Novel Functional Coatings: Introduction
- Novel functional coatings are also known as advanced coatings or technical coatings. The technique of repellant coatings, hydrophilic coatings, anti-microbial coatings, protective coatings, optical coatings, conductive coatings, and cellulose treatment comes under the category of novel functional coatings.
Key Drivers of Global Novel Functional Coatings Market
- The market for novel functional coatings is expected to expand at a significant pace during the forecast period. Rise in demand for these coatings in automotive applications is driving the novel functional coatings market.
- Rise in size of end-use industries and significant technological advancements are estimated to drive the global novel functional coatings market. The unique methodology of novel functional coatings allows dual functionalization of nanoparticles and enhances resin properties. The trend of using highly repellent, durable, and anti-microbial coatings; and rapid development of industries are estimate to boost the global novel functional coatings market.
Automotive Application Segment to Dominate Global Market
- Based on application, the automotive segment is expected to lead the novel functional coatings market during the forecast period. Novel functional coatings play an important role in end-use industries such as automotive, chemical, and construction due to their excellent approach to omniphobic materials, crosslinking with polymer matrix, and cost efficiency.
High Establishment Cost for Manufacture of Novel Functional Coatings to Restrain Global Market
- High establishment cost of manufacturing plants of novel functional coatings is a major restraint of the novel functional coatings market. The initial cost of formulating equipment can be higher than the cost incurred for conventional coating technologies.
COVID-19 Impact on Novel Functional Coatings Market
- Restrictions on trade and shortage in supply of raw materials from China-based manufacturers due to the COVID-19 pandemic have resulted in a severe demand-supply gap for various products including novel functional coatings. Manufacturers are expected to be stranded on raw material orders owing to the logistics industry being significantly impacted due to lockdowns amid the COVID-19 pandemic.
- Producers are anticipated to move away from China in order to lower risks that would affect the business and reduce manufacturers' cluster in a single country in order to smoothen the supply chain
Asia Pacific to Hold Significant Share of Global Novel Functional Coatings Market
- In terms of region, the global novel functional coatings market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific accounted for the major share of the novel functional coatings market in 2020. Evolving environmental & regulatory scenario, increasing consumer awareness, and pressure from flagship companies willing to improve the environmental performance of their supply chain have boosted the demand for novel functional coatings in Asia Pacific.
- Growth in production of automobiles and rise in investments in building & construction activities are anticipated to augment the demand for novel functional coatings in Asia Pacific
- Expansion of automotive and electronics sectors in North America is expected to increase the demand for novel functional coatings in the region. Stringent regulations in North America and Europe and increasing environmental concerns are projected to propel the novel functional coatings in these regions.
Key Players Operating in Market
Players compete on the basis of quality, technology, and affordability to strengthen their foothold in the market. Capacity expansion and new product launches are prevalent in the industry. Key players operating in the global novel functional coatings market include:
- Integran Technologies
Global Novel Functional Coatings Market: Research Scope
Global Novel Functional Coatings Market, by Type
- Repellant Coatings
- Hydrophilic Coatings
- Antimicrobial Coatings
- Protective Coatings
- Optical Coatings
- Conductive Coatings
- Cellulose Treatment
Global Novel Functional Coatings Market, by Application
- Energy & Environment
- Oil & Gas
- Health Care
Global Novel Functional Coatings Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.