Smart Coatings Market Is Expected To Reach USD 15 Billion By 2027 | CAGR More Than 23% - Forencis Research

Global Smart Coatings Market: Key Highlights

• According to the new market research report “Smart Coatings Market by Function (Self-healing, Self-cleaning, Anti-microbial, Anti-corrosion, Anti-icing, Anti-fouling, Self-dimming, and Others), by Layer (Single-layer, Multi-layer), by Application (Building & Construction, Aerospace & Defense, Automotive & Transportation, Medical, Electronics, Military, and Others), by Region (North America, Asia Pacific, Europe, Middle East and Africa, South America) – Global Forecast (2019 to 2027)”, the global smart coatings market is projected to reach a value of USD 15 billion, registering a CAGR of around 23% during the review period
• Smart coatings are special films with predefined properties that make them sense and respond to environmental and other external stimuli
• These coatings exhibit self-healing and self-repair properties, which makes them suitable for corrosion protection, material protection, and other surface improvement applications
• Smart coatings can respond to changes in light, pressure, chemical, heat and other stimuli
• However, high cost of smart coatings is a major restraining factor to the growth of this market

Global Smart Coatings Market: Key Market Dynamics

• Growth of the smart coatings market is attributed to the high demand from major end-use industries such as medical, aerospace & defense, transportation, building & construction, electronics, and others
• Smart coatings can improve a system’s efficiency by reducing inspection times, maintenance costs, and equipment downtime
• Use of smart coatings results in a reduced need for repairing corroded areas as well as extends the life of components and structures made from corrosive materials
• Some other advantages of smart coatings include their ability to detect and prevent corrosion, on-demand delivery of corrosion inhibitors, and being environmentally friendly
• Investment in R&D for the development of new coatings include self-healing graphene-based tough coatings, water-repellent anti-icing coatings, and gold nanoparticles embedded antimicrobial coatings, among others.

Global Smart Coatings Market: Regional Overview

• North America

North America is expected to be the dominating region in the smart coatings market, owing to the presence of a large industrial base. The US aerospace industry is the largest across the globe and contributed to around USD 374 billion of the country’s GDP in 2018. Moreover, the rising demand for wireless electronics such as smartphones, tablets, and others is projected to fuel the demand for smart coatings.

• Asia-Pacific

Asia-Pacific emerged as the fastest-growing region for this market, mainly driven by the expanding automotive industry. According to the International Organization of Motor Vehicle Manufacturers, India, Indonesia, Thailand, and Malaysia witnessed a positive percentage growth in the automotive industry of 8%, 10.3%, 9%, and 12.2%, respectively. 

Government initiatives such as Net Zero Imports and Make in India are expected to result in rapid industrial development, which in turn, will drive the demand for smart coatings.

Global Smart Coatings Market: Key Players Overview

• DSM:

DSM is a global purpose-led, science-based company specializing in Nutrition, Health & Sustainable Living. The company offers business solutions for human nutrition, animal nutrition, personal care and aroma, medical devices, green products and applications, and new mobility and connectivity. In April 2019, DSM launched a new, bio-based self-matting resin, Decovery SP-2022 XP, that will take ultra-matt flooring finishes to new levels in terms of aesthetic and functional performance, ease of application and sustainability.

• NEI Corporation:

NEI Corporation develops, manufactures, and sells advanced materials for a broad range of industrial customers around the world. In March 2018, the company introduced UV-Protect (UVP) technology to formulate enhanced versions of its popular NANOMYTE coating products having tailored functionalities such as hydrophobicity, self-healing, fog resistance, self-cleaning (or easy-to-clean), scratch resistance, anti-corrosion, and anti-icing.

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