The smart coatings market size is expected to reach at US$ 23.1 billion by 2028,registering at a CAGR 24.2% between 2022 and 2028.
Increase in Demand from Various End-Use Industries Driving Global Market
Smart Coatings Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: by Function (Anti-Corrosion, Anti-Icing, Anti-Microbial, Anti-Fouling, Self-Healing, and Others), Layer (Single-Layer and Multi-Layer), End Use Industry (Building and Construction, Automotive and Transportation, Electronics, Aerospace and Defense, Marine, and Others), and Geography (North America, Europe, Asia Pacific, and South and Central America)
Smart Coatings Market Insights and Growth by 2031
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The global smart coatings market has been expanding significantly due to the growing applications of these coatings in various end-use industries, such as automotive & transportation, aerospace & defense, marine, and building & construction. Smart coating materials can change their properties according to external environmental stimuli such as temperature and electric field.
Smart coatings are used for protective as well as decorative purposes. There is a rise in demand for smart coatings due to their superior properties, such as self-cleaning and self-healing. Moreover, smart coating indicates damage to an aero engine or oil and gas platform when applied on the aircraft. It can also be used as a barrier coating for a packaging film application and be transparent and moisture ingress. Due to its unique characteristics, it is being adopted in various applications.
There is an increasing demand for smart coatings from construction, automotive, and military industries. When applied to a surface, these coatings increase performance, enhance long-term value by extending enclosure life, and reduce maintenance needs, operational costs, and replacement or reapplication needs. It also protects from external forces and degradation actions, such as icing, microbial incursion, fouling, corrosion, and general damage and soiling. The demand for smart coatings is surging, owing to their excellent corrosion resistance. Moreover, companies in the global smart coatings market are investing in R&D and product development to expand their product portfolio, unlock revenue opportunities, and obtain competitive benefits. For instance, in May 2021, PPG invested US$ 13 million in its paint and coatings facility in Jiading, China, which included eight new powder coating production lines and an expanded powder coatings technology center, which will further enhance PPG’s research and development capabilities. Mergers and acquisitions are also playing a crucial role in the growth of the smart coatings market.
In addition, booming construction industry and growing sales of passenger vehicles across the globe are expected to serve the global smart coatings market during the forecast period. Also, their ability to detect corrosion on any surface is the leading aspect that is fueling the smart coating market growth. Smart coating reduces the need for corroded area repair while extending the life of corrosive-material components and structures. Other benefits include corrosion detection and prevention, on-demand delivery of corrosion inhibitors, and environmental friendliness. Smart coatings' corrosion protection capabilities include warning, sensing, corrosion inhibition, and repair. All these properties of smart coatings are bolstering the market growth.
Furthermore, the increasing demand from the electronics industry, along with surging demand for consumer electronics, is propelling the market growth as smart coatings are being increasingly used in electronic products to protect them from corrosion. Due to the superior properties of smart coatings, consumers are willing to pay premium prices for smart-coated products. Apart from this, the increasing adoption of smart coatings in military applications is driving the market. Rapidly growing automotive and aerospace industries are significantly supporting the smart coatings industry. Also, rise in the number of high-tech vehicles and improvements in the aerospace industry are the two leading factors that will prove noteworthy for the industry's growth.
AkzoNobel N.V., PPG Industries, Axalta Coatings Systems, and The Sherwin-Williams Company are among the key smart coatings players profiled during the study. Several other major companies were studied and analyzed during this research study to get a holistic view of the smart coatings market and its ecosystem.
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