Smart Coating Market: Increasing Demand and Growth Opportunities with CAGR of 24.7% by 2023

Global Industry Analysis

Smart coatings are advanced materials that alter their properties in response to external stimuli, such as changes in temperature, humidity, pressure, or light. They are increasingly used in various industries such as automotive, aerospace, construction, and healthcare. The global smart coating market is expected to grow at a CAGR of 24.7% from 2015 to 2023.

Smart coatings have recently made significant market progress. The term "smart coating" refers to layers or films made of coating materials that have a predefined ability to change their properties in response to external stimuli. Pressure, light and electrical current are examples of possible external stimuli.

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Smart Coatings can be customized to meet customer needs. The reason why smart coatings are becoming more and more common is mainly because of their higher competitive advantages over traditional coatings in various applications. Smart coatings can detect damage to aero engines and oil and gas platforms. Another technology that reduces the overall weight of an aircraft is smart coatings. Smart coating materials are used as coating media by industrial and domestic end users due to their chemical and weather resistance.

By function, the global smart coatings market can be segmented into self-cleaning coatings, anti-corrosion coatings, self-healing coatings, self-dimming coatings, biomedical coatings, and others. Self-cleaning coatings dominate the global smart coatings market.

Smart coating materials are mainly used in medical and military applications. Other major application areas for smart coating materials include IT, aerospace, food packaging, automotive, construction, industrial, and home and personal care industries. Increase in infrastructure investments in the construction industry is expected to drive the smart coating market in the near future.

Europe holds the largest market share of smart coating materials, followed by North America and Asia Pacific. Europe and North America are expected to witness marginal growth over the forecast period. Asia Pacific is expected to witness the highest growth over the forecast period owing to increasing domestic demand from end-user industries, especially in developing countries such as China and India.

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Growing demand from end-user industries such as medical, military, and construction is driving the global smart coatings market. Moreover, upcoming popular world events such as Dubai Expo, World Cup in Qatar, and the UAE's massive infrastructure development program are expected to increase the demand for smart coatings in Asia Pacific.

In 2014, the Abu Dhabi government approved a $10.2 billion investment to strengthen the country's infrastructure and economic growth. However, smart coating materials increase the weight of the final product and affect aesthetics, thereby hindering the adoption of smart coatings in end-user industries such as consumer electronics and apparel. Moreover, environmental impact is expected to hamper the growth of the global smart coatings market, even at a very low level.

Factors such as increasing demand for smart coatings and willingness of end-user industries have influenced coatings manufacturing companies to increase investments in innovative smart coatings production, especially in Asian countries. Some of the major companies operating in the global smart coatings market are Bayer AG, 3M Company, The Dow Chemical Company, Royal DSM, DuPont, Eastman Chemical, Nippon Steel, Debiotech SA, Balcony Systems Solutions, Ltd., AnCatt, Inc., Research Frontiers, Inc., New Energy technologies, and Nanoshell.

Drivers and Restrains:

Market Drivers:

The demand for smart coatings is driven by several factors, including the need for corrosion protection, increasing demand for high-performance materials, the growing use of smart coatings in the aerospace and automotive industries, and the rise in healthcare expenditure.
The use of smart coatings in the automotive industry is rapidly increasing, driven by the need for enhanced safety and comfort. Smart coatings can reduce the weight of the car, enhance fuel efficiency, and provide better resistance to wear and tear.
Smart coatings are also used in the aerospace industry to protect the surface of the aircraft from environmental factors, such as temperature and humidity changes. They help to reduce the maintenance cost and extend the lifespan of the aircraft.
In the healthcare industry, smart coatings are used to prevent bacterial infections, reduce the risk of infection, and improve patient safety. Smart coatings are used in medical devices, implants, and surgical tools.

Market Restraints:

The high cost of smart coatings is a major restraint for the growth of the smart coating market. The cost of raw materials used in the production of smart coatings is high, which increases the cost of the final product.
The lack of skilled personnel is also a major challenge for the growth of the smart coating market. The development of smart coatings requires specialized knowledge and expertise, which is scarce in some regions.

This report covers a thorough analysis of:

Market segment
Market dynamics
Market size
Supply demand
Current Trends/Issues/Challenges
Competition and related companies
Technology
Value chain

Regional analysis includes:

North America (USA, Canada)
Latin America (Mexico, Brazil)
Western Europe (Germany, Italy, France, UK, Spain)
Eastern Europe (Poland, Russia)
Asia Pacific (China, India, ASEAN, Australia and New Zealand)
Japan
Middle East and Africa (GCC countries, South Africa, North Africa)

Report highlights:

Detailed overview of the top markets
Changing market dynamics of the industry
In-depth market segmentation
Historical, current and projected market size in terms of volume and value
Recent industry trends and developments
competitive landscape
Strategies of major players and products provided
Potential and niche segments, areas showing promising growth
A neutral view of market performance
Essential information for market participants to maintain and strengthen their market footprint

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