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The sol-gel coatings market is estimated to grow by USD 3,605.23 million at a CAGR of 11.69% between 2022 and 2027. The growth of the market depends on several factors, including growing demand from automotive and aerospace industries, growing demand from building and construction applications, and improved performance properties and superior characteristics.
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The growing demand from the automotive and aerospace industries is notably driving the market growth, although factors such as the high cost of production may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing demand from the automotive and aerospace industries is notably driving market growth. An ever-growing demand from the technologically advanced automotive and aerospace industry is increasing the use ranging from corrosion-resistant to self-cleaning and IR and UV energy-resistant coatings. In the automotive industry, fluorine functionalized alkoxy silane-based coatings are used in windshield mirrors and side mirrors to get a clear view of the rear.
Low refractive index material-based sol-gel coating is used in rear-view mirrors. The growing safety concerns and the ban on plastic film coatings are the major factors that will drive the market growth and trends in the automotive sector during the forecast period.
Growing demand for sol-gel-based nanostructured thin films is one of the primary market trends. The sol-gel process is used for nanostructured thin oxide films to improve the performance properties that make it applicable in diverse technologies. In solar cells and display devices, these films are used as transparent conducting electrodes.
The increasing use in surface acoustic wave components due to their improved semiconducting and piezoelectric properties is increasing the growth of the market. Doped tin-oxide films that are formed by the sol-gel method have applications in electronic devices such as displays, solar cells, and electroluminescent devices. They are also used in electrolysis as substrate materials and in electrochromic devices as passive counter electrodes. Thus, the growing use of nanostructured thin films in different applications will propel the market demand during the forecast period.
The high cost of production is the major challenge impeding market growth. Organic-based conventional coatings are made with petroleum precursors. The market for conventional coatings is well established and is commercialized successfully at an affordable cost. Organic-inorganic hybrid formulation coatings are prepared using the sol-gel method, but the process involved in the formulation is expensive. As these materials represent potential growth with improving novel technology, new methods are being incorporated, which are in the nascent stage of R&D. At the synthesis stage, if the organic polymer binders are incorporated, the cost is reduced without compromising the properties of the application.
The composition and homogeneity of materials are difficult to control at the molecular level. The new materials, which are helpful for a consistent application, are being developed for chemical synthesis. Few industries have been making precursors on a commercial scale as per the customer requirements. Owing to these reasons, the cost of production is high.
The market growth and forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Nanovations Pty Ltd. - The company offers sol-gel coatings such as ultra-thin coating products formulated with an inorganic technology.
The market research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth of the wear resistance segment will be significant during the forecast period. The market is driven by high demand from applications in the automotive, building and construction, and optical segments. APAC is projected to witness a strong growth rate because of increasing investments in the construction sector. The demand is mainly from emerging economies such as China and India.
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The wear resistant segment was valued at USD 1,079.28 million in 2017 and continued to grow until 2021. The market is dynamically increasing because it is used as a topcoat in various applications. The requirement for improved performance due to physical stress caused by changes in the environment is increasing the range of applications of wear-resistant coatings.
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North America is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The increasing demand is due to the advancement in the automobile industry. The US and Canada are leading countries in the region's market. These coatings are extensively used in the region's aerospace, automotive, and building and construction industries. The advancement in the glass industry is likely to have a positive outlook on the growth of the market in North America. The growth in the electronics industry in North America will also drive the market demand during the forecast period.
The ongoing trend of smart offices and smart homes is increasing the demand for consumer electronic products such as smart televisions and smartphones. The high use of gaming and entertainment products such as laptops, mouse, and speakers is further driving the demand for consumer electronics in North America. Hence, with the growth of the consumer electronics market in the region, there will be a simultaneous rise in the demand for protecting consumer electronic components. This will fuel the growth of the market in North America during the forecast period.
The market witnesses increasing adoption due to the versatility of Sol-Gel Coating Applications. These coatings are extensively used in various industries, such as optics and sensors, providing durable and functional solutions. Silica based coatings offer exceptional advantages, including corrosion resistance and optical clarity, meeting the demands of global markets. Their deposition process at low temperatures ensures compatibility with a wide range of substrates and materials, enhancing their appeal across industries for diverse applications. This growth trajectory indicates a promising future for the global Sol-Gel products market, driven by continuous advancements and expanding applications in various sectors worldwide.
The market research and growth report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Sol-gel Coatings Market Scope |
|
Report Coverage |
Details |
Page number |
183 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 11.69% |
Market growth 2023-2027 |
USD 3,605.23 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
10.62 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 36% |
Key countries |
US, China, Germany, UK, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., Akzo Nobel NV, Aspen Systems Inc., Chemat Technology Inc., Ferro Corp., Gaema Tech Co. Ltd., Henkel AG & Co. KGaA, Mitsubishi Materials Corp., NanoPore Inc., Nanovations Pty Ltd., NTC Nano Tech Coatings GmbH, PPG Industries Inc., Saint Gobain, SCHOTT AG, SOCOMORE SASU, Taasi Corp., The Sherwin Williams Co., and Solvay SA |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our market growth analysis report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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