Press release
Global Smart Coatings Market To Report A CAGR Of 29.8% from 2017 to 2025
Smart or intelligent coatings are fast gaining traction with the emergence of new technologies further enhancing their functionalities. Some such technologies are nanotechnology, conductive materials, microencapsulation, self-healing and self-assembling systems. They are expanding the capabilities of coatings well beyond aesthetics and protection. Constant thrust on research and development, for example, has helped create lightweight, eco-friendly smart coatings, thereby further boosting the market.
A booming electronics industry, especially the proliferating handheld devices and smartphones, is at the forefront of driving demand in the market since they need self-cleaning and self-healing coatings. Besides, the automotive, military, building and construction, and medical and healthcare sectors are also majorly boosting their demand.
Despite high cost, smart coatings are seeing soaring demand because of their multiple benefits. As a result, their market will likely expand at a supercharged pace by clocking a CAGR of 29.8% from 2017 to 2025, finds a report by Transparency Market Research. Rising at this rate, the market which was worth US$1.1 bn in 2016 is expected to reach US$9.82 bn by 2025.
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Military Sector Emerges as Major Driver of Demand
Application-wise, the key segments of the global smart coatings market are building and construction, automotive, electronics, military, medical, etc. Of them, the military segment dominated the market with a substantial share in it in 2016. This is primarily on account of the demand for smart coatings for military purpose in regions of North America and Europe. Smart coatings are also seeing rapid uptake in the automotive industry as they help enhance asset life by limiting damage caused by corrosion and also serve to bring down maintenance costs. The booming building and construction segment is another major application segment. Market share of the segment is anticipated to rise by 2.3% by 2025.
The different types of products purveyed in the global smart coatings market can be categorized into self-cleaning, self-healing, anti-corrosion, anti-microbial, self-dimming, etc. At present, the anti-corrosion coatings segment accounts for a leading share in the market on the back of solid demand from North America, Europe, and Asia Pacific. They find applications in end-use industries such as automotive, electronics, and military, among others.
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Some of the key players 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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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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