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
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