Dublin, Sept. 27, 2023 (GLOBE NEWSWIRE) -- The "Smart Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global smart coatings market is experiencing remarkable growth, having reached a substantial size of US$ 2.3 billion in 2022. The market is poised for significant expansion in the coming years, with forecasts projecting it to soar to US$ 6.8 billion by 2028.
This robust growth is expected to be driven by a remarkable compound annual growth rate (CAGR) of 19.5% during the period from 2023 to 2028.
Smart coatings, a class of innovative films, exhibit unique properties that allow them to sense and respond to various external or environmental stimuli, such as moisture, pH levels, chloride ion concentration, mechanical damage, temperature changes, and redox activity.
Crafted from responsive materials with distinct chemical, physical, mechanical, and electrical characteristics, these coatings hold immense potential to enhance system efficiency by reducing inspection times, maintenance costs, and equipment downtime. Furthermore, their self-healing and self-repair capabilities make them highly suitable for applications related to corrosion resistance, material protection, and surface improvement.
Consequently, smart coatings are extensively utilized in diverse industries, including healthcare, textiles, transportation, marine, aerospace, and electronics, on a global scale.
Key Trends in the Smart Coatings Market:
- Environmentally Friendly Solutions: Leading players in the industry are actively developing environment-friendly smart coatings to minimize greenhouse gas emissions (GHGs). This effort, coupled with the thriving construction sector, is a significant driver of market growth.
- Hybrid Compositions: Smart coatings can incorporate both passive and active components, allowing them to deliver prompt responses tailored to specific stimuli. This versatility enhances their appeal across various applications.
- Nanoparticle Integration: Most smart coatings incorporate metal and metal oxide nanoparticles, endowing them with numerous functional properties such as high surface area, magnetic resonance relaxation, and electronic susceptibility. These properties make them especially valuable in various industries.
- Automotive Applications: Smart coatings, particularly anti-corrosion variants, find extensive use in the automotive industry, contributing to the manufacturing of scratch-free vehicles. They are applied in fasteners, body hardware, door closures, lock parts, exhaust systems, suspensions, engine components, clamps, hose connections, and more. The rising sales of passenger vehicles worldwide are fueling the demand for smart coatings solutions.
- Technological Advancements: Ongoing technological innovations, coupled with the increasing reliance on smartphones globally, are expected to further drive the growth of the smart coatings market.
Key Market Segmentation:
The report provides a detailed analysis of market trends, sub-segments, and forecasts at the global, regional, and country levels for the period from 2023 to 2028. The market is segmented based on layer type, function, and end-use industry.
Breakup by Layer Type:
- Single-Layer
- Multi-Layer
Breakup by Function:
- Anti-Microbial
- Anti-Corrosion
- Anti-Fouling
- Anti-Icing
- Self-Cleaning
- Self-Healing
- Others
Breakup by End-Use Industry:
- Building and Construction
- Automotive
- Marine
- Aerospace and Defense
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the smart coatings market is analyzed in detail. Key players in the industry include 3M Company, A&K Painting Company, Ancatt Inc, BASF SE, Dupont De Nemours Inc., Jotun A/S, NEI Corporation, PPG Industries, RPM International Inc., Tesla NanoCoatings Inc., The Lubrizol Corporation (Berkshire Hathaway Inc), and The Sherwin-Williams Company.
Key Questions Answered in This Report:
- What was the size of the global smart coatings market in 2022?
- What is the expected growth rate of the global smart coatings market during 2023-2028?
- What has been the impact of COVID-19 on the global smart coatings market?
- What are the key factors driving the global smart coatings market?
- What is the breakup of the global smart coatings market based on layer type?
- What is the breakup of the global smart coatings market based on function?
- What is the breakup of the global smart coatings market based on the end-use industry?
- Which regions are pivotal in the global smart coatings market?
- Who are the key players/companies in the global smart coatings market?
Companies Mentioned
- 3M Company
- A&K Painting Company
- Ancatt Inc
- BASF SE
- Dupont De Nemours Inc.
- Jotun A/S
- NEI Corporation
- PPG Industries
- RPM International Inc.
- Tesla NanoCoatings Inc.
- The Lubrizol Corporation (Berkshire Hathaway Inc)
- The Sherwin-Williams Company
For more information about this report visit https://www.researchandmarkets.com/r/vhfmoe
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