Smart Coatings Market

Smart Coatings Market Size (2023-2028):

The Smart Coatings Market was predicted to be worth $ 4.28 billion in 2022 and is predicted to reach $ 8.62 billion by 2028, with a CAGR of 24.42%.

The market is driven by the broad employment of smart coatings in different end-use businesses. New technologies and emerging innovations are driving the call for smart coatings in these industries. APAC's smart coatings market is predicted to see strong expansion over the next five years. The coating is called a coating applied to the surface of an object to protect it from environmental contamination. Other purposes of the cladding include decorative or functional. The coating can be applied to completely cover the surface or only to certain parts of the object. Paints and lacquers are mainly employed as coating materials to protect and decorate the surface of an object. Recently, the smart coating has widely entered the market. Smart coatings are layers or films made of coating materials, which have predefined characteristics of changing their properties in response to external stimuli.

Today, the smart coating is attaining popularity in the commercial application sector as it is employed for protection and decoration uses. It can be a coating that can indicate damage to an aircraft engine or an oil and gas platform, or even a compound employed to reduce the weight of an aircraft. Smart cladding material increases the weight of the final products and affects the aesthetics of the final product. 

Smart Coatings Market Drivers:

Rapidly increasing call for products from major end-use industries, namely construction, automotive, aerospace, military, and healthcare, is predicted to drive market expansion over the foreseen period. Advanced properties such as self-healing, self-cleaning, and corrosion resistance of materials have led to an increased call from the automotive and aerospace industries, primarily for exterior applications. Additionally, advanced coatings applied to aircraft have the ability to indicate damage to an aircraft engine. The smart coatings market is predicted to experience the highest expansion in multilayer products due to the increasing applications of multilayer coatings for surface protection in various end-use sectors, which is predicted to benefit overall industry expansion. The smart coatings market is predicted to grow during the foreseen period due to drivers such as increasing calls from end-user industries. Furthermore, the superior properties of smart coatings are likely to drive market expansion.

Opportunities in the Smart Coatings Market:

Increasing use of the product in military applications due to the increasing call for customizations, including intelligent self-healing, artificial intelligence, and detection capabilities, is predicted to drive expansion. The rapid penetration of products in aerospace and construction applications, due to the improved and advanced properties of the product, is predicted to drive the expansion of the industry. Increasing construction activity in emerging economies around the world is predicted to have a positive impact on product calls over the next eight years.

Challenges in the Smart Coatings Market:

The product helps alleviate maintenance problems in the aerospace industry, which is a key factor driving the call for the product.

SMART COATINGS MARKET REPORT COVERAGE

Smart Coatings Market Segmentation:

Smart Coatings Market - By Product:

• Single-layer

• Multi-layer

Multi-layer coatings accounted for the largest share of 51.1% in 2021 and are predicted to gain market share over the foreseen period due to the increasing use of multilayer coatings, primarily for exterior automotive and aerospace applications. The expansion of the automotive sector, mainly in the developing countries of Asia and the Pacific, is predicted to drive the expansion of the smart coatings market during the foreseen period. Furthermore, extensive research and development and technological advancements for the production of multifunctional coatings are predicted to be key expansion drivers over the next eight years.

Smart Coatings Market - By Application:

• Automotive

• Aerospace

• Construction

• Military

• Healthcare

Construction dominated the applications segment with an overall share of 23.3% in 2021, but the segment is likely to lose share over the foreseen period due to the growing call for products from other industries. The aerospace industry is predicted to experience the highest expansion due to rapid product penetration. The automotive segment was valued at USD 139.5 million in 2021 and is predicted to experience significant expansion during the foreseen period mainly due to the expansion of the automotive industry in the Asia-Pacific region, where the rapid increase in the production of vehicles due to higher call for revenue for advanced automotive systems.

Smart Coatings Market - By Region:

 The Smart Coatings Report includes the segmentation of Regions:

•  North America 

•  Europe 

•  Asia Pacific 

•  Latin America 

•  Middle East & Africa 

Europe dominated the world market in terms of volume and turnover, followed by North America. This can be attributed to the presence of key manufacturers and suppliers of coatings and materials and to the huge investments in research and development for the development of new innovative coating options. Asia-Pacific is predicted to experience the strongest expansion over the foreseen period, with a CAGR of 38.2% between 2021 and 2026. This can be attributed to the rapid expansion of vehicle production in emerging economies in India, China, Indonesia, and Malaysia. In addition, high rate of infrastructure development, and construction; a strong call for consumer electronics; and a growing call from the military for artificial intelligence coatings with anti-corrosion properties. Additionally, increased infrastructure spending in the region, coupled with strong expansion in the manufacturing sector, is predicted to be a key driver for the industry. The industry in North America is predicted to experience higher expansion than in Europe due to increasing technological advances in nanomaterials combined with new product developments that comply with environmental regulations in the region. Although smart coatings are in a great call in Europe, manufacturers suffer from negative biological and environmental problems such as "greenery." This restricts the manufacture of bulk coating products. Due to some popular worldwide events such as the World Expo Dubai business convention, the FIFA World Cup in Qatar, and the UAE's massive infrastructure development plan, the call for smart cladding is said to increase in Asian regions.

Impact of COVID-19 on the Smart Coatings Market:

At the end of March, the European coatings sector was facing the prospect of a deep recession triggered by the effects of lockdowns across much of the region to slow the spread of the novel coronavirus (COVID-19). Much of the population was ordered to stay home rather than go to work if still employed. Even stores, except for essential items like food and medicine, were closed. As a result, the call for coatings virtually collapsed for a time in many areas and seemed unlikely to revive until governments lifted their restrictive stay-at-home policies to allow their country's savings to find something of normalcy. Amid the gloom, coatings and other manufacturing sectors in Europe have some room for optimism about upcoming economic trends. Government financial assistance programs, including state-guaranteed grants and loans for businesses and state-subsidized wages to prevent layoffs, are predicted to help stem the decline in manufacturing output, especially among large buyers of industrial coatings. The smart coatings market is esteemed to have a quick growth rate in 2021. 

Recent Developments:

Nippon Paint Marine has introduced the latest antifouling technology made to enhance antifouling performance while enhancing the time and film thickness needed for employment.

Smart Coatings Market Key Players:

The major players covered in the smart coatings market report are 

1. Bayer AG3M

2. DOW

3. DSM

4. DuPont

5. Eastern Chemical Company

6. NIPPON STEEL CORPORATION

7. Debiotech S.A

8. Balcony Systems Solutions Ltd

9. AnCatt, Inc

10. Research Frontier Inc

11. RPM International Inc

12. Sherwin-Williams Company

13. NEI Corporation

14. HygraTek

15. Tesla NanoCoatings Inc

16. Greenkote

17. Helicity Technologies Inc

18. The Lubrizol Corporation

19. A&K Painting Company Inc