The report "Smart Coatings Market
by Function (Anti-Corrosion, Anti-Icing, Anti-Microbial, Anti-Fouling,
Self-Healing, Self-Cleaning), Layer (Single, Multi), End-Use (Automotive
& Transportation, Aerospace & Defense, Marine), and Region -
Global Forecast to 2022", The smart coatings market is
projected to grow from USD 2.15 Billion in 2017 to USD 6.27 Billion by
2022, at a CAGR of 23.87% from 2017 to 2022.
The market is driven by the use of smart coatings in a wide range of end-use industries, such as automotive & transportation, aerospace & defense, marine, and building & construction.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownload.asp?id=231549104
The market is driven by the use of smart coatings in a wide range of end-use industries, such as automotive & transportation, aerospace & defense, marine, and building & construction.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownload.asp?id=231549104
Automotive & transportation: The largest end-use industry of the smart coatings market
Smart coatings are used in various end-use
industries, such as automotive & transportation, aerospace &
defense, marine, and building & construction. The automotive &
transportation end-use industry is estimated to account for the largest
share of the smart coatings market in 2017, in terms of volume and
value, because of the higher demand for smart coatings in body hardware,
door closure, lock part, exhaust, suspension, engine components, and
clamps & hose connections for the protection against abrasion. The
marine end-use industry is estimated to register the highest CAGR during
the forecast period, in terms of value, followed by the automotive
& transportation industry.
Anti-corrosion smart coatings: The largest segment by function of the smart coatings market
Anti-corrosion smart coatings are preferred because
of their compatibility with most structural metals; long-lasting
corrosion protection property; and adherence to environmental, health,
and safety standards. They are capable of self-healing when damaged.
Anti-corrosion smart coatings also require low maintenance, materials,
and labor; and less physical preparation of the metal surface. In the
automotive & transportation industry, anti-corrosion smart coatings
are used in fasteners, body hardware, door closures, lock parts,
exhausts, suspensions, engine components, clamps & hose connections,
and for making the vehicles scratch-free.
Rising demand from APAC: The major driver for the smart coatings market
APAC is estimated to account for the largest share of
the smart coatings market in 2017, in terms of volume and value, and is
also projected to register the highest CAGR during the forecast period,
in terms of value. The high demand from the APAC region has
significantly contributed to the growth of the smart coatings market.
China led the APAC smart coatings market owing to the increased
production and consumption of smart coatings in the past five years,
because of high demand from the country’s automotive &
transportation and marine end-use industries. Other emerging economies,
such as India, Indonesia, and Thailand are projected to register high
growth in this market in the coming years.
Key players operating in the smart coatings market
include AkzoNobel N.V. (Netherlands), PPG Industries (US), Axalta
Coatings Systems (US), The Sherwin-Williams Company (US), Jotun A/S
(Norway), RPM International (US), Hempel A/S (Denmark), and NEI
Corporation (US). Diverse product portfolios, strategically positioned
R&D centers, continuous adoption of developmental strategies, and
technological advancements are factors strengthening the market position
of these companies. These companies have adopted various organic and
inorganic growth strategies to enhance their current market share in the
smart coatings market.