Smart Coatings Market
Smart Coatings Market (Product Type - Self-cleaning, Self-healing, Anti-corrosion, Anti-microbial, and Self-dimming; Application - Building and Construction, Automotive, Electronics, Military, and Medical) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
- Chemicals & Materials
- 239 Pages
Smart Coatings Market: Snapshot
The global smart coatings market is estimated to show upward graph of revenues in the upcoming years. One of the key reasons supporting this estimation is increased demand for smart coating technology from a wide range of industries. Automotive, building and construction, military, medical, and electronics are some of the key end-user industries driving the demand for smart coatings market. Smart coatings technology is gaining popularity owing to a plethora of features it offers. Self-healing, corrosion resistance, and self-cleaning are some of the key prosperities stimulating the growth of the global smart coatings market.
Several vendors working in the global smart coatings market are growing efforts to offer superior quality products to the end-user industries. To achieve this motive, they are increasing investments in research and development activities. All these efforts are leading to increased demand avenues in the global smart coatings market. Many enterprises are focused on manufacturing corrosion-free and environmental-friendly coatings. This factor is stimulating the growth of the market for smart coatings.
In recent years, numerous industries are showing increased inclination toward the use of products that need minimum or no maintenance. This trend is projected to drive the demand in the global smart coatings market in the forthcoming years. Besides, smart coatings are increasingly used in aircrafts today. One of the key reasons for this rising use is the ability of smart coatings to indicate the damage to the aero engine when applied in planes.
On regional front, North America is one of the key regions showing stupendous growth avenues for the smart coatings market during upcoming period. One of the key reasons for this remarkable growth potential is rising use of advanced technology in the construction sector of this region. Besides, increased demand from a wide range of industries such as consumer electronics, military, automotive, and healthcare will propel the smart coatings market in the upcoming period.
Global Smart Coatings Market: Snapshot
The global smart coatings market is rising significantly due to its growing application in various end-use industries. Moreover, growing demand for superior properties of smart coatings such as self-cleaning, self-healing, and corrosion resistance has taken an upward trend that has further augmented growth in this market. Industries across the globe have also shown interest in products that require low maintenance, which has further boosted growth for smart coatings. Other advantages of using smart coating are that it can indicate damage to an aero engine when applied on the aircraft.
Moreover, a significant rise in research and development activities by key players in advancing smart coatings has also played a crucial role in expanding growth in the global smart coating market. Players are also emphasizing on developing eco-friendly anti-corrosion coatings that will further accelerate growth for smart coatings, as people across the globe are willful to spend money on advanced products. Focus on harnessing new energy technology that uses SolarWinds techniques might play an important role in boosting growth in this market.
On the basis of statistical information given by Transparency Market Research, the global smart coatings market is projected to attain US$9.82 bn by the end of 2025. In 2016, the market earned US$1.1 bn. In these coming eight years from 2017 to 2025, the global smart coating market is estimated to rise at excellent 29.8% CAGR.
Growing Application in Military Sector to Fuel Demand in Smart Coatings Market
Application and product type are the two major categories in which the global smart coatings market is divided. On the basis of type, the market is segmented into self-healing, anti-corrosion, self-cleaning, anti-microbial, self-dimming, and others. Of these, the demand for anti-corrosion product type is high in the market. Recently, AnCatt developed a new line of anti-corrosion coatings that is environmental friendly and heavy metal free. This development is first of its kind that provides high-performance anti-corrosion coatings. Currently, the demand for anti-corrosion products is high in North America, Europe, and Asia Pacific. And its application is growing in electronics, military, and automotive sectors.
In terms of application, the market is segmented into military, automotive, construction, electronics, medical, and many others. Of these, the military segment is held major share in 2016 and is likely to lead the global market over the forecasted tenure. Other segments that include construction and automotive are also expected to hold significant share in the global smart coatings market in the forthcoming yeas.
Use of Advanced Technology in Infrastructural Development Boosted North America Smart Coatings Market
On the regional frontier, North America has established itself as a leading market in the global smart coatings market. Use of advanced technology in infrastructural development including industries like military, consumer electronics, healthcare, and automotive is the main reason for the dominance of North America in the global smart coatings market. Growing research and development activities by players and the use of advanced techniques are a few other factors that have made North America lead the market.
Asia Pacific is also expected to hold a significant share in the global smart coatings market. This growth is attributed to the rapid developments seen in infrastructure and booming manufacturing sector mainly in countries like India and China.
In the competitive landscape section, the report provides information about the top key players that includes DuPont, PPG Industries, Bayer AG, BASF SE, The Dow Chemical Co., 3M Company, AkzoNobel, Jotun A/S, The Sherwin-Williams Company, and NEI Corporation.
