Smart coatings Market, Industry Segments, Growth, Trends, Demand, Outlook by 2023

Market Overview:

Smart coatings are unique films with predefined properties that make them sense and respond to environmental and other external stimuli. These coatings have self-healing and self-repair properties, which make them suitable for corrosion protection, material protection, and other surface improvement applications. These coatings are made of programmable materials with a variety of physical, chemical, electrical, and mechanical properties. The materials can respond to changes in pressure, chemicals, heat, and other stimuli. They offer functions similar to normal coatings, such as protection and decoration, as well as unique functions based on environmental stimuli.

Smart coatings market was valued at USD 2.5 billion in 2018 and is projected to register a CAGR of over 23% to reach USD 10 billion by 2025. The growth of the global market is primarily driven by the significant demand for the product in major end-use industries such as automotive, aerospace & defense, construction, consumer electronics, healthcare, and others. The growth of these industries can be attributed to the rapid industrialization across the globe. The fast-paced urbanization in the emerging economies such as India, Thailand, Indonesia, and Brazil as well as the infrastructure development in the developed economies has led to an increase in the number of construction activities. This is expected to drive the demand for smart coatings in the construction industry. For instance, according to the US Census Bureau, the overall construction spending in the US stood at USD 1,246,000 million as of 2017. The growing adoption of smart coatings in the aerospace & defense industry is another major driver of the global smart coatings market.

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High investments in R&D for the development of new smart coatings is expected to increase the application of smart coatings. For instance, researchers at the NASA Kennedy Space Centers Corrosion Technology Laboratory have developed a smart, environmentally friendly coating system, which can be used for early detection and inhibition of corrosion as well as self-healing of mechanical damage without external intervention. This coating can detect the onset of corrosion in the coated substrate and respond autonomously to control it. The applications where the coatings can be used include bridges, automobiles, ships, pipes, machinery, and airplanes.

However, the high cost and the stringent regulations may hamper the market growth during the review period.

Segmentation:

The global smart coatings market has been segmented by product, function, end-use industry, and region.
By product, the global market is divided into single layer and multi-layer.
On the basis of function, the global market has been segregated into anti-corrosion, anti-icing, anti-fouling, anti-microbial, self-cleaning, self-healing, and others.
Based on end-use industry, the global smart coatings market has been categorized into automotive, aerospace & defense, construction, consumer electronics, healthcare, and others.

Key Players:

Some of the prominent players operating in the global smart coatings market are 3M (US), PPG Industries, Inc (US), Akzo Nobel N.V. (the Netherlands), Axalta (US), Hempel Group (Denmark), Jotun Group (Norway), The Sherwin-Williams Company (US), AnCatt (US), Covestro AG (Germany), DuPont and Dow (US), BASF SE (Germany), and NEI Corporation (US).

Intended Audience:

  • Smart coating manufacturers
  • Traders and distributors of smart coatings
  • Research and development institutes
  • Potential investors
  • Raw material suppliers
  • Nationalized laboratories

Regional Analysis:

The global smart coatings market, by region, has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

Asia-Pacific accounted for the largest market share in 2018 on the backdrop of high demand for smart coatings from the major end-use industries such as automotive, construction, consumer electronics, and aerospace & defense. Rapid industrialization and urbanization coupled with growing economy has resulted in significant growth of these end-use industries, which is likely to fuel the demand for smart coatings in the coming years.

The large industrial base in European and North American regions coupled with the high demand for smart coatings in the automotive, healthcare, and construction industries is expected to drive the regional market growth during the review period. The rising demand for wireless electronics such as smartphones and tablets is expected to fuel the demand for smart coatings in consumer electronics.

Industrialization in Brazil and Chile has resulted in an increase in the number of construction activities, which is expected to drive the product demand in Latin America during the forecast period. The presence of infrastructural hubs in GCC, UAE, and Saudi Arabia is likely to propel the growth of the Middle East & Africa market.

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