Growth of smart coatings market to increase with use of nanotechnology in manufacturing
The global smart coatings market is fragmented in nature due to the presence of a large number of players operating the market.
According to a report compiled by Transparency Market Research competition among the players is likely to increase in the near future. Leading players in the market are focusing on improving their product line and indulging in mergers and acquisitions at a large scale. They are also implementing new energy technology by using solar window techniques, thus, expanding growth avenues in the market. Moreover, players are developing eco-friendly anti-corrosion coating platforms that are likely to expand the market potential. Some of the prominent players in the market are 3M Company, DuPont, BASF SE, PPG Industries, The Sherwin-Williams Company, The Dow Chemical Co., and NEI Corporation (US).
According to the statistics provided by Transparency Market Research, the global smart coatings market is expected to progress at a staggering 29.8% CAGR during the forecast period between 2017 and 2025. Rising at this growth rate, the market valuation is projected to reach $9.82 billion by the end of 2025. In 2016, the market valued at $1.1 billion.
Based on product type, the anti-corrosion coatings segment is leading the market by holding dominant share in the market. The demand for anti-corrosion coatings is high in Europe, North America, and Asia Pacific that has led the dominance of this segment. On the regional front, North America is leading the global market and is expected to do so in the near future. However, Asia Pacific offers lucrative growth opportunity and is likely to rise at 38.6% CAGR over the course of eight years.
Rising employment of smart coatings is seen in automotive, building and construction, military, electronics, medical, and other industry verticals. Among these, usage of smart coatings is high in the military sector. As smart coatings help in protecting military equipment and devices from corrosion and increase their life, their application could improve in the military sector. Moreover, the demand for smart coatings could be seen in the automotive industry. Use of smart coatings help in enhancing asset life and reduces maintenance cost. Building and construction industry is also considered as one of the crucial end users of smart coatings. Furthermore, the growing popularity of nanomaterials and nanotechnology used in smart coatings could likely benefit the market growth.
There are certain restraining factors affecting the growth of the smart coatings market. Some of the key factors affecting the growth of the global market are the availability of raw material and high prices of obstructing the growth of the market. These factors negatively affect manufacturers on the part of identifying the right cost structure of their products. Stringent regulation imposed by the government to reduce the use of inorganic chemicals and methylamines may arrest the growth of the market. These chemicals are some of the ingredients of the raw material used in the manufacture of smart coatings.