The growth in smart coatings market is due to the rising application scope in end-user industries such as construction, automotive, aerospace, and others.
Market Size – USD 2.18 Billion in 2018, Market Growth - CAGR of 18.2%, Market Trends –
Rising demand for automotive.
NEW YORK, April 15, 2019 (GLOBE NEWSWIRE) -- The Global Smart Coatings market is forecasted to reach USD 10.32 Billion by 2026, according to a new report by Reports and Data. Smart coatings are preferred among others owing to the development of new technologies that enhance their functionalities. Such technologies are conductive materials, nanotechnology, self-healing and self-assembling system, and micro-encapsulation, as they give coatings the capabilities beyond protection and aesthetics.
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Introduction of advanced technologies in smart coatings such as self-healing and self-cleaning are being utilized by the end users to provide coating options to their customers. Application of nanotechnology-based coatings is expected to reduce the cost of the coating solution, improve damage or scratch resistance, gives aid to anti-fogging, flame retardance and protect coloring, hence boosting the growth of smart coating market. Smart coating is gaining popularity as it is being used for both protective and decorative purposes. It is used to indicate damage on, engine or oil gas platform, or in aircraft to reduce weight. It could also be used as a barrier for packaging film and also as transparent and moisture ingress. Due to its various applications, it is also used in sectors like hospitals, aerospace, and military among others. Owing to the advanced application of smart coatings, consumers are willing to pay a premium price for the coatings.
Automotive manufacturers such as Chevrolet, Audi, and Volvo among many other companies, who are establishing new industries in the APAC region owing to low labor cost, raw material prices, and rising urban population. This will boost the smart coatings market in the APAC region. Smart coatings also form a barrier for toxic and non-toxic detrimental microorganisms. This has increased the adoption rate of smart coatings as antimicrobial agents. The U.S. has a large market share of the healthcare market and growth in the medical industry will propel the growth of the smart coatings market.
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Further key findings from the report suggest
- Changing lifestyle is making consumers demand new types of paintings that make a product durable and also create a striking impression on the consumers.
- Single-Layer holds a market share of 53% in the year 2018 with an annual growth rate of 17.9% throughout the forecast period.
- Self-Cleaning sub-segment occupies the largest market share in 2018 and is forecasted to hold a market share of 20% in the year 2026 with the highest annual growth rate throughout the forecast period.
- Anti-Microbial holds a market share of 16% in the year 2018 and is forecasted to have an annual growth rate of 19.1% throughout the forecast period.
- Nanotechnology and nanomaterial are the concepts that are being harnessed in correlation with smart coatings to open up new opportunities for manufacturers to tap into.
- By Sensing Type, Light segment is forecasted to generate a revenue of USD 1.34 Billion in the year 2026 with an annual growth rate of 18.2% throughout the forecast period.
- Automotive & Transportation holds a market share of 14% in the year 2018 and is forecasted to grow at a CAGR of 19.2% throughout the forecast period.
- Marine is forecasted to generate a revenue of USD 1.14 Billion in the year 2026 with an annual growth rate of 16.9% throughout the forecast period.
- North America has a market share of 25% in the year 2018 and is forecasted to have an annual growth rate of 18.8% throughout the forecast period.
- Key participants include 3M, PPG Industries, AkzoNobel, Axalta Coating Systems, Hempel, Jotun, Dow Corning Corporation, Sherwin-Williams, RPM International, and NEI Corporation among others.
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For the purpose of this report, Reports and Data have segmented the global Smart Coatings market on the basis of Layers, Function, Sensing Types, End User and Region:
Layers Outlook (Revenue, USD Billion; 2018-2026)
- Single-Layer
- Multi-Layer
Function Outlook (Revenue, USD Billion; 2018-2026)
- Anti-Microbial
- Anti-Corrosion
- Anti-Fouling
- Anti-Icing
- Self-Cleaning
- Self-Healing
Sensing Type Outlook (Revenue, USD Billion; 2018-2026)
- pH
- Ionic Strength
- Temperature
- Pressure
- Surface Tension
- Electric or Magnetic Fields
- Light
- Acoustics
- Mechanical Forces
End Users Outlook (Revenue, USD Billion; 2018-2026)
- Automotive & Transportation
- Marine
- Building & Construction
- Aerospace & Defense
- Electronics
- Medical
- IT Technologies
- Agriculture
- Household
Regional Outlook (Revenue, USD Billion; 2018-2026)
- North America
- U.S.
- Europe
- UK
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
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