Smart Coatings Market

Increasing demand from the building industry, expanding market for consumer electronics and rising defence expenditures in developing nations

VANCOUVER, BRITISH COLUMBIA, CANADA, June 3, 2024 /EINPresswire.com/ -- The global smart coatings market size was USD 6.34 billion in 2022 and is expected to register a revenue CAGR of 25.3 % during the forecast period. The global smart coatings market is on the brink of substantial growth, driven by the development of eco-friendly, non-toxic coatings and the increasing consumer awareness of the environmental and health impacts of conventional coatings. The burgeoning demand from the building industry, the expanding consumer electronics market, and rising defense expenditures in developing nations are key factors propelling market revenue growth.

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Drivers of Market Growth

One of the primary drivers of the smart coatings market is the growing consumer demand for environmentally friendly products. The adverse effects of traditional coatings on both the environment and public health have spurred the adoption of intelligent coatings. These advanced coatings boast unique properties such as anti-icing, anti-fouling, and anti-reflective capabilities, necessitating continuous technological advancements in the industry.

Manufacturers are heavily investing in Research and Development (R&D) to produce innovative smart coatings that cater to various end-user sectors. The application of smart coatings in architectural and ornamental contexts is also expected to fuel market growth. These coatings are used extensively in homes, applied to surfaces such as tabletops, glass panels, and electrical equipment, enhancing durability and performance.

Market Segments and Applications

The smart coatings market is segmented based on layers, functions, and end-use industries. The multi-layer segment holds the largest market share, particularly for exterior automotive and aerospace applications. Multi-layer coatings are favored for their superior wear and tear resistance, flexibility, and high chemical resistance, making them a preferred choice across numerous industries.

Functionally, the self-cleaning segment dominates the market. Self-cleaning coatings, composed of various photocatalytic nanocrystals, provide resistance to water, grime, and bacteria, and are widely used in solar panels, construction, and automotive sectors. These coatings help reduce maintenance costs and enhance the longevity of surfaces by preventing the accumulation of dirt and grime.

In terms of end-use, the building and construction segment accounted for the largest market share in 2022. Smart coatings in this sector help reduce building heat absorption and re-emit infrared radiation, offering an environmentally friendly solution to excessive electricity consumption and greenhouse gas emissions. The Asia-Pacific region, in particular, is witnessing rapid growth in the construction industry due to urbanization, rising middle-class
incomes, and population growth.

Challenges and Restraints

Despite the promising growth, the smart coatings market faces challenges such as high raw material costs and stringent environmental regulations. The use of solvents like Volatile Organic Compounds (VOCs) in smart coatings synthesis is a significant concern, as these compounds release toxic peroxides into the environment, contributing to smog and ozone production. Consequently, governments worldwide are enforcing strict regulations to promote the use of green products and regulate VOC emissions, potentially hindering market growth.

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Future Prospects

The future of the smart coatings market looks promising, with continuous technological advancements and R&D expected to drive innovation. The market is likely to see growth in various sectors, including aerospace, military, healthcare, and textiles, due to the increasing demand for advanced materials. The development of smart coatings for orthopedic implants, featuring flexible electronics and bacteria-killing Nano-pillars, exemplifies the potential for innovative applications in the healthcare industry.

Moreover, the self-cleaning coating market is set to expand due to rising demand in the automotive and solar panel sectors. These coatings offer several benefits, including stain resistance, complete transparency, and the ability to keep surfaces clean and dry, making them an attractive option for various applications.

Smart Coatings Top Companies and Competitive Landscape

The smart coatings market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective products.
Some of the major companies included in the smart coatings market report are:

• Akzo Nobel N.V.
• Axalta Coating Systems, LLC.
• 3M
• Dupont
• Hempel A/S
• Jotun
• NEI Corporation
• PPG Industries, Inc
• The Sherwin-Williams Company
• Dow
• A&K PAINTING
• Tesla NanoCoatings Inc.
• Debiotech SA,
• Helicity Technologies, Inc.

Smart Coatings Latest Industry Updates

• In April 2022, The Sherwin-Williams Company purchased Sika AG's European industrial coatings division. Sika AG produces and markets coating technologies that are immune to corrosion. The company's Performance Coatings division includes these coatings. They are utilized in power transmission, wind and energy, bridges, internal and external steel infrastructure, pipelines, water and wastewater applications, oil and gas tanks, vessels, and wind and energy farms.

• In April 2021, AkzoNobel obtained a share in a new industrial coating application technique through a partnership with Qlayers, a startup. In place of the human coating method now used in the industry, Qlayers created a fully automated solution that is safer, more reliable, and faster.

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Smart Coatings Market Segment Analysis

For the purpose of this report, Emergen Research has segmented the smart coatings market on the basis of layer, function, End-Use and region:

• Layer Outlook (Revenue, USD Billion; 2019-2032)
o Multi-layer
o Single-layer
• Function Outlook (Revenue, USD Billion; 2019-2032)
o Anti-Microbial
o Anti-Corrosion
o Anti-Fouling
o Anti-Icing
o Self-Cleaning
o Self-Healing
o Others
• End-Use Outlook (Revenue, USD Billion; 2019-2032)
o Automotive and Transportation
o Marine
o Building and Construction
o Aerospace and Defence
o Others
• Regional Outlook (Revenue, USD Billion; 2019–2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. U.K.
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of MEA

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