ALBANY, New York, June 24, 2019 /PRNewswire/ -- The dynamic of the global smart coatings market has been nothing short of frenetic, given the vast scope of commercialization in recent years. Transparency Market Research (TMR) observes that coating manufacturers over the past few years have put considerable bets on smart coatings to net marked revenues from mainstream coating markets. Several players in this increasingly competitive and fairly fragmented global smart coatings market have committed their research efforts and money on developing multi-functional coatings that are notably characterized by higher intrinsic functionalities.
TMR notes that key players are relentlessly expanding their offerings and focusing on product innovations to garner competitive gains in the global smart coatings market. Additionally, they are expected to engage in mergers and acquisitions to consolidate their product portfolio. In the coming few years span, increasing the versatility of coatings might attract new entrants and established incumbent player alike in the global smart coatings market.
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Some of the well-entrenched players seeking higher stakes in the global smart coatings market are Sherwin-Williams Company, AkzoNobel, The Dow Chemical Co., BASF SE, Bayer AG, DuPont, and 3M.
With several growth drivers and the rising potential, the global smart coatings market is projected to clock a spectacular CAGR of 29.8% during 2017–2025. The market stood at US$1.1 bn and the valuation is expected to climb to US$9.82 bn by 2025.
Among the various applications in the smart coatings market, dominant share of revenues have come from the military sector in 2016. Further growth driver for this is fueled by sweeping use of smart coatings in wide range of surface protection applications in the sector, notably in abrasion and corrosion resistance.
Of the various regions, Asia Pacific might garner a sizable share in the global smart coatings market by the end of the forecast period. Prospects there are propelled by rapidly rising demand from the building and construction industries.
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Self-healing and Anti-corrosion Characteristics Attract Extensive Interest in Smart Coatings Manufacturers
Responsive materials in smart coatings have generated considerable interest in numerous industries due to the unique combination of chemical, physical, and mechanical properties. Industries more notably consumer electronics, building and construction, and automotive have been leveraging these attributes of smart coatings in applications that call for self-cleaning, self-healing, and anti-corrosion capability. The smart coatings market has been witnessing sizable revenue gains from the demand for smart coatings that can prevent corrosion in alloys and metals.
Advances in self-healing properties of smart coatings have imparted a solid momentum to the expansion of the market in recent years. A range of smart coating compositions have come to the fore to drive their potential in new industrial applications.
The commercial viability in automobile applications is notable and may push the smart coatings market on a high growth trajectories in near future. Research into developing environmentally safe coatings for various end-use industries has attracted billions of dollars in developed regions, especially in Europe and North America.
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Technological Advances Bolster Potential in Practical Industrial Applications
Despite the promising potential, commercialization of smart coatings has been relatively slow than the mainstream coating markets. A key aspect behind this the lack of widespread practical applicability. Nonetheless, several businesses in end-use industries in key markets have been successful in making commercial applications of smart, multi-functional coatings. Factors most likely to pave way to innovations in smart coating systems focus on making these coatings more responsive, durable, easy to repair, and the ease of applications. Further, the advent of new encapsulation technologies has opened new product functionality in the smart coatings market. Moreover, research on encapsulation has enabled a few end-use industry to improve the timely release of active components to substrates.
New avenues in the smart coatings market will also come from the commercialization of these coatings in electronics and automotive industries. Growing demand for high-performance protection coatings in sensors and cameras is a notable case in point. Another instance is the fact that self-healing properties of smart coatings holds great promise in consumer electronics.
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The study presented here is based on a report by Transparency Market Research (TMR) titled "Smart Coatings Market (Product Type - Self-cleaning, Self-healing, Anti-corrosion, Anti-microbial, and Self-dimming; Application - Building and Construction, Automotive, Electronics, Military, and Medical) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017–2025".
The global smart coatings market is segmented based on:
- Building & Construction
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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