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Revenue of global smart coatings market to grow at CAGR of over 18%
Source:Adsale Plastics Network    Editor:JK    Date:25.May.2021

The global smart coatings market by revenue is expected to grow at a CAGR of over 18% during 2020 - 2026, according to the latest report "Smart Coatings Market - Global Outlook and Forecast 2021-2026" by Arizton Advisory and Intelligence.

 

APAC region expects to witness the highest incremental growth of over 178% during 2020 - 2026. The availability of inexpensive labor and the easy accessibility of raw materials have shifted the attention of global automotive manufacturers toward the region, which indirectly influence the smart coatings market share.

 

Marine, consumer electronics, and automotive industries are driving the demand from China. China accounts for approximately 90% of shipbuilding activities globally; hence the demand for anti-fouling and anti-corrosive coatings is expected to be reasonably high.

 

Owing to rapid industrialization and foreign investments, China expects to be the significant growth driver in the region. However, the APAC infrastructure sector, which has been affected by the outbreak of the COVID-19 pandemic, has witnessed unprecedented disruptions, leading to the decline in the development of major infrastructure and construction activities.


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Rising demand from automotive industry is one of the significant factors to contribute to the growth of the smart coatings market.


Owing to the pandemic, the government has mandated lockdowns that have further slowed down the development of infrastructure and construction projects. However, construction and infrastructure activities are likely to increase in India and China from mid-2021, thereby offering an impetus to the smart coating market.

 

The following factors are likely to contribute to the growth of the smart coatings market during the forecast period:

 

  • Corrosion indication and prevention

  • Growing demand from automotive industry

  • Superior properties of smart coatings

 

The study considers the global smart coating market's present scenario and its market dynamics for the period 2020 - 2026. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market.

 

Global smart coatings market segmentation

 

The global smart coatings market research report includes a detailed segmentation by layer, function type, end-user, and geography. The global single-layer smart coatings market expects to reach over USD 5 billion by 2026, growing at a CAGR of over 16% during the forecast period.

 

These are widely used in the automotive and aerospace industries. Single-layer anti-reflective coatings are one of the key factors for developing the efficiency of solar cells. Hence, the increasing application of solar cells for the production of electric current is likely to increase the usage of single-layer technology.

 

Self-cleaning and antimicrobial sectors are likely to grow at CAGRs of over 19% during 2020 - 2026. Several industries widely adopt smart self-cleaning coatings to improve the usability and functionality of materials.

 

These are applied on solar panels, glass windows, stain-resistant textiles, corrosion prevention, and anti-biofouling surfaces to ease the cleaning process. Self-cleaning surfaces are very water repellent, which increases the lifespan of several metals.

 

Advances in nanotechnology have led to the development of high resilient surfaces, which are resistant to wear and tear and can be used in a wide range of applications. Antimicrobial coatings prevent the growth of pathogens, bacteria, and microbes.

 

A rising number of hospital-acquired infections (HAI) and the outbreak of the COVID-19 pandemic have increased the demand for antimicrobial in several end-user industries such as healthcare institutions, industrial buildings, and the packaging industry.

 

Advanced research and innovations are likely to develop safe, effective, and innovative smart antimicrobial products. The demand for antimicrobial medical coatings is growing from North America and Europe due to growth in HAIs.

 

Automotive, transportation, marine, construction, aerospace & defense, and healthcare are the primary end-user industries. The automotive sector accounted for over 20%, followed by aerospace (over 16%) and consumer electronics (over 15%).

 

The demand from the automotive and transportation sectors will drive the market due to the increased application of smart coatings on door closures, lock parts, exhausts, suspensions, engine components, and clamps & hose connections. In addition, the demand expects to increase in the APAC region due to increasing manufacturing activities.

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