According to the latest report published by Credence Research, Inc. “Global Smart Coatings Market By Coating Type (Anti-Corrosion, Anti-Microbial, Self-Cleaning, Self-Healing, Others), By End-Use Industry (Automotive & Transportation, Construction, Consumer Electronics, Aerospace & Defense, Marine, Others)- Growth, Future Prospects and Competitive Analysis, 2018-2026,” the worldwide market for smart coatings was valued at US$ 2,257.5 million in 2017, with CAGR anticipated to be 20.5 per cent from 2018 to 2026.
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The market size of Smart Coatings was valued at US$ 2,257.5 million in 2017 and increased by 20.5 per cent during the forecast period from 2018 to 2026. Smart coatings are custom-made to satisfy the differing demands of end-use sectors such as automotive & transport, construction, consumer electronics, aviation & defense, marine, etc. The main variables driving the market are their capacity to react rapidly to external stimuli and their increasing implementation in distinct end-use sectors due to their exceptional characteristics. Features such as self-cleaning, corrosion resistance, color change, etc. are acquired by using multiple nanomaterials such as carbon black, organic-inorganic hybrid polymers, tungsten oxide, zinc or nano-TiO2 coated aluminum, etc. to obtain greater opacity, better coating-to-surface contact and greater coating durability. Although intelligent coating is a niche market, enhanced demand for products from clients has catapulted its demand. Smart coatings are gaining traction with the introduction of new techniques such as nanotechnology, conductive materials, micro-encapsulation, self-healing and self-assembly systems, which further enhance their functionality. These techniques enable coatings to offer added efficiency beyond aesthetics and safety. Constant R&D by leading players has led to the growth of lightweight and eco-friendly intelligent coatings, further boosting the industry. However, owing to the elevated price of these multi-functional coatings, slow mass adoption may function as a limiting factor for the Smart Coatings industry.
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Based on the geography, North America held the largest share in the global Smart Coatings market in 2017 in terms of value and volume as many key players are headquartered in the region. Whereas, Asia-Pacific is the fastest growing region owing to rising population and disposable income coupled with growth in the manufacturing sector are some of the major factors for growth of Asia-Pacific Smart Coatings market.
Automotive & transportation was the leading end-use industry in terms of volume consumption in 2017. This is attributed to rising application of smart coatings in the exterior application in the automotive industry owing to advanced properties such as anti-corrosion, self-cleaning, and self-healing. By type, anti-corrosion coatings accounted for the largest market share in 2017, owing to its wide acceptance in the two major end-use industries; automotive & transportation and construction across the globe. Furthermore, the rapid expansion of applications of smart coatings in end-use industries such as textile, healthcare, energy, etc. has resulted in the growth of the Smart Coatings market in this region.
Key players operating in the global Smart Coatings market includes 3M Company (U.S.), The Dow Chemical Company (U.S.), The Sherwin-Williams Company (US), RPM International (US), Axalta Coatings Systems (US), AkzoNobel N.V. (Netherlands), Hempel A/S (Denmark), Jotun A/S (Norway), NEI Corporation (US), and PPG Industries (US).
By Coating Type Segment (2016–2026; Kilo Ton, US$ Mn)
- Others (self-dimming, color shifting, photovoltaic, piezoelectric, etc.)
By End-use Industry (2016–2026; Kilo Ton, US$ Mn)
- Automotive & Transportation
- Consumer Electronics
- Aerospace & Defense
- Others (consumer goods, energy, healthcare, etc.)
By Geography Segment (2016–2026; US$ Mn)
- North America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Latin America