Global Smart Coatings Market is segmented By Layer (Single Layer, Multi-Layer), By Function (Self-Healing, Self-Cleaning, Self-Stratifying, Anti-microbial, Anti-icing, Anti-corrosion, Others), By End-User (Construction, Automotive, Aerospace, Marine, Consumer Electronics, Military, Healthcare, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2021-2028
The Global "Smart Coatings Market" is expected to grow at a high CAGR of 18.20% during the forecasting period (2021-2028).
- Smart coatings are particular films with predefined properties which make them sense and respond to environmental and other external stimuli.
- The coatings’ self-healing properties make them suitable for corrosion protection, material protection, and other surface improvement applications.
- These coatings are widely used in medical, military, transport, construction, electronics, and other industries for protection against corrosion and abrasion, as well as other surface protection purposes.
Market Drivers and Restraints
- The increasing technological advancement in smart coatings, superior properties of intelligent surfaces, and the growth in the automotive sector especially in Asia-Pacific and Europe are the primary factors boosting the growth of the market.
- Smart technologies are increasingly being preferred worldwide owing to the emergence of new technologies that have enhanced their functionalities.
- Some of these technologies include- micro-encapsulation, nano-technology, conductive materials, self-healing, and self-assembling systems.
- A significant trend driving the development of smart coating technologies is the continuous demand for higher performance to extend product life and reduce maintenance, to enhance energy efficiency both for cost and environmental reasons.
- The high cost of smart coatings can hinder the growth of the market during the forecast period.
Industry Segmentation Analysis
- The global smart coatings market report segments the market by layer, function, and end-user. The layer segment includes single layer and multi-layer.
- By the function of smart coatings, the market consists of self-healing, self-cleaning, anti-microbial, anti-icing, anti-corrosion, and others.
- Further, the report classifies the market by end-user, which includes construction, automotive, aerospace, marine, consumer electronics, military, healthcare, and others.
- The automotive segment is the most dominant segment and is expected to hold a significant market share during the forecast period.
- There is a high demand for anti-corrosion smart coatings in the automotive industry for the protection of vehicle body parts like door closures, lock parts, suspensions, engine components, and clamps & hose connections.
- Also, the demand for self-stratifying coatings is on the rise in the automotive industry because it reduces the labor and material costs involved in the second coating by forming multilayer films from a single coating system. The increasing amount of electronic technology incorporated into vehicles is also an essential driver for the use of smart coatings in the automotive sector.
- The performance of displays, sensors, and cameras, and thus the user experience can be augmented by smart coatings that have self-cleaning or self-healing properties.
- The trend toward multi-passenger and ride-share vehicles is also driving the development of coatings with antimicrobial properties for vehicle interiors, while the continual push to improve fuel efficiency is encouraging the development of new anticorrosion coatings for mixed materials.
- The healthcare segment is expected to witness a rapid rise in smart coatings market in the coming years. Smart coatings are being customized toxic or non-toxic barrier for harmful microorganisms.
- This has increased the adoption rate of smart coatings as antimicrobial agents in medical applications. Also, there has been growing researches on utilizing the properties of intelligent layers for innovative drug delivery agents that are meant to trigger drug release based on external stimulus.
Market Geographical Share
- The report segments the market by geographic region which includes North America, South America, Europe, Asia-Pacific, and Others. Asia-Pacific was the fastest-growing region in 2017 for smart coatings, and it is expected to dominate the market in the coming years.
- The expected dominance of Asia-Pacific can be attributed to the high growth of end-user industries in the region because of growing urbanization and industrialization. The rise in automotive production in Asia-Pacific is primarily boosting the market.
- The countries like China, India, Japan, and South Korea are the top producers of automobiles in the region. Major car manufacturers like Chevrolet, Audi, Kia, Volvo, and Daimler are setting up new production facilities in these countries because of low labor cost, raw materials prices, and a rising urban population. Thus, the increasing automotive production is boosting the demand for smart coatings in the region.
- North America held the largest market share in 2017 and will witness substantial market growth during the forecast period.
- The increasing thrust on infrastructure development activities and industries in the U.S. like automotive, military, healthcare, and consumer electronics will augment the demand in the region.
- The military seems to be a lucrative market (and funding source) for smart coatings in the U.S.; the U.S. military is the leading supporter of research on intelligent coatings and also the most significant military end-user of bright coating technology.
- The U.S. military jointly with other institutes has undertaken various projects for the development of new smart coatings.
- Currently, the development of a smart coating with a self-signaling feature that can effectively camouflage military personnel and equipment, such as tanks, trucks, and helicopters has been proposed. Thus, the increasing military applications of smart coatings will boost the market in the country.
- The Global Smart Coatings market report profiles the following companies - AkzoNobel, The Sherwin-Williams Company, Axalta Coating Systems, Jotun A/S, RPM Technologies, PPG Industries, NEI Corporation, Hempel A/S, BASF SE, and DowDuPont.
Key market segments covered
- Consumer Electronics
- Asia Pacific
- North America
- South America
- Rest of the World
Why purchase the report?
- Visualize the composition of the Smart Coatings market across each indication, regarding layer, function, and end-user highlighting the key commercial assets and players.
- Identify business opportunities in the Smart Coatings market by analyzing trends and co-development deals.
- Excel data sheet with thousands of data points of the Smart Coatings market-level 4/5 segmentation
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study
- Product mapping in excel for the key Smart Coatings market products of all major market players.
Who can benefit from this report?
- Raw Material Suppliers/ Buyers
- Product Suppliers/ Buyers
- Industry Investors/Investment Bankers
- Education & Research Institutes
- Research Professionals
- Emerging Companies
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