The global smart coating market size has the potential to grow by USD 30.28 billion during 2020-2024. The market’s growth momentum will accelerate throughout the forecast period.
This report provides a detailed analysis of the market by geography (APAC, Europe, MEA, North America, and South America) and end-user (construction, automotive, marine, aviation, and others). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including 3M Co., Akzo Nobel NV, Axalta Coating Systems Ltd., BASF SE, Eastman Chemical Co., Hempel AS, Jotun AS, Nippon Paint Holdings Co. Ltd., PPG Industries Inc., and The Sherwin-Williams Co.
Market Overview
Market Competitive Analysis
The smart coating market is currently fragmented. The degree of fragmentation will decrease over the forecast period. Vendors are opting for inorganic growth strategies such as mergers and acquisitions to expand their global presence and strengthen their coatings business. Nippon Paint Holdings Co. Ltd., PPG Industries Inc., and The Sherwin-Williams Co. are a few of the significant market participants. Although the accelerating market growth momentum will offer immense business opportunities to the vendors, the environmental concerns, and health issues associated with smart coating materials will challenge the growth of many. To make the most of the opportunities, market vendors should focus more on growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market positions, this smart coating market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of the companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. This smart coating market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of their future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading smart coating companies, including:
- 3M Co.
- Akzo Nobel NV
- Axalta Coating Systems Ltd.
- BASF SE
- Eastman Chemical Co.
- Hempel AS
- Jotun AS
- Nippon Paint Holdings Co. Ltd.
- PPG Industries Inc.
- The Sherwin-Williams Co.
Smart Coating Market: Segmentation by Region
APAC was the largest market for smart coating in 2019. The region is expected to record a fast growth rate during the forecast period. The growing presence of end-users such as construction, automotive, and electronics industries is significantly driving the smart coating market share in APAC. The increasing government initiatives and foreign investments are also driving the market growth in the region.
Over 49% of the overall market’s growth will originate from APAC during the forecast period. China and India are the key markets for smart coatings in the region. The market growth rate in this region will be faster than that of other geographies during the forecast period.
Smart Coating Market: Segmentation by End-user
In the construction industry, paints and coating play a crucial role in enhancing the aesthetics of a constructed structure. One of the popular smart coatings used in the industry is the epoxy-based polyaniline (PANI)-graphene oxide nanosheet (GON) coating, which has anti-corrosion and anti-fouling properties. As the global construction industry is expected to record significant growth over the coming years, the smart coating market growth should also be substantial over the forecast period.
The smart coating market growth by the construction segment is expected to be faster compared with the automotive and marine market segments over the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the smart coating market size.
Smart Coating Market: Key Drivers and Trends
The use of smart coatings has significantly increased across industries, especially in the electronics and construction, because of its several beneficial features. For instance, smart coatings have a self-healing mechanism, which addresses both environmental and functionality objectives. Furthermore, their self-assembling ability, toward polymers and nanoparticles, has made them popular in the electronic industry, especially in the semiconductor fabrication process. On the other hand, in the construction industry, smart coatings have become a crucial material owing to their anti-fouling and anti-corrosion properties. Therefore, the advantageous features of smart coatings will increase their sales, contributing to the smart coating market growth.
- Self-healing coatings are still in the development phase to obtain enhanced performance and features.
- Researchers are working on developing self-healing concrete with smart coatings using microencapsulation technologies, which is one of the key smart coating market trends.
- Vendors are further focused on developing human skin-like self-healing smart coatings to overcome the innate rigidity of smart coatings materials.
- Vendors are focusing on expanding their plants and research and development centers to cater to the growing demand from end-user industries.
- The smart coating market size will grow at a CAGR of almost 53% during 2020-2024.
Smart Coating Market: Key Highlights of the Report for the Forecast Period 2020-2024
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will accelerate the growth of the smart coating market during the next five years
- Precise estimation of the global smart coating market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the smart coating industry in APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of smart coating vendors