New York, United States, Nov. 20, 2023 (GLOBE NEWSWIRE) -- The Global Smart Coatings Market Size To Grow from USD 3.1 Billion in 2022 to USD 14.5 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 25.8% during the forecast period.
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Smart coatings, also known as intelligent coatings or advanced coatings, are a class of substances with the ability to respond to environmental changes or outside stimuli in a controlled and predictable manner. These coatings are designed to be more functional and perform better than conventional coatings, offering a range of benefits in a variety of applications. Small defects or scratches can be immediately repaired by smart coatings. The self-healing capability of this coated material can lengthen its lifespan and reduce the need for frequent maintenance. Small defects or scratches can be immediately repaired by smart coatings. The self-healing capability of this coated material can lengthen its lifespan and reduce the need for frequent maintenance.
COVID 19 Impact
Numerous industries, including the market for smart coatings, were significantly impacted by the COVID-19 epidemic. The consequences of the pandemic on the economy restrained the growth and demand for smart coatings, despite the fact that they offered numerous advantages in terms of performance and functionality. Global supply chains were disrupted by the epidemic, which had an effect on the availability of the components and raw materials required to produce smart coatings. Delays in manufacture and delivery may have made smart coatings less accessible to end users. Numerous industries had temporary shutdowns or limited operations as a result of lockdowns and restrictions. A decline in demand from industries including automotive, aerospace, and construction, which are important users, had an effect on the market for smart coatings.
Smart coatings have attracted growing interest from a variety of sectors, including the automotive, aerospace, healthcare, construction, and electronics, due to their ability to provide additional functionality including self-healing, self-cleaning, and anti-corrosion properties. These sectors' desire to improve their products and raise production has increased the need for smart coatings. Smart coatings can support sustainability efforts by reducing waste and resource use by extending the lifespan of coated products and reducing the need for frequent maintenance. Additionally, some smart coatings have characteristics that make them environmentally friendly, such as not using volatile organic compounds (VOCs) or air purification through photocatalytic processes, which are in line with more strict environmental regulations and consumer demands for eco-friendly products.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on "Global Smart Coatings Market Size, Share, and COVID-19 Impact, by Product (Single-layer, Multi-layer), By Application (Automotive, Aerospace, Construction, Military, Healthcare), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032".
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Construction segment holds the highest market share over the forecast period
On the basis of application, the global smart coatings market is segmented into Automotive, Aerospace, Construction, Military, Healthcare. Among these, the construction segment holds the highest market share over the forecast period. Buildings use a significant portion of the world's energy, so energy efficiency is a big concern for construction companies. Smart coatings with thermal-regulating characteristics can help make buildings more energy-efficient and save heating and cooling costs. Smart coatings with self-cleaning capabilities are widely used in construction applications. By preventing garbage, poisons, and biological growth from growing on building surfaces, these coatings help save maintenance expenses. Surfaces with anti-graffiti coatings are also protected from vandalism, making it easier to clean them without causing damage.
Multi layer coatings segment is dominating the market over the forecast period
Based on the product, the global smart coatings market is segmented into Single-layer, Multi-layer. Among these, multi layer coatings segment is dominating the market over the forecast period. By utilising multi-layer coatings, many smart properties, such as self-healing, self-cleaning, anti-corrosion, and temperature responsiveness, can be incorporated into a single coating system. Because of their adaptability, they are attractive to businesses searching for coatings that can address several needs simultaneously. Because multi-layer coatings can combine a variety of clever features, they can be used in complex applications where single coatings would not be adequate. These include applications in the fields of aerospace, electronics, medical equipment, and high-performance coatings for niche markets.
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Asia Pacific region is dominating the market over the forecast period
Among all other regions, Asia Pacific is dominating the market with the largest market share over the forecast period. The Asia-Pacific region has experienced rapid industrialization and urbanisation, which has increased the demand for cutting-edge coatings that may offer greater functionalities and protection for a variety of surfaces and structures. Construction is booming across the Asia Pacific area, with several infrastructural projects, commercial buildings, and residential complexes currently under construction. Smart coatings are widely utilised in this business to improve energy effectiveness, offer self-cleaning properties, and protect buildings and structures from the weather.
Over the predicted period, Europe's market will grow the fastest. The European automotive industry is using smart coatings in cars to add extra functionality including corrosion resistance, scratch resistance, and self-healing capabilities. In European countries, people are familiar with the advancement of materials science, nanotechnology, and other significant fields. These innovations have contributed to the development of superior smart coatings with improved functionality.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in Global Smart Coatings Market include Bayer AG, 3M, DOW, DSM, DuPont, Eastern Chemical Company, NIPPON STEEL CORPORATION, Debiotech S.A, Balcony Systems Solutions Ltd, AnCatt, Inc, RPM International Inc, Sherwin-Williams Company, NEI Corporation, HygraTek, Tesla NanoCoatings Inc, Greenkote, Helicity Technologies, Inc, The Lubrizol Corporation, A&K Painting Company, Inc., and Others.
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Recent Market Developments
On April 2022, the European industrial coatings division of Sika AG was purchased by The Sherwin-Williams Company.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Can Coatings Market based on the below-mentioned segments:
Can Coatings Market, Product Analysis
- Single Layer
- Multi Layer
Can Coatings Market, Application Analysis
- Automotive
- Aerospace
- Construction
- Military
- Healthcare
Can Coatings Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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