Global Nanocoatings Market: Snapshot
The global nanocoatings market is developing at a rapid pace because of the huge demand from automotive and medical coatings sector. Growth in the coatings industry backed by increasing demand from various sectors and urbanization of BRICS nations have been vital factors driving the market growth in recent years. In addition to this, governments in Europe have put strict regulations on the coatings sector because of the VOCs content. Nanocoatings provide environmental advantages because of low VOCs content and thus projecting an increased demand in the coming years. However, environment and health concerns are projected to pose some problems in the overall growth of the global nanocoatings market. Although, rising opportunities in the applications sector of smart coatings market backed by expanding automotive and electronics industry in emerging economies are expected to drive the market in the coming years.
The global nanocoatings market is expected to grow at a healthy CAGR of 24.70% over the course of the given forecast period of 2013 to 2019. This sturdy CAGR is expected to help the global nanocoatings market to reach an overall valuation of US$6.7 bn by the end of the year 2019.
Widening Scope of Applications Contributes Significantly to Growth of Global Nanocoatings Market
Nanocoatings are made by shrinking raw materials at molecular levels to produce a denser materials. They are preferred over conventional coatings because of the low VOCs content. In addition to this, nanocoatings have distinct properties such as UV, scratch, and chemical resistance, anti-corrosion, low maintenance, and gloss and color retention among many others.
Nanocoatings can be classified as anti-microbial, anti-fingerprint, easy to clean and anti-fouling, and self-cleaning among others. Out of these, anti-microbial nanocoatings are popularly used across the globe in a broad range of end-user applications. Anti-microbial nanocoatings are chiefly used by end-users such as healthcare and medical sector, food packaging and manufacturing, and water treatment plants. Easy-to-clean and anti-fouling nanocoatings are the second-biggest product segment of the nanocoatings market. These find application in a wide range of end-user industries such as food manufacturing, marine, industrial engineer, electronics, energy, and automotive among others. These sectors of easy-to-clean and anti-fouling nanocoatings are expected to grow with a considerable pace over the course of given forecast period of 2013 to 2019.
The market for anti-fingerprint nanocoatings is also expected to expand in the coming years because of the rising demand from the automotive, medical, electronics, and healthcare sectors. Other nanocoatings types find their applications in textiles, packaging, and buildings & construction.
Asia Pacific Expected to Develop Rapidly Owing Growth of Automotive and Electronics Sector
The demand for nanocoatings was recorded as the highest in North America in the recent past. This soaring demand was mainly because of increased requirement from healthcare and medical sector. The regional market is estimated to continue its dominance in coming years as well. In addition to this, demand from other key regions such as Europe is projected to rise because of the strict environmental norms imposed on coatings industry related to VOCs content. On the other hand, Asia Pacific is projected to be the fastest-developing regional market for nanocoatings in the near future. The nanocoatings demand in Asia Pacific is expected to increase because of the ever expanding electronics and automotive industry.
Some of the prominent companies in the global nanocoatings market include names such as Nanogate AG, PARTEC GmbH, Nanofilm Ltd., P2i Ltd., Nanophase Technologies, and Bio-Gate AG, among others. The global nanocoatings market is highly fragmented and is dominated by small sized companies.
- Anti-fouling and easy-to-clean
- Self-cleaning (bionic and photocatalytic)
- Others (Includes specialty coatings, etc.)
- Medical & Healthcare
- Food manufacturing
- Water treatment
- Buildings & construction
- Others (Including textiles/leather, industrial engineering etc.)
- North America
- Rest of the World