Growing Demand from Diverse End-users to Bring Profitable Growth Opportunities for the Smart Coatings Market
The booming construction industry and the growing sales of passenger vehicles across the globe will serve as robust growth pillars for the global smart coatings market during the assessment period of 2017-2025. The escalating demand for smart coating technologies from these end-users will bring tremendous growth opportunities. The properties of smart coatings such as resistance to corrosion, self-healing, self-cleaning, sensing capabilities, and others will add extra stars of growth to the smart coatings market.
- Smart coatings are special films that are responsive to changes in the environment and external stimuli. The coatings have self-repair and self-healing properties that help in increasing their demand among a large pool of end-users. These coatings are created with the help of programmable materials having diverse chemical, electrical, mechanical, and physical properties. The advantages and properties attached to the smart coatings invite promising growth.
- The technological developments witnessed across the smart coatings market will serve as a game-changer. The players in the smart coatings market are involved in intense research and development activities. These activities help the players to explore novel insights that help in tweaking the materials and offer coatings with enhanced features. The activities increase the revenue of the players, resulting in an increase in the growth rate.
- Mergers and acquisitions play a crucial role in the growth of the smart coatings market. The players strengthen their foothold through these activities, eventually boosting the growth prospects. Expansion activities also help in propelling the growth of the smart coatings market.
- The COVID-19 pandemic has a negative impact on the growth of the smart coatings market. The emergence of the virus forced many countries to impose strict lockdown restrictions. These restrictions changed the growth trajectories of many industries and sectors. The smart coatings market is one of them. Nevertheless, the relaxations in lockdown restrictions are helping the players to revive the growth.
Global Smart Coatings Market: Overview
Smart coatings are one of the coatings that are technologically developed to change its properties in response to the environmental stimulus. The product have been developed in such a way that they react to the stimulus on its own which is why it is named as smart coatings. Various smart coating products available in the market are self-cleaning, self-healing, anti-corrosion, anti-microbial, self-dimming and others. These coatings are been used for various applications ranging from building & construction, automotive, electronics, military, medical and others.
The report estimates and forecasts the smart coatings market on the global, regional, and country levels. The study provides forecast between 2017 and 2025 based on volume (Tons) and revenue (US$ Mn) with 2016 as the base year. The report comprises an exhaustive value chain analysis for each of the product segments. It provides a comprehensive view of the market. Value chain analysis also offers detailed information about value addition at each stage. The study includes drivers and restraints for the smart coatings market along with their impact on demand during the forecast period. The study also provides key market indicators affecting the growth of the market. The report analyzes opportunities in the smart coatings market on the global and regional level. Drivers, restraints, and opportunities mentioned in the report are justified through quantitative and qualitative data. These have been verified through primary and secondary resources.
The report includes Porter’s Five Forces Model to determine the degree of competition in the smart coatings market. The report comprises a qualitative write-up on market attractiveness analysis, wherein applications and countries have been analyzed based on attractiveness for each region. Growth rate, market size, raw material availability, profit margin, impact strength, technology, competition, and other factors (such as environmental and legal) have been evaluated in order to derive the general attractiveness of the market. The report comprises price trend analysis for smart coatings between 2017 and 2025.
Global Smart Coatings Market: Segmentation
The study provides a comprehensive view of the smart coatings market by dividing it on the basis of applications and geography segments. The smart coatings market has been segmented into building & construction, automotive, electronics, military, medical and other segment based on application type. Application type segment have been analyzed based on historic, present, and future trends.
Regional segmentation includes the current and forecast demand for smart coatings in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). Additionally, the report comprises country-level analysis in terms of volume and revenue for various segments. Key countries such as the U.S., Canada, Germany, France, the U.K., Spain, Italy, India, China, Japan, South Africa, Mexico, and Brazil have been included in the study. Market segmentation includes demand for individual applications in all the regions and countries.
Global Smart Coatings Market: Competitive Analysis
The report covers detailed competitive outlook that includes market share and profiles of key players operating in the global market. Key players profiled in the report includes 3M, Dow Corning, PPG Protective & Marine Coatings, Royal DSM, NEI Corporation, BASF SE, and others. Company profiles include attributes such as company overview, number of employees, brand overview, key competitors, business overview, business strategies, recent/key developments, acquisitions, and financial overview (wherever applicable).
Global Smart Coatings Market: Research Methodology
Secondary research sources that were typically referred to include, but were not limited to company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings. Other sources such as internal and external proprietary databases, statistical databases and market reports, news articles, national government documents, and webcasts specific to companies operating in the market have also been referred for the report.
In-depth interviews and discussions with a wide range of key opinion leaders and industry participants were conducted to compile this research report. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. Key players’ product literature, annual reports, press releases, and relevant documents were reviewed for competitive analysis and market understanding. This helped in validating and strengthening secondary research findings. Primary research further helped in developing the analysis team’s expertise and market understanding.
The global smart coatings market has been segmented as follows:
by Product Type