APAC expects to witness the highest incremental growth of over 178% during 2020–2026.
The smart coatings market is expected to grow at a CAGR of over 18% during the period 2020−2026.
Key Highlights Offered in the Report:
1. The global smart coating market is witnessing high growth on account of growing end-use industries. The economic growth in developing countries, investments on infrastructure and construction sector, and rising industrial activities are the leading growth of the market.
2. APAC region accounted for the largest share in the global smart coatings market and accounted for over 46%. Increasing investment in the construction, marine, and defense industries are supporting the growth of smart coatings.
3. Multi-layer smart coatings contributed around 47% and are projected to grow in the forecast period.
4. The smart anti-corrosive coatings are widely used and contribute over 26% of the total global market share. The smart anti-corrosive coatings are used by automotive, aerospace, marine, and other end-use industries.
5. The automotive industry holds the highest contribution in the global smart coatings market contributing to around 20% share.
• Market Size & Forecast by Revenue | 2020−2026
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation – A detailed analysis by layer, function type, end-user, and geography
• Competitive Landscape – 5 key vendors and 34 other vendors
Smart Coatings Market – Segmentation
• The global single-layer smart coatings market expects to reach over USD 5 billion by 2026, growing at a CAGR of over 16% during the forecast period. These are widely used in the automotive and aerospace industries. Single-layer anti-reflective coatings are one of the key factors for developing the efficiency of solar cells.
• Self-cleaning and antimicrobial sectors are likely to grow at CAGRs of over 19% during 2020–2026. Several industries widely adopt smart self-cleaning coatings to improve the usability and functionality of materials. These are applied on solar panels, glass windows, stain-resistant textiles, corrosion prevention, and anti-biofouling surfaces to ease the cleaning process. Self-cleaning surfaces are extremely water repellent, which increases the lifespan of several metals.
• Automotive, transportation, marine, construction, aerospace & defense, and healthcare are the primary end-user industries. The automotive sector accounted for over 20%, followed by aerospace (over 16%) and consumer electronics (over 15%). The demand from the automotive and transportation sectors will drive the market due to the increased application of smart coatings on door closures, lock parts, exhausts, suspensions, engine components, and clamps & hose connections.
Smart Coatings Market by Layer Type
• Single Layer
Smart Coatings Market by Function Type
Smart Coatings Market by End-user
• Consumer electronics
Smart Coatings Market – Dynamics
Smart coatings that contain encapsulated inhibitors will reduce the time taken for reformulation. A pH-sensitive microcapsule is the key component in designing smart coatings. There are various methods available to formulate microencapsulation, including spray drying, emulsion, polymerization, and interfacial polymerization. These microcapsules can be incorporated into different types of coatings. Epoxies, acrylics, urethanes, and powder coatings can also be used as additives for both liquid and powder coating applications. A smart coatings system based on pH-sensitive microcapsules is used for corrosion detection, corrosion inhibition, and self-healing functions. Various pH-sensitive microcapsules with different solvents are synthesized through interfacial polymerization reaction in an emulsion.
Key Drivers and Trends fueling Market Growth:
• Growing Demand from Automotive Industry
• Superior Properties of Smart Coatings
• Growth in End-user Industries
• Emergence of New Technologies
Smart Coatings Market – Geography
The APAC region is the largest market for smart coatings. The region accounts for over 46% share of the global smart coatings market. China, India, and Japan are the major contributors. The demand for smart coatings in China is driven by increasing investments in the construction, marine, and defense industries. The increasing need for energy and transportation is also fueling the growth of the smart coatings market in the country. The development of high-quality infrastructure sector in China and India has become one of the significant factors in driving the demand for smart coatings. China is the major producer and consumer of smart coatings in the region. Reviving both the demand and supply sides of the market is expected to bring back normalcy in the market. Rapid urbanization and infrastructure development have resulted in the rise of megacities in the fast-growing economies of the region. Growing urban population and renovations have also supported the growth of the construction industry.
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Smart Coatings Market by Geography
• South Korea
Middle East & Africa
• Saudi Arabia
• South Africa
• AkzoNobel NV
• Axalta Coating Systems
• PPG Industries
• RPM International Inc.
Other Prominent Vendors
• AK Coatings
• Autonomic Materials
• Diamond Vogel
• Specialty Coating System
• Silco Tek
• Dow Silicon Corporation
• NEI Corporation
• Parker Hannifin
• Polygiene AB
• Parx Material NV
• Optical Coating Technologies
• Burke Industrial Coating
• Fiberlock Technologies
• Flora Coatings LLC
• Nano – Carre Deutschland
• Aereus Technologies
• Protech Oxyplast
• Prism Surface Coating
• John Desmond Limited
• Innovative Chemical Product (ICP) Group
• Sono -Tek Corporation
• Jamestown Coating Technologies
• Kastus Technologies
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