The Global Smart Coatings Market to Amount to $12951.08 Million by 2028

October 22 22:50 2021
The Global Smart Coatings Market to Amount to $12951.08 Million by 2028
The Global Smart Coatings Market
As per Triton’s report, the global smart coatings market, which generated $2245.89 million in 2020, is likely to chart 24.03% of CAGR by the year 2028.

A recent study by Triton Market Research titled ‘Global Smart Coatings Market,’covers the Global Analysis and Forecasts by Coating Type (Anti-microbial, Anti-corrosion, Anti-fouling, Anti-icing, Self-cleaning, Self-healing, Other Coating Types), by Application (Building & Construction, Automotive, Marine, Aerospace & Defence, Other Applications), by Type of Layer (Single-layer, Multi-layer), and by Regional Outlook (North America; Europe; Asia-Pacific; Latin America; the Middle East and Africa), and Regional Outlook (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa).

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The report by Triton Market Research estimates the global smart coatings market to exhibit a CAGR of 24.03% in the forecast years between 2021 and 2028. This industry is likely to accumulate revenue worth $12951.08 million by 2028.

The applications of smart coatings have been expanding positively in recent years, with many coating manufacturers engaging in R&D activities to provide innovative solutions to specific end-user segments. There is a high demand for these coatings from the construction sector. When it comes to buildings, one of the most significant applications for a coating is self-cleaning. And this property is easily found in smart coatings. Thus, the growing demand from the construction industry is contributing to the growth of the smart coatings market. 

However, smart coatings are likely to negatively impact the environment. Keeping environmental conservation in mind, there are certain strong restrictions regarding their usage. These regulations and restrictions are creating a major hindrance for the growth of the smart coatings market.

The market for smart coatings is segmented into coating type, application, and type of layer. Based on coating type, it is divided into anti-microbial, anti-corrosion, anti-fouling, anti-icing, self-cleaning, self-healing, and other coating types. Based on application, it is categorized into building & construction, automotive, marine, aerospace & defence, and other applications. And lastly, according to source type, it is classified into single-layer and multi-layer.

The Asia-Pacific is currently leading the global market, and is expected to hold the largest share throughout the forecast period. Skilled, efficient labor is available in the region at a low cost. Besides, there is easy access to raw materials. Owing to this, the APAC has a booming manufacturing sector and is increasingly receiving foreign investments. Further, several leading companies across the world are stepping into this market by shifting their production facilities to the region, given its immense growth potential. In fact, even domestic companies have been expanding their business here. The has led to an increase in the demand for smart coatings from several end-user industries, and is propelling the market growth in the Asia-Pacific.

NEI Corporation, Jotun AS, Ancatt Inc, BASF SE, Royal DSM NV, 3M Company, Hempel AS, AkzoNobel NV, PPG Industries Inc, EI Du Pont De Nemours & Company, Dow Chemical Company, Eastman Chemical Company, The Sherwin Williams Company, Nippon Steel Corporation, Tesla NanoCoatings Inc, and Axalta Coating System are the well-known players in the smart coatings market.

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Question & Answer: Smart Coatings Market

Question 1: What factor is contributing to the growth of the smart coatings market?

Answer: The applications of smart coatings have been expanding positively in recent years, with many coating manufacturers engaging in R&D activities to provide innovative solutions to specific end-user segments. There is a high demand for these coatings from the construction sector. When it comes to buildings, one of the most significant applications for a coating is self-cleaning. And this property is easily found in smart coatings. Thus, the growing demand from the construction industry is contributing to the growth of the smart coatings market.

Question 2: What factors are creating a major hindrance for the growth of the smart coatings market?

Answer: Smart coatings are likely to negatively impact the environment. Keeping environmental conservation in mind, there are certain strong restrictions regarding their usage. These regulations and restrictions are creating a major hindrance for the growth of the smart coatings market.

Question 3: Which region is expected to hold the largest share of the global smart coatings market over the forecasting period?

Answer: The Asia-Pacific is currently leading the global market, and is expected to hold the largest share throughout the forecast period. Skilled, efficient labor is available in the region at a low cost. Besides, there is easy access to raw materials. Owing to this, the APAC has a booming manufacturing sector and is increasingly receiving foreign investments. 

Further, several leading companies across the world are stepping into this market by shifting their production facilities to the region, given its immense growth potential. In fact, even domestic companies have been expanding their business here. The has led to an increase in the demand for smart coatings from several end-user industries, and is propelling the market growth in the Asia-Pacific.  

Question 4: Who are the well-known players in the smart coatings market?

Answer: NEI Corporation, Jotun AS, Ancatt Inc, BASF SE, Royal DSM NV, 3M Company, Hempel AS, AkzoNobel NV, PPG Industries Inc, EI Du Pont De Nemours & Company, Dow Chemical Company, Eastman Chemical Company, The Sherwin Williams Company, Nippon Steel Corporation, Tesla NanoCoatings Inc, and Axalta Coating System are the well-known players in the smart coatings market.

Related Report:

Global Paints & Coatings Market

The global paints & coatings market is deemed to register growth at a CAGR of 5.34% (by revenue) and 4.30% (by volume) during the estimated phase 2021-2028. It is expected to reap $229.71 billion in revenue and 70970.22 kilotons in volume by 2028.

Paints and coatings are chemically formulated products that consist of a base material called binder, and fillers. They are used not only used to enhance the appearance of the surfaces they are applied on, but also as preventive measures.

The major macroeconomic factors that influence the demand for these materials include the increased production of vehicles, rise in construction spending, rapid urbanization, and the evolving global economy. Besides, paints and coatings are also an integral part of the aerospace, automotive, and marine applications. 

This growing demand is fueling the market growth. However, the recycling issues associated with these products, fluctuating raw material prices, and the issues with supply chain & distribution networks are some major challenges slowing down the development of the studied market.

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