Smart Coating Market Size Was Valued at USD 4,131 Million in 2021 and Will Achieve USD 26,727 Million by 2030 growing at 23.7% CAGR Owing to the Growing Applications in Military Sector
Acumen Research and Consulting recently published report titled “Smart Coating Market Size, Share, Analysis Report and Region Forecast, 2022 – 2030”
BEIJING, Aug. 09, 2022 (GLOBE NEWSWIRE) — The Global Smart Coating Market Size was valued at USD 4,131 Million in 2021 and is estimated to achieve a market size of USD 26,727 Million by 2030; growing at a CAGR of 23.7%.
Smart coatings are advanced materials with predefined properties that allow them to sense and respond to external stimuli. Smart coatings integrate functionality and design to provide traditional coating functions such as decoration and protection. Smart coatings are intended to be passive unless stimulated to perform a function based on stimuli and to be capable of repeating the process over and over for several years. These coatings can increase the efficiency of a surface by lowering maintenance costs, inspection times, and equipment downtime. Smart coatings are being used in a variety of industries, including automotive, military, and construction, due to their numerous benefits.
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|Market||Smart Coating Market|
|Smart Coating Market Size 2021||USD 4,131 Million|
|Smart Coating Market Forecast 2030||USD 26,727 Million|
|Smart Coating Market CAGR||23.7% During 2022 – 2030|
|Analysis Period||2018 – 2030|
|Forecast Data||2022 – 2030|
|Segments Covered||By Type, By Function, By Application And By Region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||3M Company, AkzoNobel, BASF SE, Bayer AG, DuPont, Jotun A/S, NEI Corporation, PPG Industries, The Dow Chemical Co., and The Sherwin-Williams Company.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
COVID-19 Impact on the Global Smart Coating Market Value
During the COVID-19 pandemic, the smart coatings industry suffered significant losses. Several manufacturing industries were closed throughout the pandemic due to the increasing cases of coronavirus. Due to the shutdowns and lockdowns, manufacturing units in industries such as automotive, aerospace and defense, construction, and consumer electronics were severely impacted. Furthermore, the COVID-19 outbreak disrupted the supply chain, resulting in another downturn in the industry. However, our smart coating industry analysis predicts that the industry will perform well in the coming years. Rising technological advancements in the electronics industry, as well as increased R&D in the coatings industry, are major factors driving the smart coatings market revenue.
Smart Coating Market Dynamics
The ability to detect corrosion on any surface is the leading aspect that is fueling the smart coating market demand. The smart coating reduces the need for corroded area repair while also extending the life of corrosive-material components and structures. Other benefits include corrosion detection and prevention, on-demand delivery of corrosion inhibitors, and environmental friendliness. Smart coatings’ corrosion protection capabilities include warning, sensing, corrosion inhibition, and repair. The smart coating incorporates pH-triggered withdrawal of self-healing and multi-functional microcapsules to accomplish this.
The increasing demand from the electronics industry and superior properties of smart coatings are supporting the smart coatings market growth. However, the high raw material cost and environmental regulations associated with nanomaterials are some of the aspects that restrict the market from growing. Furthermore, increasing the adoption of advanced coatings in military applications is one of the trends in the smart coating market that drives the industry’s growth. Rapidly growing automotive and aerospace industries are significantly supporting the smart coatings industry. The rising number of high-tech vehicles and the improvements in the aerospace industry are the two leading factors that will prove noteworthy for the industry’s growth.
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Smart Coating Market Segmentation
The global market has been segmented into four categories: type, function, application, and region.
Based on the type, the market is split into single-layer and multi-layer. According to our smart coatings industry forecast, the demand for multi-layer smart coatings is growing exponentially. The demand for multi-layer coatings in industries such as aerospace and defense and automotive are witnessed to be higher owing to the critical operations that they work under. However, the single-layer smart coatings are anticipated to witness stable growth due to the ongoing research & development activities.
Based on function, the smart coatings market is divided into anti-icing, anti-corrosion, anti-microbial, anti-fouling, self-healing, self-cleaning, and others. Anti-corrosion, self-cleaning, and self-healing are the leading sub-segments in the function segment.
The market is divided into applications such as automotive, aerospace & defense, construction, consumer electronics, healthcare, and others. Aerospace and defense accounted for a significant market share in 2021 and are expected to continue to do so in the coming years. Automotive and construction, on the other hand, are expected to grow at a significant rate between 2022 and 2030.
Smart Coating Market Regional Outlook
The global smart coating market is divided into five regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. North America, among all regions, will have a sizable market share in 2021. The high adoption of smart coatings in the military sector, rising R&D in nanotechnologies, and the presence of several key players are the primary factors driving the North American smart coatings market. Furthermore, Europe is one of the leading regions in the smart coatings industry. Increased R&D investments for the development of innovative coating options, as well as the presence of key automotive manufacturers, are driving the Europe smart coatings market.
The Asia-Pacific region, on the other hand, will experience the fastest CAGR during the forecast period due to the increased implementation of smart coatings in the construction industry. Furthermore, the Asia-Pacific smart coatings market is being propelled by the expanding consumer electronics and automotive industries.
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Smart Coating Market Players
Some prominent smart coating companies covered in the industry include 3M Company, AkzoNobel, BASF SE, Bayer AG, DuPont, Jotun A/S, NEI Corporation, PPG Industries, The Dow Chemical Co., and The Sherwin-Williams Company.
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