Global Smart Coatings Market: Snapshot

Smart or intelligent coatings are fast gaining traction with the emergence of new technologies further enhancing their functionalities. Some such technologies are nanotechnology, conductive materials, microencapsulation, self-healing and self-assembling systems. They are expanding the capabilities of coatings well beyond aesthetics and protection. Constant thrust on research and development, for example, has helped create lightweight, eco-friendly smart coatings, thereby further boosting the market.

A booming electronics industry, especially the proliferating handheld devices and smartphones, is at the forefront of driving demand in the market since they need self-cleaning and self-healing coatings. Besides, the automotive, military, building and construction, and medical and healthcare sectors are also majorly boosting their demand.

Despite high cost, smart coatings are seeing soaring demand because of their multiple benefits. As a result, their market will likely expand at a supercharged pace by clocking a CAGR of 29.8% from 2017 to 2025, finds a report by Transparency Market Research. Rising at this rate, the market which was worth US$1.1 bn in 2016 is expected to reach US$9.82 bn by 2025.

Global Smart Coatings Market

Military Sector Emerges as Major Driver of Demand

Application-wise, the key segments of the global smart coatings market are building and construction, automotive, electronics, military, medical, etc. Of them, the military segment dominated the market with a substantial share in it in 2016. This is primarily on account of the demand for smart coatings for military purpose in regions of North America and Europe. Smart coatings are also seeing rapid uptake in the automotive industry as they help enhance asset life by limiting damage caused by corrosion and also serve to bring down maintenance costs. The booming building and construction segment is another major application segment. Market share of the segment is anticipated to rise by 2.3% by 2025.

The different types of products purveyed in the global smart coatings market can be categorized into self-cleaning, self-healing, anti-corrosion, anti-microbial, self-dimming, etc. At present, the anti-corrosion coatings segment accounts for a leading share in the market on the back of solid demand from North America, Europe, and Asia Pacific. They find applications in end-use industries such as automotive, electronics, and military, among others.

Development of Infrastructure Makes North America Dominant Region

From a geographical standpoint, North America leads the market with maximum share in the revenue. Serving to catalyze growth in the market in the region is the increasing thrust on infrastructure development activities and industries such as automotive, military, healthcare, and consumer electronics. The market in the region is however expected to lose some of its share by rising at a CAGR of 25.8% in the forecast period. Europe trails North America in terms of market share. By registering a CAGR of 22.2%, the market in the region is also expected to trim some its revenue share. The TMR report predicts the market to account for a share of 26.2% by 2025.

Vis-à-vis growth rate, on the other hand, Asia Pacific is expected to surpass all other regions by clocking a CAGR of 38.6% from 2017 to 2025. Rising at this pace, the region is predicted to increase its share to 33.3% by 2025-end. The supercharged growth in the region is being brought by fast-paced infrastructure development and the burgeoning manufacturing sector in China and India.

Some of the key players operating in the global smart coatings market are 3M, PPG Protective & Marine Coatings, BASF SE, Inducoat, Dow Corning, Royal DSM, and NEI Corporation.

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:

Global Smart Coatings Market, by Product Type

  • Self-healing
  • Self-cleaning
  • Anti-microbial
  • Anti-corrosion
  • Self-dimming
  • Others

Global Smart Coatings Market, by Application

  • Building & Construction
  • Automotive
  • Electronics
  • Military
  • Medical
  • Others

Global Smart Coatings Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America