SMART COATINGS MARKET: Summary
The Global Smart Coatings Market is expected to register a CAGR of more than 23%, reaching a value of around USD 15 billion by the end of 2027.
Smart coatings are made of programmable materials with a variety of physical, chemical, electrical, and mechanical properties. The materials used for making smart coatings can respond to changes in light, pressure, chemical, heat, and other stimuli.
Smart coatings are designed to remain passive unless prompted to perform a function based on the stimuli. These coatings can repeat the process over and over, up to thousands of cycles or more, and spanning over several years.
SMART COATINGS MARKET: Drivers & OPPORTUNITIES
• Growing Demand for Smart Coatings Across Various End-Use Industries
Smart coatings are widely used in medical, military, aerospace & defense, transportation, building & construction, electronics and other industries for protection against corrosion and abrasion, as well as other surface protection purposes. The major driver of the smart coatings market is the high demand from the aerospace and automotive industry. For instance, when used in aircraft, smart coatings can detect damage to a gas, an oil, and aero engine. Moreover, extensive demand from the automotive industry for corrosion and abrasion resistance is driving the demand for smart coatings.
Fast-paced industrialization in emerging economies, as well as infrastructural development in developed nations, has led to an increased number of construction activities. This is expected to drive the demand for smart coatings in the building & construction industry.
Thus, the growing demand from end-use industries is expected to fuel the smart coatings market.
• Advantages of Smart Coatings
Smart coatings are corrosion resistance, self-healing, antimicrobial, self-cleaning, and others. Being able to identify and repair faults or defects early results in social and environmental benefits as well as reducing costs for manufacturers. Moreover, these coatings are low-maintenance, which further increases their demand. Smart coatings are designed such that they can customize to act in different ways under different conditions.
Smart coatings can improve the systems’ efficiency by reducing inspection times, equipment downtime, and maintenance costs. Its use also extends the life of components and structures that are made of corrosive materials, thus reducing the repairing cost of these parts.
Therefore, the advantages associated with smart coatings is expected to drive the demand for smart coatings in the coming future.
• High R&D Investment in Development of New Coatings
Ongoing R&D associated with the development of new coatings include self-healing graphene-based tough coatings, water-repellent anti-icing coatings, and gold nanoparticles embedded antimicrobial coatings, among others.
In 2017, researchers at NASA Kennedy Space Center developed a smart, environmentally friendly coating system for early detection and inhibition of corrosion and self-healing of mechanical damage without external intervention. This coating system would be used for applications such as bridges, automobiles, ships, pipes, machinery, and aircraft. Furthermore, the US Navy is conducting research to replace hexavalent chromium with smart coatings.
Thus, investment in R&D for the development of new coatings is likely to offer new opportunities to the players in this market.
Smart Coatings market: Key segments
• Segmentation based on function: Self-healing, Self-cleaning, Anti-microbial, Anti-corrosion, Anti-icing, Anti-fouling, Self-dimming, and Others.
• Segmentation based on layer: Single-layer and Multi-layer.
• Segmentation based on application: Building & Construction, Aerospace & Defense, Automotive & Transportation, Medical, Electronics, Military, and Others.
• Segmentation based on region covers: North America, South America, Europe, Asia-Pacific, Middle East & Africa and South America, with individual country-level analysis.
Smart Coatings MARKET: Report SCOPE
The report on the smart coatings market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Report Features Specifics
Historical/Estimated/Forecasted Market Size Years 2018-2027
Base Year for Market Calculation 2019
Forecasted Period 2020-2027 (2020 estimated year, forecasted up to 2027)
Measured Units Value (USD Million) Volume (Kiloton)
Segments Included Function, Layer, and Application
Regional Coverage North America, Asia-Pacific, Europe, Middle East & Africa, South Africa
KEY Companies Covered
• PPG Industries, Inc. (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
• Akzo Nobel N.V.
• RPM International Inc.
• Hempel A/S
• NEI Corporation
• BASF SE
• Eastman Chemical Company
• CG2 NanoCoatings
• Other Key Companies
Smart Coatings MARKET: report segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Smart Coatings Market, by Function
Smart Coatings Market, by Layer
Smart Coatings Market, by Application
• Building & Construction
• Aerospace & Defense
• Automotive & Transportation
Smart Coatings Market, by Region
• North America
o South Korea
o Rest of Asia-Pacific
o Rest of Europe
• Middle East & Africa
o Saudi Arabia
o Rest of Middle East & Africa
• South America
o Rest of South America
Key Questions answered by the report
• What are the prominent developments affecting the market worldwide and its growth?
• What will be the impact of the developments in the market on the industry and on the market players in the future?
• What are the evolving variations of the market globally?
• What are the evolving functions of the market globally?
• What are the prominent aspects that will affect market growth globally during the study period?
• Who are the key players operating in the market across the globe?
• How are the key players leveraging in the present market scenario worldwide?
• Smart Coatings Market Providers
• Smart Coatings Market Solution and Services Suppliers, Distributors and Dealers
• End-Users of Varied Segments of Smart Coatings Market
• Government Bodies and Intellectual Institutions
• Associations and Industrial Organizations
• Research & Consulting Service Providers
• Research & Development Organizations
• Investment Banks & Private Equity Firms
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE SMART COATINGS MARKET STUDY