DUBLIN, May 24, 2021 /PRNewswire/ — The «Smart Coatings Market – Global Outlook and Forecast 2021-2026» report has been added to ResearchAndMarkets.com’s offering.
The global smart coatings market by revenue is expected to grow at a CAGR of over 18% during 2020-2026.
APAC expects to witness the highest incremental growth of over 178% during 2020-2026. The availability of inexpensive labor and the easy accessibility of raw materials have shifted the attention of global automotive manufacturers toward the region, which indirectly influence the smart coatings market share. Marine, consumer electronics, and automotive industries are driving the demand from China. China accounts for approximately 90% of shipbuilding activities globally; hence the demand for anti-fouling and anti-corrosive coatings is expected to be reasonably high.
Owing to rapid industrialization and foreign investments, China expects to be the significant growth driver in the region. However, the APAC infrastructure sector, which has been affected by the outbreak of the COVID-19 pandemic, has witnessed unprecedented disruptions, leading to the decline in the development of major infrastructure and construction activities. Owing to the pandemic, the government has mandated lockdowns that have further slowed down the development of infrastructure and construction projects. However, construction and infrastructure activities are likely to increase in India and China from mid-2021, thereby offering an impetus to the smart coating market.
The following factors are likely to contribute to the growth of the smart coatings market during the forecast period:
- Corrosion Indication and Prevention
- Growing Demand from Automotive Industry
- Superior Properties of Smart Coatings
The study considers the global smart coating market’s present scenario and its market dynamics for the period 2020?2026. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the market.
Global Smart Coatings Market Segmentation
The global smart coatings market research report includes a detailed segmentation by layer, function type, end-user, geography. The global single-layer smart coatings market expects to reach over USD 5 billion by 2026, growing at a CAGR of over 16% during the forecast period. These are widely used in the automotive and aerospace industries. Single-layer anti-reflective coatings are one of the key factors for developing the efficiency of solar cells. Hence, the increasing application of solar cells for the production of electric current is likely to increase the usage of single-layer technology.
Self-cleaning and antimicrobial sectors are likely to grow at CAGRs of over 19% during 2020-2026. Several industries widely adopt smart self-cleaning coatings to improve the usability and functionality of materials. These are applied on solar panels, glass windows, stain-resistant textiles, corrosion prevention, and anti-biofouling surfaces to ease the cleaning process. Self-cleaning surfaces are extremely water repellent, which increases the lifespan of several metals. Advances in nanotechnology have led to the development of high resilient surfaces, which are resistant to wear and tear and can be used in a wide range of applications. Antimicrobial coatings prevent the growth of pathogens, bacteria, and microbes. A rising number of hospital-acquired infections (HAI) and the outbreak of the COVID-19 pandemic have increased the demand for antimicrobial in several end-user industries such as healthcare institutions, industrial buildings, and the packaging industry. Advanced research and innovations are likely to develop safe, effective, and innovative smart antimicrobial products. The demand for antimicrobial medical coatings is growing from North America and Europe due to growth in HAIs.
Automotive, transportation, marine, construction, aerospace & defense, and healthcare are the primary end-user industries. The automotive sector accounted for over 20%, followed by aerospace (over 16%) and consumer electronics (over 15%). The demand from the automotive and transportation sectors will drive the market due to the increased application of smart coatings on door closures, lock parts, exhausts, suspensions, engine components, and clamps & hose connections. In addition, the demand expects to increase in the APAC region due to increasing manufacturing activities.
- Single Layer
- Consumer electronics
INSIGHTS BY GEOGRAPHY
The APAC region accounted for the largest market for smart coatings, contributing over 46% to the global market. China, India, and Japan are the major contributors to the market in the region. China accounted for over 27% by value, followed by India and Japan with a revenue share of over 20% and 12%, respectively. The increase in construction, marine, and defense industries investment is a major factor for the high demand for smart coatings in China. The increasing need for energy and maintenance of transportation also fuel the growth of smart coatings in the country. Strong economic growth, coupled with growing construction activities and increasing disposable income, has primarily supported market growth in the region. APAC is also the largest construction industry and will continue to dominate the industry during the forecast period. However, the growth in construction activities declined in H1 2020, mainly due to the slowdown of construction in China and other key Asian countries, which was further worsened due to the COVID-19 outbreak. Rapid urbanization and infrastructure development have resulted in the rise of megacities in the region’s fast-growing economies.
