WELLESLEY, Mass, Oct. 23, 2018 (GLOBE NEWSWIRE) -- Due to the rapidly rising demand for self-healing coatings for automotive exterior applications, the global market for smart coatings is experiencing rapid growth, according to a new report from BCC Research.
In 2018, the global market for smart coatings was worth $2.9 billion. BCC Research estimates that it will reach a value of $8.6 billion by 2023, indicating a compound annual growth rate (CAGR) of 24.3%, according to Smart Coatings: Applications and Global Markets.
Based on function, the anticorrosion segment is expected to dominate the global smart coatings market due to the increasing damage corrosion causes to bridges, pipelines, vehicles, home appliances and ships.
Research Highlights
- Key players in the market include The Dow Chemical Co. (DWDP), 3M (MMM), Axalta Coating Systems (AXTA), BASF SE (BFFAF), PPG Industries, Inc. (PPG), The Sherwin-Williams Co. (SHW), RPM International Inc. (RPM), Jotun A/S, Hempel A/S and AkzoNobel N.V. (AKZOY).
- The Asia-Pacific region is anticipated to have the largest CAGR within the growth period at 27.6%. It is followed by South America at a 24.4% CAGR.
- Countries such as Indonesia, Thailand and Malaysia offer high growth potential for companies.
“The self-healing segment is projected to grow at the highest CAGR during the forecast period,” the report noted. “This is owing to its increasing demand from the automotive, consumer electronics, and healthcare end-use industries. Other function such as self-dimming and super hydrophobic are also experiencing reasonably good growth as these are finding various applications in the automotive industry. For instance, self-dimming mirror automatically adjusts to ambient light conditions for user comfort and safety reasons.”
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.