Know More About “Smart Coating Market 2018-2024” Growth Worldwide…..|Grand View Research, Inc.

Author : Mrudula Karmarkar | Published On : 19 Dec 2023

San Francisco, 19 December 2023: The Report Smart Coating Market Size, Share & Trends Analysis Report, by Product (Single-layer, Multi-layer), By Application (Automotive, Aerospace, Construction, Military, Healthcare), And Segment Forecasts, 2018 - 2024

The global smart coating market is expected to reach USD 11.68 billion by 2024, according to a new report by Grand View Research, Inc. The rapidly increasing product demand from key end-use industries, namely, construction, automotive aerospace, military, and healthcare, is expected to drive the market growth over the forecast period.

Advanced properties such as self-healing, self-cleaning and corrosion resistance exhibited by the materials has led to an increase in demand from the automotive and aerospace industry, mainly for exterior applications. In addition, advanced coatings applied in aircrafts have the ability to indicate damage on an aero engine.

Growing use of the product in military applications owing to rising demand for customizations, including smart self-repair, artificial intelligence, and sensing capabilities is expected to propel growth. The concerns of bio-fouling, microbial attacks, and so on are addressed by the compound in the marine end-use sector. Furthermore, the product helps mitigate maintenance challenges in the aerospace industry, which is a key driver promoting product demand.

The market is expected to witness highest growth in multi-layer products owing to the increasing applications of multi-layered coatings for surface protection in various end-use sectors is expected benefit overall industry growth. Industry participants such as BASF SE, The Dow Chemical Company, PPG Industries and A&K coating among others engage in extensive research & development for the manufacture of multi-functional coatings.

The rapidly increasing product penetration in aerospace and construction applications, owing to the improved and advanced product properties, is expected to drive industry growth. The increasing construction activities in emerging economies across the globe are projected to have a positive impact on the demand for the products over the next eight years.

These coatings exhibit advanced chemical and mechanical properties such as anti-corrosive, self-healing, and self-assembling as compared to conventional coatings. These properties enable the coating to respond to environmental changes, including temperature, pressure, pH, thus promoting its use in the aerospace industries. The rising demand for advanced materials in the aerospace, military, healthcare, and textile industries is estimated to propel the overall growth during the forecast period.

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The key challenges faced by the industry include environmental regulations and high raw material costs. In addition, the increasing demand for raw materials such as metal oxides from other industries such as cosmetics, personal care is likely to impact raw material availability over the next eight years.

Further key findings from the report suggest:

• The smart coating market was valued at USD 885.5 million in 2015 and is projected to grow at a CAGR of 31.5% over the forecast period, owing to increasing application scope in end-use industries such as automotive, construction, aerospace, military, healthcare, and consumer electronics.
• Single-layer coating product segment recorded a CAGR of 21.5% in terms of volume; the increasing demand for single-coats with multiple functionalities for electronic devices and components is expected to drive segment growth over the next eight years.
• Multiple-layer is the fastest growing product category owing to the high usage of these coatings in construction and automotive applications.
• North America accounted for a significant market share and is projected to retain its position in the global market on account of the presence of key manufacturers and suppliers.
• Asia Pacific recorded a market value of USD 171.8 million in 2015 and the highest CAGR of 38.6% from 2016 to 2024. This can be attributed to the increasing product demand from emerging economies of China, India, Vietnam, and Indonesia on account of extensive ongoing manufacturing activities.
• Key players in the industry include DuPont, PPG Industries, The Dow Chemical Co., 3M Company, BASF SE, and Dow Corning.
• In recent years, mergers & acquisitions have been the major growth strategies adopted by key players for strengthening their positions in the global.

Furthermore, growing environmental concerns over the use of nanomaterials coupled with the development of eco-friendly coating is expected to be a major restraint over the forecast period. The anti-corrosion coating platform recently developed by AnCatt is a major example of environmental-friendly coating products. This technology has been observed to be cost-effective, with self-healing and lightweight properties, compared to other products in the segment.

The study on smart coatings has been segmented based on coating type, end user, and region. The market has been segmented based on coating type into single layer and multilayer. Single layer coatings are increasing in demand owing to the development of multifunctional single layer coatings; multilayer coatings are primarily used in automotive, aerospace, military, and healthcare end-user segments, among others. The smart coatings market has been further segmented in terms of end user into automotive, aerospace, construction, consumer electronics, military, and healthcare, among others. The regional analyses of the smart coatings market include North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Market estimates and forecasts are represented in terms of revenue (USD million) for a period ranging from 2013 to 2024 with forecast years from 2016 to 2024.

Report Scope

The smart coatings are available in two different forms – single layer and multilayer. The multilayer smart coatings segment is projected to grow higher than the single layer counterpart, globally. However, there is extensive research being conducted for the development of advanced single layer coatings, which offer multifunctional properties. As a result, single layer smart coatings segment is expected to grow moderately during the forecast period.

The market is highly competitive owing to the presence of a large number of manufacturers and suppliers including Bayer AG, PPG Industries, BASF SE, DuPont, The Dow Chemical Co., 3M Company, and Dow Corning Corporation.

The market is expected to witness robust growth owing to industry players adopting strategies such as mergers & acquisitions (M&A) to strengthen and sustain their position in the market. For instance, In April 2016, Lubrizol Corporation introduced Estane VSN 9000, an innovative optical coating with self-healing characteristics and chemical resistance, primarily designed to improve the aesthetics and performance of high-end eyewear frames. In June 2016, PPG Industries announced its acquisition of Metokote, another supplier of products and related services headquartered in Lima, Ohio.