Press release
Nanotechnology Opening Opportunities in Smart Coatings Market During The Forecast Period of 2017 to 2025,
With the rising importance on research and development activities, the market for smart coatings is boosting up owing to the eco-friendly and lightweight properties. Smart coatings are also help to find damages on an oil and gas platform, aerospace engine, or a composite which saves weight on an airplane. Owing to these characteristics, the smart coatings market is adopted by industries such as aerospace, military, automobiles, hospitals, and others. This is one of the major factors driving the demand for smart coatings and thus enabling manufacturers to invest in this market.
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The report published by TMR stated that irrespective of its high cost, the smart coatings market is still expanding due to its numerous benefits. The global market for smart coatings cloaked expansion by exhibiting a strong CAGR of 29.8% during the forecast period. In the year 2016, the smart coatings market was valued at US$1.1 billion and is estimated to hit US$9.82 billion by the end of 2025.
The Global Smart Coatings Market to be driven by Military Sector from 2016-2025
Based on the application segment of smart coatings, the market is divided into automotive, military, construction, medical, and electronics and many others. Among these, the military segment dominated the market in the year 2016 on the account of increasing smart coatings demand from Europe and North America. The market for smart coatings is increasing rapidly in the automotive segment as they improve the asset life by reducing corrosion damage and maintenance costs.
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The construction segment is also booming in the market and is estimated to grow at a market share of 2.3% by the end of 2025. Based on product-type, the smart coatings market is divide into self-healing, self-dimming, self-cleaning, anti-bacterial, and anti-corrosion. Presently, the anti-corrosion product type is dominating the market on the account of increasing demand from regions such as Europe, Asia-Pacific, and North America. The anti-corrosion applications are majorly used in industries such as military, electronics, automotive among others.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend 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.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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