Wilmington, Delaware, United States, Feb. 07, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The smart coatings market was worth US$ 3.1 billion in 2020. A CAGR of 23.6% is expected from 2021 to 2031. The smart coatings market is anticipated to reach US$ 31.8 billion by 2031. As research and technological advancements continue to advance and as the benefits of smart coatings gain recognition, their adoption in a variety of industries is expected to increase. Research and development will increase as more companies invest in this field, and a variety of applications will be available.
As smart coatings become more advanced, they will be able to perform even more sophisticated functions. Multifunctional coatings are being explored and developed, such as coatings that are self-healing, superhydrophobilic, and anti-corruption, as well as coatings that can enhance thermal management.
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Advances will likely influence the development of smart coatings in nanotechnology. In addition to improving the performance, durability, and unique functionalities of coatings, nanomaterials can be engineered at the molecular and nanoscale levels. For instance, nanoparticles can be used in medical coatings to deliver targeted drugs or enhance structural materials' mechanical strength using nanocomposites.
Global Smart Coatings Market: Key Players
Several players dominate the global smart coatings market. Key strategies prominent players adopt include expanding product portfolios and merging and acquiring.
Key Players Profiled in the Smart Coatings Market Study
- DuPont
- PPG Industries
- Bayer AG
- BASF SE
- The Dow Chemical Co.
- 3M Company
- AkzoNobel
- Jotun A/S
- The Sherwin-Williams Company
- NEI Corporation
Key Developments
- In February 2023, BASF's Coatings division's Surface Treatment global business unit debuted its new surface treatment facility in Pinghu, Zhejiang Province, China, operating under the Chemetall brand.
- In October 2023, PPG introduced DYRUP Paint's bag-in-a-box packaging, which comprises 75% recyclable and biodegradable materials, for the Dyrup Wall Extra Covering paint. The new packaging was designed to make handling easier, more convenient, and environmentally friendly.
With IoT technologies integrated into smart coatings, they could become part of a broader ecosystem. Sensitive coatings could provide feedback in real-time on coating performance or monitor structural health. This integration enhances overall safety and efficiency and leads to smart infrastructure. Sustainability will continue to influence Smart Coatings in the future. Sustainable practices are made possible by coatings that have environmentally friendly formulations, reduce VOC emissions, and have a longer lifespan. Increasing environmental concerns may become a driving force behind the development of bio-based smart coatings.
Key Findings of the Market Report
- As a leading region for smart coatings worldwide, North America has proven itself a dominant player.
- The Asia Pacific is predicted to hold a substantial share of the global market for smart coatings over the next few years.
- The military segment is expected to hold the largest global market share during the forecast period.
- Construction and passenger vehicle sales are growing worldwide, which will benefit the smart coatings market.
Global Smart Coatings Market: Growth Drivers
- Materials with advanced functionality are in greater demand than traditional coatings. These coatings offer enhanced durability and performance as compared to conventional coatings, featuring self-healing, corrosion-resistant properties, and temperature-sensitive capabilities.
- Healthcare and biomedical fields are likely to find more applications for smart coatings. The use of these coatings can help prevent infections, improve patient outcomes, and make healthcare environments more hygienic.
- Environmental sustainability is becoming increasingly popular. Smart coatings reduce recoating, minimize material waste, and promote energy efficiency, contributing to eco-friendly solutions. Due to their ability to align with sustainability goals, smart coatings are expected to experience a surge in adoption as industries and consumers prioritize environmentally responsible practices.
- Technological advancements and research and development are helping expand the smart coatings market. Modern technologies such as functionalized particles, responsive polymers, and nanotechnology are used to develop coatings with superior properties. The development of these technologies continues to lead to more suitable smart coatings for use in diverse sectors, including aerospace, automotive, healthcare, and infrastructure.
Global Smart Coatings Market: Regional Landscape
- The smart coating market is expected to be led by Asia Pacific. There has been intense industrialization and extensive infrastructure development in countries like China and India.
- Construction, aerospace, and automotive industries in these nations are investing heavily, creating a growing need for advanced coatings that offer smart functionality. The use of smart coatings in these sectors is increasing due to their corrosion resistance and self-healing abilities.
- Sustainability has become a priority for countries in the Asia Pacific region. Environmentally friendly coatings are sought by governments and industries alike. In many parts of the world, smart coatings contribute to energy efficiency and sustainability goals by extending the lifespan of coated surfaces, reducing maintenance costs, and reducing maintenance needs.
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Global Smart Coatings Market: Segmentation
By Product Type
- Self-healing
- Self-cleaning
- Anti-microbial
- Anti-corrosion
- Self-dimming
- Others
By Application
- Building & Construction
- Automotive
- Electronics
- Military
- Medical
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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