WASHINGTON, July 31, 2023 (GLOBE NEWSWIRE) -- As per Vantage Market Research, the demand for Smart Coatings is driven by their wide range of applications in various industries, including automotive, aerospace, construction, healthcare, and electronics. These coatings offer benefits such as corrosion resistance, self-healing abilities, anti-fouling properties, and thermal insulation, among others.
According to Vantage Market Research, the Global Smart Coatings Market is estimated to be valued at USD 20.2 Billion by 2030 and is expected to exhibit a CAGR of 24.3% during the forecast period 2023 to 2030. The global Smart Coatings market grew to USD 3.5 Billion in 2022.
The Smart Coatings market is a rapidly growing industry that involves the development and application of advanced coatings that possess unique properties for various end-use applications. These coatings are designed to respond to changes in their environment and display specific functionalities, such as self-healing, self-cleaning, corrosion resistance, anti-microbial properties, and anti-fouling capabilities.
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Key Highlights
- By Layer, Multi-Layer segment is anticipated to mention fastest growth of the market during forecast period,
- By Function, the Self-cleaning segment is expected to witness maximum market growth over projected period,
- By End-Use Industry, the Building & Construction is expected to lead the market during the projected period,
- In 2022, North America dominated the market with the highest revenue share of 46.4%,
- Asia Pacific is expected to witness maximum market growth during the forecast period.
Smart Coatings are used in a wide range of industries, including automotive, aerospace, construction, electronics, healthcare, and energy. In the automotive sector, these coatings are applied to enhance the aesthetic appeal of vehicles, provide anti-scratch and anti-corrosion properties, and improve energy efficiency. In aerospace, Smart Coatings are utilized to protect aircraft surfaces from damage, improve fuel efficiency, and reduce maintenance costs. In the healthcare sector, these coatings are used in medical devices, implants, and hospital equipment to prevent bacterial growth and infections.
Competitive Landscape
Players in the Smart Coatings market collaborate with each other to drive innovation and expand their market presence. They invest in research and development to develop new products and technologies, form strategic partnerships to enhance their product portfolios, and actively engage in mergers and acquisitions to strengthen their market position. For instance, Sherwin-Williams Company acquired the European industrial coatings business of Sika AG. Sika AG manufactures and sells coating systems that are corrosion-resistant. These coatings are included in the Performance Coatings segment of the company. They are used in interior and exterior steel infrastructure, bridges, airports and rails, wind and energy, chemicals, power transmission, interior linings for oil and gas tanks, vessels, pipework, and water and wastewater applications.
The competitive landscape of the market has also been examined in this report. Some of the major players include:
- 3M (U.S.)
- Akzo Nobel NV (Netherlands)
- Axalta Coating Systems LLC (U.S.)
- Dupont (U.S.)
- Hempel AS (Denmark)
- Jotun A/S (Norway)
- NEI Corporation (U.S.)
- PPG Industries Inc. (U.S.)
- RPM International Inc. (U.S.)
- The Sherwin-Williams Company (U.S.)
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Factors affecting the growth of the Smart Coatings Market Industry
Several factors can affect the growth of the Smart Coatings industry. Some of these factors include:
- Increasing demand from various end-use industries: The Smart Coatings market is driven by the growing demand from industries such as automotive, construction, aerospace, and electronics. These industries require coatings with advanced functionalities such as self-healing, anti-corrosion, anti-microbial, and self-cleaning properties.
- Technological advancements: The development of advanced materials and nanotechnology has led to the introduction of Smart Coatings with enhanced properties. The integration of Smart Coatings with sensors and actuators has opened up new opportunities for their application in various industries.
- Growing focus on sustainability: Smart Coatings offer benefits such as reduced energy consumption, improved efficiency, and extended lifespan of products. As companies and consumers become more conscious of environmental sustainability, there is a growing demand for Smart Coatings that can help reduce greenhouse gas emissions and minimize waste.
- Increasing investments in research and development: Many companies and research institutions are investing in the development of Smart Coatings as they offer significant market potential. The focus on developing new and improved coatings with advanced functionalities is expected to drive market growth.
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Top Trends in Global Smart Coatings Market
The Smart Coatings market is being driven by growing demand from end-use industries such as automotive, aerospace, and healthcare. There is a rising demand for Smart Coatings with superior properties such as self-cleaning, self-healing, and corrosion resistance. Companies are investing heavily in research and development to create new and innovative Smart Coatings. This is leading to the development of coatings with new functionalities and applications. The construction industry is increasingly adopting Smart Coatings to improve the energy efficiency and durability of buildings. There is a growing demand for eco-friendly coatings that are free from harmful chemicals and have a low environmental impact. Companies are developing Smart Coatings that are biodegradable, non-toxic, and sustainable to meet this demand.
