New York, US, May 26, 2022 (GLOBE NEWSWIRE) -- Smart Coatings Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Smart Coatings Market Information by Product, Function, Application, and Region - Forecast till 2030”, the market is estimated to grow at a 23% CAGR to reach USD 13.8 Billion by 2030.
Market Scope
Smart coatings refer to unique films having predefined properties, which make them sense and respond to environmental and other external stimuli. The coatings' self-repair and self-healing properties make them ideal for material protection, corrosion protection, and other surface improvement applications. Smart coatings merge functionality with design to provide the usual functions of layers, such as decoration and security, and exceptional functions based on environmental stimuli.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 13.8 Billion |
| CAGR | 23% (2021–2030) |
| Base Year | 2020 |
| Forecast Period | 2021-2030 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, Application and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Significant demand for the product in major end-use industries |
| The fast-paced urbanization in the emerging economies |
Competitive Analysis
The global smart coatings market has prominent players such as:
- NEI Corporation (US)
- 3M (US)
- BASF SE (Germany)
- PPG Industries, Inc (US)
- DuPont and Dow (US)
- Akzo Nobel N.V. (the Netherlands)
- Covestro AG (Germany)
- Axalta (US)
- AnCatt (US)
- Hempel Group (Denmark)
- The Sherwin-Williams Company (US)
- Jotun Group (Norway)
Market USP Covered
Market Drivers
The global market for smart coatings has recorded a substantial rise in the growth rate in the last few years. The market's growth is mainly credited to the significant demand for the product across prime end-use industries such as healthcare, construction, automotive, consumer electronics, aerospace & defense, and others.
Smart coatings are made of programmable materials with various mechanical, electrical, chemical, and physical properties. The materials can respond to variations in heat, chemicals, pressure, and other stimuli. The growing urbanization across the globe is another crucial parameter supporting the smart coatings market's growth. Moreover, the infrastructure development across the emerging economies such as China, India, Japan, etc., is also likely to boost the market's growth over the assessment timeframe. In addition, the growing investments in research & development activities of new smart coatings are projected to offer lucrative opportunities to the market players across the globe.
Market Restraints
Apart from all the factors supporting the smart coatings market's growth across the globe, certain aspects may impede the market's growth. The high costs associated with these coatings are the primary aspect restricting the market's growth. In addition, the stringent regulations imposed are another crucial parameter anticipated to hamper the market's growth over the coming years.
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COVID-19 Impact
The global COVID-19 pandemic has had a significant impact on the majority of the market sectors worldwide. The smart coatings market is no different than others. Several governments worldwide imposed partial or complete lockdowns to stop the spread of the disease. Due to the social distancing norms and travel restrictions set across the globe, manufacturing industries such as building & construction, automobiles, etc., faced unexpected challenges. The disruptions of supply chain networks and lack of labor across the globe led the market to face severe economic losses and a fall in demand. Yet, the growing demand for smart coatings to protect several components from damage is the primary aspect driving the market's growth across the globe. Manufacturers worldwide are recovering from losses initiated due to the pandemic. With the global economy getting back on track after the pandemic period, the market has witnessed a significant surge in demand for superior properties of smart coatings such as corrosion resistance, self-healing, and self-cleaning.
End-use sectors across the globe have also demonstrated interest in products that need low maintenance, which has further augmented the growth of the smart coatings market. Other benefits of using smart coating are that it can signify damage to an aero-engine when applied to the aircraft. The growing number of research & development activities by significant leaders in advancing smart coatings also increases the market's growth. In addition, the increasing awareness of using eco-friendly and anti-corrosion coatings across the globe creates value-grab opportunities for market players. One of the significant aspects causing the market's growth is the growing focus on harnessing new energy technology that uses solar winds technique.
Segment Analysis
Among all the function types, the anti-corrosion segment is projected to dominate the global smart coatings market over the forecasted era. Lately, AnCatt has developed the latest anti-corrosion coatings that are heavy metal-free and environment-friendly. At present, the demand for anti-corrosion products is high across Asia-Pacific, Europe, and North America. The growing range of applications across the end use sectors such as automotive, military, and electronics is causing a surge in demand for the segment.
Among all the end-use sectors, the military segment secured the top position in the global smart coatings market in 2020. The segment is likely to maintain dominance over the coming years as well. On the other hand, the automotive and building & construction segments are also projected to grow substantially over the assessment era.
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Regional Analysis
The global innovative coatings market is studied across five major regions: Middle East & Africa, Latin America, Asia-Pacific, Europe, and North America.
As per the MRFR analysis report, the Asia-Pacific region led the global innovative coatings market in 2018. The regional market's growth is primarily attributed to the growing demand from major end-use sectors such as aerospace & defense, consumer electronics, construction, and automotive. Furthermore, the factors such as the growing economy and rapid industrialization & urbanization are also some of the crucial aspects supporting the regional market's growth.
The intelligent coatings markets for the North American and European regions are likely to record substantial growth over the forecasted era. The development of the markets is attributed to the presence of a large industrial base, high demand for smart coatings across several end-use sectors, and rising demand for wireless electronics.
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