Smart Coatings Market Size is projected to reach USD 18.74

New York, United States, Sept. 08, 2022 (GLOBE NEWSWIRE) -- "Smart coatings" refers to unique films that can detect and respond to environmental and other external stimuli. The widespread use of smart coatings by end-users is a result of the development of new technologies that enhance the functionality of coatings. Recent innovations, such as conductive materials, nanotechnologies, self-healing, self-assembling systems, and micro-encapsulation, have improved the protective qualities of coatings. Due to their expanding use for both protective and aesthetic purposes, smart coatings are gaining appeal. Smart coatings are more expensive than functional coatings, but their improved protection has increased demand.

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Growing Demand in End-User Industries Drives the Global Market

Smart coatings are utilized in the automotive, marine, construction, agriculture, aerospace and defense, information technology, and healthcare industries. There is a substantial growth in the demand for smart coatings in the healthcare industry due to the growing awareness of safety and cleanliness and government attempts to avoid HAIs (Healthcare Associated Infections). It occurs across all care settings, including acute care hospitals, dialysis facilities, outpatient care, ambulatory surgery centers, and long-term care facilities (including rehabilitation centers and nursing homes). Each year, around 2 million people are affected by HAIs, and 90,000 people die worldwide. Due to their properties, smart antimicrobial coatings are frequently utilized in the healthcare industry.

Smart coatings are also widely used in the automotive industry, which is a significant contributor to the GDP of any country. The need for smart coatings is growing in the automobile industry due to their ability to protect vehicles from acid rain, extreme weather, and UV radiation. In the automobile sector, coatings are applied to car exteriors. The galvanized steel used for vehicle bodies requires protective coatings to prevent corrosion and scratches. The rise of the automotive industry is anticipated to boost the smart coatings market.

Corrosion Indication and Prevention Creates Tremendous Opportunities

Corrosion is a significant issue in the automotive, construction, maritime, agricultural, and military industries. It can cause catastrophic pipe and tubing failures. Manufacturers of coatings have devised methods for detecting and preventing corrosion. Consequently, electrochemically sensitive materials can be employed to detect and control corrosion. Using microcapsules, the NASA Kennedy Space Center has created a controlled-release device for monitoring corrosion. Smart coatings containing encapsulated inhibitors will decrease reformulation time. A pH-sensitive microcapsule is essential to the design of intelligent coatings. In addition to epoxies, acrylics, urethanes, and powder coatings, epoxies, acrylics, and urethanes can also be utilized as additives in liquid and powder coating applications. A smart coatings system based on pH-sensitive microcapsules is used for corrosion detection, inhibition, and self-healing. In an emulsion, an interfacial polymerization reaction produces a variety of pH-sensitive microcapsules containing different solvents. These characteristics of smart coatings drive market expansion.

Report Scope

Report Metric	Details
Market Size	USD 18.74 Billion by 2030
CAGR	18.2% (2020-2030)
Historical Data	2019-2020
Base Year	2021
Forecast Period	2022-2030
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Layer Type, Function, End-User, Regions
Geographies Covered	North America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/Vendors	AkzoNobel, Sherwin-Williams, Axalta Coating Systems, Ppg Industries, Rpm International, Ak Coatings, Specialty Coating System, Clariant
Key Market Opportunities	Corrosion Indication and Prevention
Key Market Drivers	Growing Demand in End-User Industries Superior Properties of Smart Coatings

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Regional Analysis

Asia-Pacific is the most significant global smart coatings market shareholder and is expected to grow at a CAGR of 18.8% over the forecast period. Investments from outside the region fuel the expansion of the smart coatings market in the Asia-Pacific region. In addition, rising per capita income and living standards will contribute to the region's smart coatings market. Consequently, a developing automotive industry contributes to expanding the market for smart coatings in the Asia-Pacific region. Intelligent anti-corrosion coatings are widely employed in the automotive sector for corrosion and weather resistance. The region is also experiencing expansion in the construction and consumer electronics industries.

Europe is expected to grow at a CAGR of 20.1%, generating USD 4865 million during the forecast period. The construction, automotive, and aerospace industries will significantly impact the regional smart coatings industry. The construction industry in Europe employs over 20 million people and accounts for around 9 percent of the European gross domestic product. Therefore, expanding the construction industry is anticipated to increase demand for intelligent coatings. As a leader in eco-innovation and sustainable construction, it is expected that infrastructure development in Denmark will increase during the projected period. The country's sound macroeconomic climate also encourages investment opportunities. The aerospace sector will also contribute to the rise of smart coatings in the United States. The European aerospace industry is one of the most advanced in the world, producing high-quality jets, helicopters, aero engines, civil aircraft, and unmanned aerial vehicles using precise hand tools.

