Press release
Global Smart Coatings Market: Keen Players Bank on Product Development to Surge Ahead of Competitors
Some of the prominent names operating in the global smart coatings market are 3M, PPG Protective & Marine Coatings, BASF SE, Inducoat, Dow Corning, Royal DSM, and NEI Corporation.
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A report by Transparency Market Research predicts the global smart coatings market to expand at a phenomenal 29.8% CAGR during the period between 2017 and 2025. Rising at this rate, the market which was worth US$1.1 bn in 2016, is projected to reach US$9.82 bn by 2025.
Depending upon the types of products, the global smart coatings market can be divided into self-cleaning, self-healing, anti-microbial, anti-corrosion, self-dimming, etc. Of them, the segment of anti-corrosion coatings dominates the market owing to their considerable demand from North America, Europe, and Asia Pacific. They find applications in end-use industries such as automotive, electronics, and military, among others.
Geographically, the key segments of the global smart coatings market are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Currently, Asia Pacific outshines all other regions vis-à-vis growth rate because of the increased pace of manufacturing and infrastructure development in India and China. The TMR report predicts the region to clock a phenomenal CAGR of 38.6% from 2017 to 2025.
Ability to Offer Strong Protection to Surfaces Makes Smart Coatings Immensely Popular
Smart coatings are enjoying a solid demand because of their ability to accord protection to the surface on which they are applied from any sort of damage resulting from microbial attack, corrosion, dust, oil, moisture, etc. “In aerospace, smart coating can indicate damage on an aero engine or oil and gas platform or even in a composite being used to save weight on an aircraft. It can also find application as a barrier coating for a packaging film and also be transparent and moisture ingress. Because of such unique characteristics, such coatings are seeing widespread application in military, aerospace, healthcare, and automobile segments. Even consumers are willing to pay premium prices for such smart coated products,” explains the lead analyst of the TMR report.
Emergence of Lightweight Smart Coating Opens New Growth Avenues for Market
Smart coating material, on the flipside, increase the weight of the final products. This, until a while back was posing a roadblock to their uptake in segments such as consumer electronics, apparels, etc. Besides, their environmental impact was also dealing a blow to the demand. However, savvy players have already come up with lightweight, eco-friendly products, which is helping to tackle such problems.
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This review is based on the findings of a TMR report, titled, “Smart Coatings Market (Product Type - Self-cleaning, Self-healing, Anti-corrosion, Anti-microbial, and Self-dimming; Application - Building and Construction, Automotive, Electronics, Military, and Medical) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025.”
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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