- North America
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
INSIGHTS BY VENDORS
Sherwin -Williams, AkzoNobel, PPG Industries, 3M, and Axalta Coating Systems are the major players in the smart coatings market. These companies are at the forefront of delivering innovative and high-quality smart coatings. Companies have increased their R&D expenditure and are focusing on developing environment-friendly materials that are less toxic and have no health hazards. Small vendors such as Protech Oxyplast, Prism Surface Coatings, Kastus technologies are also focusing on capitalizing the product portfolio that suits domestic demands and requirements. The market has been witnessing a spree of mergers and acquisitions over the past decade. Most manufacturers have adopted waterborne, high solids, powder coatings, and UV cure coatings.
- AkzoNobel NV
- Axalta Coating Systems
- PPG Industries
- RPM International Inc.
Other Prominent Vendors
- AK Coatings
- Autonomic Materials
- Diamond Vogel
- Specialty Coating System
- Silco Tek
- Dow Silicon Corporation
- NEI Corporation
- Parker Hannifin
- Polygiene AB
- Parx Material NV
- Optical Coating Technologies
- Burke Industrial Coating
- Fiberlock Technologies
- Flora Coatings LLC
- Nano – Carre Deutschland
- Aereus Technologies
- Protech Oxyplast
- Prism Surface Coating
- John Desmond Limited
- Innovative Chemical Product (ICP) Group
- Sono -Tek Corporation
- Jamestown Coating Technologies
- Kastus Technologies
KEY QUESTIONS ANSWERED:
1. How big is the smart coatings market?
2. What growth rate the smart coating market is likely to grow during the forecast period?
3. Who are the key players in the smart coatings market?
4. Which region witnessed the largest share in the smart coatings market in 2020?
5. What are the key factors driving the smart coatings market?
6. Which layer type is projected to grow at the highest rate?
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7.1.1 End-user Industries
7.1.2 Smart Coatings by Layer
7.1.3 Smart Coatings by Function
7.1.4 Smart Coatings by Geography
7.1.5 Supply Chain Analysis
7.1.6 Raw Material Analysis
8 Growth Opportunity By Segment
8.1 By Layer
8.2 By Function
8.3 By End-User
8.4 By Region
9 Impact Of COVID-19
10 Frequently Asked Questions
10.1 What Are The Key Factors Driving The Market For Smart Coatings?
10.2 At What Rate Is The Smart Coatings Market Expected To Grow?
10.3 Which Region Accounts For The Largest Share In The Global Smart Coatings Market?
10.4 Which Type Of Coating Witnesses The Highest Demand?
10.5 What Are The Major Factors Hindering The Adoption Of Smart Coatings?
10.6 Who Are The Major Players In The Market?
11 Market Opportunities & Trends
11.1 Corrosion Indication & Prevention
11.2 Growing Demand From Automotive Industry
11.3 Superior Properties Of Smart Coatings
12 Market Growth Enablers
12.1 Growth In End-User Industries
12.2 Emergence Of New Technologies
13 Market Growth Restraints
13.1 High Cost of Smart Coatings
13.2 Stringent Government Regulations
14 Market Landscape
21 North America
22 Middle East & Africa
23 Latin America
24 Competitive Landscape
24.1 Competition Overview
25 Key Company Profiles
26 Other Prominent Vendors
27 Report Summary
27.1 Key Takeaways
27.2 Strategic Recommendations
28 Quantitative Summary
For more information about this report visit https://www.researchandmarkets.com/r/f9w2o2
Research and Markets
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