Smart coatings are special films that sense and respond to environmental and external stimuli. These coatings can also respond to changes in light, chemical, pressure, heat, and other stimuli. These coatings are made of programmable materials that possess variety of chemical, physical, mechanical, and electrical properties. The global smart coatings market is growing at a significant rate, and expected to attain a considerable growth during the forecast period. This is attributed to the self-healing and self-repair properties of these coatings which makes them suitable for various purposes such as material protection, corrosion protection, and other improvement applications.

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Environmental implications and low durability in extreme weather conditions are identified as major challenge in the smart coatings market growth. While developing these coatings, manufacturers must comply with various statutory regulations such as European Union Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH) compliance, and others. It generally forces the replacement of carcinogenic or toxic components in coatings formulations, which might restrict the market growth in the coming years.

The availability of raw materials and their prices are the factors which are determining the cost structure of products offered by them. The basic raw materials that are used in smart coatings industry are inorganic chemicals and methylamines.

During the forecast period, Asia-Pacific is anticipated to witness the highest growth in the smart coatings market, owing to the rising demand from end user industries such as aerospace and defense, automotive and transportation, marine, building and construction, and others. The demand is particularly driven from countries such as China, India, Brazil, and others. Along with that, the rising population and disposable income along with the manufacturing industry growth is driving the smart coatings market in the region.

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Various developments are taking place in the market coupled with the increasing research and development efforts in an industry. For instance, Ford Motor Company is interested in functional coatings for light detection and ranging sensor for autonomous vehicles. Some of the major players operating in the smart coatings market are 3M Company, PPG Industries Inc., AkzoNobel N.V., The Sherwin-Williams Company, RPM International, Axalta Coating Systems, NEI Corporation, Royal DSM, and Helicity Technologies.

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