Key Highlights

The global smart coatings market size was valued at USD 4,920 million in 2021. It is expected to reach USD 18,745 million by 2030, growing at a CAGR of 18.2% during the forecast period (2022–2030).
By layer type, the global smart coatings market is categorized into single-and multi-layer coatings. Single-layer coatings segment accounts for the largest market share and is expected to grow at a CAGR of 16.5% during the forecast period.
By function, the global smart coatings market is categorized into anti-corrosion, anti-fouling, antimicrobial, self-healing, self-cleaning, and anti-icing coatings. Anti-corrosion segment accounts for the largest market share and is expected to grow at a CAGR of 20.1% during the forecast period.
By end-user, the global smart coatings market is categorized into automotive, transportation, marine, construction, aerospace and defense, and healthcare. The automotive segment accounts for the largest market share and is expected to grow at a CAGR of 22% during the forecast period.
Asia-Pacific is the most significant global smart coatings market shareholder and is expected to grow at a CAGR of 18.8% over the forecast period.

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The global smart coatings market’s major key players are

AkzoNobel
Sherwin-Williams
Axalta Coating Systems
Ppg Industries
Rpm International
Ak Coatings
Specialty Coating System
Clariant
Dupont
Optical Coating Technologies and Burke Industrial Coatings.

Global Smart Coatings Market: Segmentation

By Layer Type

Single Layer Coatings
Multi-Layer Coatings

By Functions

Anti-corrosion
Anti-fouling
Antimicrobial
Self-healing
Self-cleaning
Anti-icing coatings

By End-User

Automotive
Transportation
Marine
Construction
Aerospace and Defense
Healthcare

By Regions

Asia-Pacific
Europe
North America
LAMEA

TABLE OF CONTENT

Introduction
1. Market Definition
2. Market Scope
Research Methodology
1. Primary Research
2. Research Methodology
3. Assumptions & Exclusions
4. Secondary Data Sources
Market Overview
1. Report Segmentation & Scope
2. Value Chain Analysis: Smart Coatings Market
3. Key Market Trends
  1. Drivers
  2. Restraints
  3. Opportunities
4. Porter’s Five Forces Analysis
  1. Bargaining Power of Suppliers
  2. Bargaining Power of Buyers
  3. Threat of Substitution
  4. Threat of New Entrants
  5. Competitive Rivalry
5. Market Share Analysis
Layer Type Overview
1. Introduction
  1. Market Size & Forecast
2. Single Layer Coatings
  1. Market Size & Forecast
3. Multi-Layer Coatings
  1. Market Size & Forecast
Function Overview
1. Introduction
  1. Market Size & Forecast
2. Anti-Corrosion
  1. Market Size & Forecast
3. Antimicrobial
  1. Market Size & Forecast
Regional Overview
1. Introduction
  1. Market Size & Forecast
2. America
  1. North America
  2. U.S.
    1. By Layer Type
    2. By Function
  3. Canada
    1. By Layer Type
    2. By Function
  4. Mexico
    1. By Layer Type
    2. By Function
  5. Latin America
    1. By Layer Type
    2. By Function
3. Europe
  1. Market Size & Forecast
  2. Germany
    1. By Layer Type
    2. By Function
  3. France
    1. By Layer Type
    2. By Function
  4. U.K.
    1. By Layer Type
    2. By Function
  5. Italy
    1. By Layer Type
    2. By Function
  6. Spain
    1. By Layer Type
    2. By Function
  7. Rest of Europe
    1. By Layer Type
    2. By Function
4. Asia Pacific
  1. Market Size & Forecast
  2. Japan
    1. By Layer Type
    2. By Function
  3. China
    1. By Layer Type
    2. By Function
  4. Australia
    1. By Layer Type
    2. By Function
  5. India
    1. By Layer Type
    2. By Function
  6. South Korea
    1. By Layer Type
    2. By Function
  7. Rest of Asia-Pacific
    1. By Layer Type
    2. By Function
5. Middle East & Africa
  1. Market Size & Forecast
  2. Saudi Arabia
    1. By Layer Type
    2. By Function
  3. South Africa
    1. By Layer Type
    2. By Function
  4. Kuwait
    1. By Layer Type
    2. By Function
  5. Rest of Middle East & Africa
    1. By Layer Type
    2. By Function
Company Profile
1. AkzoNobel
  1. Company Overview
  2. Financial Performance
  3. Recent Developments
  4. Product Portfolio
2. Sherwin-Williams
  1. Company Overview
  2. Financial Performance
  3. Recent Developments
  4. Product Portfolio
3. Axalta Coating Systems
  1. Company Overview
  2. Financial Performance
  3. Recent Developments
  4. Product Portfolio
Conclusion & Recommendation
Acronyms & Abbreviations

Table of Content and Figure @ https://straitsresearch.com/report/smart-coatings-market/toc

Market News

In July 2022 - AkzoNobel will expand its performance coatings range after striking an agreement to buy the wheel liquid coatings business of Lankwitzer Lackfabrik GmbH. Before the end of 2022, completion, subject to regulatory permissions, is anticipated.
In June 2022 - A robust mosquito-repellent coating developed by AkzoNobel’s Coral brand to help people in Brazil as a new ally in the fight against an invasive carrier of dengue fever.

News Media

Automobile Industry to Hold Considerable Share in the Smart Coatings Market

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Smart Coatings Market Size is projected to reach USD 18.74 Billion by 2030, growing at a CAGR of 18.2%: Straits Research

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Smart Coatings Market Size is projected to reach USD 18.74 Billion by 2030, growing at a CAGR of 18.2%: Straits Research

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