The Smart Coatings Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Smart Coatings Global Market Report 2024, The smart coatings market size has grown exponentially in recent years. It will grow from $5.04 billion in 2023 to $6.38 billion in 2024 at a compound annual growth rate (CAGR) of 26.5%. The growth in the historic period can be attributed to corrosion prevention and protection, demand for self-healing and self-cleaning coatings, growth in automotive and aerospace industries, expansion of construction and infrastructure projects, sustainability and environmental concerns.
The smart coatings market size is expected to see exponential growth in the next few years. It will grow to $15.64 billion in 2028 at a compound annual growth rate (CAGR) of 25.1%. The growth in the forecast period can be attributed to integration of iot in coating performance monitoring, adoption of smart coatings in the healthcare sector, antimicrobial and antiviral coatings for public spaces, energy-saving and anti-icing coatings, global expansion of smart city initiatives, eco-friendly and non-toxic coating materials.. Major trends in the forecast period include self-repairing and shape-memory smart coatings, coatings with color-changing properties, nanocoatings for enhanced performance, smart coatings for solar energy harvesting, transparent and conductive coatings for electronics, coatings with air purification and pollution resistance.
Increasing demand from the construction industry is expected to propel the growth of the smart coatings market. The construction industry mainly involves building and repairing structures. Smart coatings are special films that provide predefined properties to make them sense and respond to external environmental stimuli. Smart coatings powered by nanotechnology are quickly becoming an excellent solution that has unique and powerful solutions for corrosion prevention. For instance, according to the Indian Ministry of Statistics and Program Implementation, in 2022, the construction sector is expected to grow in double digits at 10.7%. Thus, the increasing demand from the construction industry will drive the growth of the smart coatings market.
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The smart coatings market covered in this report is segmented –
1) By Product: Single-Layer, Multi-Layer
2) By Function: Anti-Corrosion, Anti-Icing, Anti-Fouling, Anti-Microbial, Self-Cleaning, Self-Healing
3) By Application: Automotive, Aerospace, Construction, Military, Healthcare, Other Applications
Technological advancements are the key trends gaining popularity in the smart coatings market. Innovations in technology and the increasing trend of smart coatings technology is encouraging market demand. Major players in the market are focusing on developing technologically advanced products for market growth. For instance, in September 2021, PPG Industries Inc., a US-based company that develops and delivers paints, coatings, and specialty materials launched PPG Sigma Sailadvance NX coating, a key antifouling technical breakthrough. The coating reduces fuel use and associated carbon dioxide (CO2) emissions, resulting in cheaper total operating costs and a greater contribution to global carbon reduction goals. A biocide package in the PPG Sigma Sailadvance NX coating tackles a wide range of global fouling growth conditions, from bacterial slime to soft fouling to aggressive animal fouling.
The smart coatings market report table of contents includes:
1. Executive Summary
2. Smart Coatings Market Characteristics
3. Smart Coatings Market Trends And Strategies
4. Smart Coatings Market – Macro Economic Scenario
5. Global Smart Coatings Market Size and Growth
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26. South America Smart Coatings Market
27. Brazil Smart Coatings Market
28. Middle East Smart Coatings Market
29. Africa Smart Coatings Market
30. Smart Coatings Market Competitive Landscape And Company Profiles
Top Major Players:
- DuPont de Nemours Inc
- Minnesota Mining and Manufacturing Company
- Akzo Nobel N.V
- Ancatt Inc
- BASF SE
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