The smart coating market was recorded at USD 1.65 Billion in 2016, and is projected to reach USD 11.72 billion by 2025, growing at a CAGR of 24.50% over the forecast period. Growing applications in end-user industries such as aerospace, military and healthcare is projected to drive the market. Increasing demand for anti-corrosion coatings from the automotive segment for the protection of body parts, such as lock parts, door closures, exhausts, suspensions, clamps & hose connections and engine components, against abrasion, is expected to spur the global smart coatings market.
Smart coatings are capable of responding to external changes in their environment and can elicit a sensory response to environmental stimuli including change in electric current or temperature and respond dynamically. Increasing development in nanotechnology and materials advancement has led to new opportunities for multi-functional coatings, able to respond for corrosion, stress, radiation, pressure, and biological stimuli. Few illustrations of smart coatings are conductive, stimuli responsive, super hydrophobic and self-healing, systems.
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Smart coating can be modified to meet customers’ requirements. The technology has gained popularity owing to the competitive advantages over regular coating in a varied range of applications. Rising R&D activities in Nano-materials with the adoption of consumer electric products are expected to fuel the market over the forecast period. However, stringent environmental regulations are one of the major restrain for the technology growth. Furthermore, increasing demand for products requiring low maintenance will lead to offer more opportunities for the technology growth over the forecast period.
Additionally, increasing demand from construction segment is also anticipated to drive the global market over the forecast period. For instance, world events such as the world expo trade convention in Dubai, FIFA world cup in Qatar, and the massive infrastructural development plan of emerging nations including UAE, China, Japan are projected to increase smart coating materials demand.
On the basis of product, the report includes the revenue, market share and growth rate of each type, primarily split into
• Single Layer
Multi-layer segment has been expected to acquire major share owing to varied application in automotive sector. The segment offers dynamic properties including self-healing and corrosion protection. Emerging automotive sector in Asia Pacific region coupled with rising disposable income is predicted to drive segment growth. Furthermore, the extensive R&D activities and technological advancements in end-user industries is expected to be display as a key driver for the segment growth over the forecast period.
Based on function, the report displays the revenue, market share and growth rate of each type, primarily split into
On the basis of end-user, the report displays the revenue, market share and growth rate of each type, primarily split into
• Consumer Electronics
The automotive segment is primarily driven by the growth of the automotive industry in the Asia Pacific region owing to increased income levels for advanced automotive systems. Growing application of consumer electronics segment is majorly due to properties which include self-healing and self-cleaning. Moreover, the rapid growth of smartphone industry and other hand-held devices is anticipated to have a positive impact on smart coating industry.
Geographically, the global market report has been split into North America, Europe, Asia Pacific, the Middle East and Africa and Latin America, with revenue (Billion USD), market share and growth rate of smart coating market for these regions, from 2015 to 2025 (forecast):
• North America: U.S., Rest of North America
• Europe: Germany, France, UK, rest of Europe
• Asia Pacific: China, Japan, India and Rest of Asia Pacific
• Middle East & Africa: GCC, North Africa, South Africa and Rest of MEA
• Latin America: Brazil and Rest of Latin America
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Asia Pacific region has been projected to witness the enormous growth owing to high rate of infrastructure development; rising demand for consumer electronics; and increasing demand in military for coating with artificial intelligence and anti-corrosive properties. Additionally, robust manufacturing sector in the region is predicted to be a key driver for the technology growth. Supporting government policies primarily in India, Indonesia, Vietnam and Philippines, for infrastructure development are estimated to act as key drivers for the growth. North America industry is expected to witness higher growth than Europe region owing to increasing technological advancements in the field of Nano-material, combined with new product developments compliant with the environmental regulations in the region.
Prominent players of the global smart coating market include 3M, PPG Industries, Royal Dsm, Akzonobel, Axalta Coating Systems, Hempel, DOW Corning Corporation, Jotun, NEI Corporation, Sherwin-Williams, RPM International, Greenkote, Hygratek, Nanoshell Company, Ancatt, Tesla Nanocoatings, CG2 Nanocoatings and Helicity Technologies
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