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Report Scope
| Report Attribute | Details |
| Market Value (2022) | USD 3.5 Billion |
| Market Size (2030) | USD 20.2 Billion |
| CAGR (from 2023 to 2030) | 24.30% |
| North America Revenue Share | 46.4% |
| Historic Period | 2016 to 2021 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
Market Drivers
The Smart Coatings market is driven by the growing demand from industries such as automotive, construction, aerospace, and electronics. These industries require coatings with advanced functionalities such as self-healing, anti-corrosion, anti-microbial, and self-cleaning properties. For instance, according to the National Bureau of Statistics of China, the output value of the construction works in the country accounted for CNY 25.92 trillion (USD 4.016 trillion) in 2021 compared to CNY 23.27 trillion (USD 3.374 trillion) in 2020, thereby enhancing the demand in the market. According to IBEF, rising middle-class income and a huge youth population will result in strong demand. In December 2022, the total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles was 1,557,238 units.
Market Restraints
The development and production of Smart Coatings involve high research and development costs, as well as expensive materials. The incorporation of advanced technologies and functional additives drives up the overall cost. These high costs make Smart Coatings less affordable for many end-users, limiting their adoption. Additionally, the need for specialized equipment, skilled personnel, and complex application processes adds to the overall expenses, making Smart Coatings less attractive for certain applications.
Market Opportunities
The development of advanced technologies, such as nanotechnology, has led to the creation of Smart Coatings with enhanced properties and functionalities. These advancements have opened up new opportunities for the Smart Coatings market and are expected to drive growth in the coming years. For instance, PPG Industries has been actively involved in the development of Smart Coatings for automotive applications. They have introduced anti-scratch and self-cleaning coatings that help maintain the appearance of vehicles while reducing maintenance efforts. In addition, the development of advanced materials and nanotechnology has led to the introduction of Smart Coatings with enhanced properties. The integration of Smart Coatings with sensors and actuators has opened up new opportunities for their application in various industries. For instance, Graco Inc., a leading manufacturer of fluid handling equipment, has launched Intelligent Paint Kitchen (IPK) control for pneumatic pumps and agitators. The advancement extends remote management to industrial paint supply and circulation systems with all types of finishing equipment.
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Report Segmentation of the Global Smart Coatings Market
Layer Analysis
Single Layer segment accounted largest market growth in 2022. Advancements in material science have led to the development of new smart coating materials with enhanced properties. These materials may include superhydrophobic substances, photocatalytic nanoparticles, nanocomposites, and self-healing polymers. Improved material properties translate into better performance and durability of single layer Smart Coatings. In addition, single layer Smart Coatings can be integrated with other technologies such as sensors, electronics, and actuators to create multi-functional surfaces. For example, a self-cleaning coating embedded with sensors can detect and remove contaminants automatically.
Function Analysis
The implementation of stringent environmental regulations has driven the demand for environmentally friendly solutions, including coatings with low volatile organic compound (VOC) emissions. Smart Coatings with anti-corrosion functionality often offer superior protection while also being environmentally friendly, which has further propelled their adoption. In addition, the rising demand for Smart Coatings with anti-corrosion functionality has spurred investment in research and development activities. This has resulted in the development of innovative coatings with improved performance, durability, and ease of application, further driving the growth of the market.
End-Use Industry Analysis
The Household segment accounted largest growth of the market in 2022 owing to the increasing focus on environmental regulations. Governments worldwide are implementing stricter regulations to reduce emissions and improve fuel efficiency. Smart Coatings can play a significant role in achieving these goals by providing solutions such as anti-reflective coatings for windshields, which reduce the need for air conditioning and improve fuel efficiency. Additionally, self-cleaning and anti-pollution coatings can help reduce the negative environmental impact of vehicles by minimizing the accumulation of dirt and pollutants on surfaces.
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on Smart Coatings Market Forecast Report (2023-2030).
Market Segmentation
By Layer
- Single Layer
- Multi-Layer
By Function
- Anti-corrosion
- Anti-fouling
- Anti-microbial
- Self-cleaning
- Self-healing
By End-Use Industry
- Automotive & Transportation
- Aerospace & Defense
- Building & Construction
- Marine
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Recent Development of the Global Smart Coatings Market
- April 2022: The Sherwin-Williams Company acquired the European industrial coatings business of Sika AG. Sika AG manufactures and sells coating systems that are corrosion resistant. These coatings are included in the Performance Coatings segment of the company.
- April 2021: AkzoNobel collaborated with Qlayers, a startup, and acquired a stake in a new industrial coating application technology. Qlayers developed a fully automated solution, a safer, more consistent, and faster technology than the manual coating process currently practiced in the industry.
Regional Analysis
North America led the Smart Coatings market growth in 2022. The region has witnessed a significant increase in investments in research and development activities focused on Smart Coatings. Many companies are investing heavily in developing innovative solutions to meet the growing demand for Smart Coatings. Research institutions and academic organizations in the region are also actively involved in conducting studies and experiments to improve the performance and functionality of Smart Coatings. These investments in R&D are expected to drive further growth in the Smart Coatings market in North America.
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