According to the latest report published by Credence Research, Inc. “Global Smart Coatings Market – Growth, Future Prospects and Competitive Analysis, 2018-2026,” the global market for smart coatings was valued at US$ 2,257.5 million in 2017, with CAGR expected to be 20.5 per cent from 2018 to 2026.
Market Insights
The market size of Smart Coatings was valued at US$ 2,257.5 million in 2017 and increased by 20.5 per cent during the forecast period from 2018 to 2026. Smart coatings are custom-made to meet the varying demands of end-use industries such as automotive & transport, construction, consumer electronics, aerospace & defense, marine, etc. The key factors driving the market are their ability to respond quickly to external stimuli and their increasing application in different end-use industries due to their outstanding characteristics.
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Features such as self-cleaning, corrosion resistance, color switch, etc. are obtained by using various nanomaterials such as carbon black, organic-inorganic hybrid polymers, tungsten oxide, zinc or nano-TiO2 coated aluminum, etc. to achieve higher opacity, better coating-to-surface interaction and higher coating durability. Although the smart coating is a niche market, improved demand for products from customers has catapulted its demand. Smart coatings are gaining traction with the advent of new technologies such as nanotechnology, conductive materials, micro-encapsulation, self-healing and self-assembly systems, which further enhance their functionality. These technologies enable coatings to deliver added performance beyond aesthetics and protection. Constant R&D by leading players has led to the development of lightweight and eco-friendly smart coatings, further boosting the market. However, due to the high cost of these multi-functional coatings, slow mass adoption may act as a limiting factor for the Smart Coatings market.
Based on the geography, North America held the largest share in the global Smart Coatings market in 2017 in terms of value and volume as many key players are headquartered in the region. Whereas, Asia-Pacific is the fastest-growing region owing to rising population and disposable income coupled with growth in the manufacturing sector are some of the major factors for the growth of the Asia-Pacific Smart Coatings market.
Automotive & transportation was the leading end-use industry in terms of volume consumption in 2017. This is attributed to the rising application of smart coatings in the exterior application in the automotive industry owing to advanced properties such as anti-corrosion, self-cleaning, and self-healing. By type, anti-corrosion coatings accounted for the largest market share in 2017, owing to its wide acceptance in the two major end-use industries; automotive & transportation and construction across the globe. Furthermore, the rapid expansion of applications of smart coatings in end-use industries such as textile, healthcare, energy, etc. has resulted in the growth of the Smart Coatings market in this region.
Key players operating in the global Smart Coatings market includes 3M Company (U.S.), The Dow Chemical Company (U.S.), The Sherwin-Williams Company (US), RPM International (US), Axalta Coatings Systems (US), AkzoNobel N.V. (Netherlands), Hempel A/S (Denmark), Jotun A/S (Norway), NEI Corporation (US), and PPG Industries (US).
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[Note: Our Free Complimentary Sample Report Accommodate a Brief Introduction To The Synopsis, TOC, List of Tables and Figures, Competitive Landscape and Geographic Segmentation, Innovation and Future Developments Based on Research Methodology are also Included]
Report Scope by Segments
By Coating Type Segment
- Anti-corrosion
- Anti-microbial
- Self-cleaning
- Self-healing
- Others (self-dimming, color shifting, photovoltaic, piezoelectric, etc.)
By End-use Industry
- Automotive & Transportation
- Construction
- Consumer Electronics
- Aerospace & Defense
- Marine
- Others (consumer goods, energy, healthcare, etc.)
By Geography Segment
- North America (the U.S., Rest of North America)
- Europe (U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, Japan, India, Rest of Asia Pacific)
- Rest of World (Middle East & Africa (MEA), Latin America)
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