIL, a new lightweight, flexible, electrically conductive metalized nonwoven technology which is used in the aerospace industry.
The Asia Pacific region is anticipated to witness the most significant growth rate in the market over the forecast period. The countries like India, China, and Indonesia are slowly heading towards a more substantial market share across all end-user industries. Further, new technological innovations will boost the development of the market.
P2i Ltd., Tesla Nanocoatings, Inframat Corp, Cg2 Nanocoatings, Eikos Inc, Dow Chemical, and DuPont are some of the major players in global nanocoatings market. P2i Ltd. is the market leader in global nanocoatings market. The company is placing a significant focus on the mobile phone market.
Apart from mobile phones, P2i is mainly looking for other applications for its technology which include wearable devices and other virtual reality products.
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