According to the latest report published by Credence Research, Inc. “Global Smart Coatings Market – Growth, Future Prospects and Competitive Analysis, 2018-2026,” the global Smart Coatings market was valued at US$ 2,257.5 Mn in 2017, expected to show the CAGR of 20.5% from 2018 to 2026.
Smart Coatings market size was valued at US$ 2,257.5 Mn in 2017, growing with a CAGR of 20.5% during the forecast period from 2018 to 2026. Smart coatings are custom prepared to meet the varying demand from end-use industries such as automotive & transportation, construction, consumer electronics, aerospace & defense, marine, etc. Their ability to respond quickly to external stimuli and rising application in different end-use industries owing to their outstanding features are the key factors driving the market. Features such as self-cleaning, corrosion resistance, color switch, etc. are obtained by the use of various nanomaterial such as carbon black, organic-inorganic hybrid polymers, tungsten oxide, zinc or aluminum coated with nano-TiO2, etc. to achieve higher opacity, better interaction between coating and surface and higher durability of the coating. Although, the smart coating is the niche market, however, improved products demand from customers has catapulted its demand. Smart coatings are gaining traction with the advent of new technologies such as nanotechnology, conductive materials, micro-encapsulation, self-healing and self-assembling systems, further enhancing their functionalities. These technologies are enabling coatings to deliver added performance beyond aesthetics and protection. Constant R&D by the leading players have resulted in the development of lightweight and eco-friendly smart coatings, thereby further boosting the market. However, slow mass adoption due to the high cost of these multifunctional coating may act as a restraining factor for Smart Coatings market
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.
Browse the full report Global Smart Coatings Market – Growth, Future Prospects and Competitive Analysis, 2018-2026 report at http://www.credenceresearch.com/report/smart-coatings-market
Key players operating in the global Smart Coatings market includes 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).