According to the Market Statsville Group (MSG), the Global Smart Coating Market size is expected to grow from USD 1,531.6 million in 2021 to USD 4,103.6 million by 2030, at a CAGR of 15.1% from 2022 to 2030. Smart coating materials may alter their properties in response to environmental cues, including temperature, electric field, and other environmental factors. Nowadays, the smart coating is becoming more and more common in commercial applications because it can be used for both protective and decorative purposes. Smart coating provides several competitive benefits in a wide range of applications. It could be a composite material used to lighten the weight of an airplane, an oil and gas platform, or a coating on an aviation engine. Furthermore, it might be a barrier coating for a packing film application and transparent and resistant to moisture infiltration.
Because of its distinct properties, this material is used in various applications, including military, aerospace, hospitals, autos, and others. This big motivator for market players to invest in smart coating materials. Because of the advanced uses of smart coating materials, people are prepared to pay a premium for smart coated items. Smart coating material raises the weight of the finished product and influences its appearance. This restricts smart coating adoption in a few application categories such as consumer electronics, clothes, etc. The environmental effect of the smart coating is a significant limiting factor impeding the growth of the smart coating industry.
Global Smart Coating Market Dynamics
Smart coatings are in high demand from various end-use sectors, including military, building and construction, automotive, healthcare, consumer electronics, and so on. The worldwide smart coatings market will likely benefit from the thriving construction industry and rising passenger car sales during the projected period. The expected increase in demand for smart coating technologies from these end customers would provide enormous development prospects. The market for smart coatings is anticipated to grow due to features including corrosion resistance, self-healing, self-cleaning, and sensing capabilities.
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Players in the smart coatings market are heavily investing in research and development. These activities allow players to get new insights into materials and propose coatings with better functionality. Mergers and acquisitions further drive the demand for the smart coatings industry. Players gain a stronger footing through these actions, eventually boosting development chances. Expansion efforts also assist in taking the smart coatings market forward.
The Smart Coating market is anticipated to be hampered by the high cost of smart coatings.
The fast spread of the coronavirus throughout the world and lockdowns in several nations had a detrimental impact on the automobile industry. This has impeded the supply chain, hurting car manufacture and output. Manufacturers in the automotive sector are recovering from losses caused by the disrupted environment and decreased vehicle sales. To increase revenue, major participants in the automobile sector are investing and increasing their manufacturing capacities. Automobile manufacturers all around the world are expanding their need for anti-corrosion coatings. Abrasion is prevented by smart coatings on body parts such as exhausts, lock parts, door latches, engine components, clamps, and hose connections. Smart coatings are increasingly being utilized in the automobile sector to avoid corrosion and damage to vehicle parts.
Scope of the Global Smart Coating Market
The study categorizes the smart coating market based on layer, function, and end-user industry at the regional and global levels.
By Layer Outlook (Sales, USD Million, 2017-2030)
Single layer
Multi-layer
By Function Outlook (Sales, USD Million, 2017-2030)
Anti-corrosion
Anti-icing
Anti-fouling
Anti-microbial
Self-cleaning
Self-healing
By End-use Industry Outlook (Sales, USD Million, 2017-2030)
Automotive & Transportation
Marine
Aerospace & Defense
Building & Construction
By Region Outlook (Sales, USD Million, 2017-2030)
North America
US
Canada
Mexico
Europe
Germany
Italy
France
UK
Spain
Poland
Russia
The Netherlands
Norway
Czech Republic
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Indonesia
Malaysia
Thailand
Singapore
Australia & New Zealand
Rest of Asia Pacific
South America
Brazil
Argentina
Colombia
Rest of South America
The Middle East & Africa
Saudi Arabia
UAE
South Africa
Northern Africa
Rest of MEA
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Single-layer coating product segment accounts for the highest market share by layer
Based on material type, the smart coating market is divided into a single layer and multi-layer. Single-layer coating product category accounting for the highest market share due to rising demand for single-coats with numerous capabilities for electronic devices and components is anticipated to drive segment growth in the coming years.
Asia-Pacific accounts for the highest CAGR during the Forecast Period
Based on the regions, the global smart coating market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Asia Pacific is expected to grow at the highest CAGR. This is due to rapidly increasing automobile production in rising economies such as India, China, Indonesia, and Malaysia. Moreover, there is a strong pace of infrastructure development and building, increased demand for consumer electronics, and rising military demand for coatings with artificial intelligence and anti-corrosive qualities, among other things. Furthermore, increased infrastructure expenditure in the area and solid industrial sector expansion will be significant drivers for the industry.
Key Market Players in the Global Smart Coating Market
The global smart coating market is highly competitive, with key industry players adopting various strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most market companies focus on expanding operations across regions, augmenting their capabilities, and building strong partner relations.
Major players in the global smart coating market are:
DuPont
PPG Industries
Bayer AG
BASF SE
The Dow Chemical Co.
3M Company
AkzoNobel
Jotun A/S
The Sherwin-Williams Company
NEI Corporation
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