The Smart Coatings Market was valued at USD 2.5 billion during the historic forecast period and is projected to register a CAGR of over 23% to reach USD 10 billion during the forecast period. The considerable demand for the product in major end-use sectors including automotive, aerospace & military, construction, consumer electronics, healthcare, and others is propelling the market forward. Smart coatings are one-of-a-kind films with predetermined features that allow them to sense and respond to external stimuli. Self-healing and self-repair qualities make these coatings ideal for corrosion prevention, material protection, and other surface improvement applications. These coatings are made of materials that can be programmed to have a variety of physical, chemical, electrical, and mechanical properties. Changes in pressure, chemicals, heat, and other stimuli can cause the materials to respond. They provide protection and adornment in the same way that traditional coatings do, as well as unique functionalities based on environmental stimuli.
The application of smart coatings is predicted to grow as a result of increased R&D spending on the development of new smart coatings. Researchers at NASA’s Kennedy Space Center’s Corrosion Technology Laboratory, for example, have developed a smart, environmentally friendly coating system that can be used for early corrosion detection and inhibition, as well as self-healing mechanical damage without the need for external intervention. This coating can detect the start of corrosion in the coated substrate and regulate it on its own. Bridges, autos, ships, pipes, machines, and airplanes are among the applications for coatings. However, market growth may be hampered throughout the review period due to high costs and strict regulations.
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Market Segmentation
Based on the product, the global market is segmented into single layer and multi-layer.
Based on the function, the global market is segmented into anti-corrosion, anti-icing, anti-fouling, anti-microbial, self-cleaning, self-healing, and others.
Based on the end-use industry, the global market is segmented into automotive, aerospace & defense, construction, consumer electronics, healthcare, and others.
Based on the region, the global market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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Regional Classification
Due to increasing demand for smart coatings from major end-use sectors such as automotive, construction, consumer electronics, and aerospace and military, Asia-Pacific accounted for the biggest market share. Rapid urbanization and industrialization, combined with a developing economy, have resulted in a significant expansion of these end-use industries, which is expected to drive demand for smart coatings in the future years. During the study period, the large industrial base in Europe and North America, together with the high demand for smart coatings in the automotive, healthcare, and construction industries, is likely to fuel regional market expansion. The market for smart coatings in consumer electronics is predicted to increase as the demand for wireless electronics such as smartphones and tablets grows. Construction activities have increased as a result of industrialization in Brazil and Chile, which is likely to drive product demand in Latin America over the forecast period. The existence of infrastructural centers in the Gulf Cooperation Council, the United Arab Emirates, and Saudi Arabia is expected to move the Middle East and Africa market forward.
Industry News
The major key players in the market are 3M, PPG Industries, Inc., Akzo Nobel N.V., Axalta, Hempel Group, Jotun Group, The Sherwin-Williams Company, and AnCatt, Covestro AG, DuPont and Dow, BASF SE, and NEI Corporation.
TABLE OF CONTENTS
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Market Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
4.1 Supply Chain Analysis
4.1.1 Raw Material Suppliers
4.1.2 Manufacturers/Producers
4.1.3 Distributors/Retailers/Wholesalers/E-Commerce
4.1.4 End-Users
4.2 Porter’s Five Forces Analysis
4.2.1 Threat Of New Entrants
4.2.2 Bargaining Power Of Buyers
4.2.3 Bargaining Power Of Suppliers
4.2.4 Threat Of Substitutes
4.2.5 Intensity Of Competitive Rivalry
5 Market Dynamics Of Global Smart Coatings Market
5.1 Introduction
5.2 Drivers
5.3 Restraints
5.4 Opportunities
5.5 Challenges
5.6 Trends/Strategies
6. Global Smart Coatings Market, By Product
6.1 Introduction
6.2 Single-Layer
6.2.1 Market Estimates & Forecast, 2020–2027
6.2.2 Market Estimates & Forecast, By Region, 2020–2027
6.3 Multi-Layer
6.3.1 Market Estimates & Forecast, 2020–2027
6.3.2 Market Estimates & Forecast, By Region, 2020–2027
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