Smart Coating Market Size & Forecast Report, 2013 - 2024

Report ID: MN17617115  |  Published: April 2018  |  No of Pages: 199
Format: Electronic (PDF)  |  Industry: Advanced Materials

The global smart coating market size is expected to value at USD 11.68 billion by 2024. The market is subject to witness substantial growth due to the rise in the constant demand for smart coating solutions from several end-user industries such as the construction industry, automobile, military& defense sector, and medical sector. Highly-specialized properties associated with the use of smart coating are self-healing, self-cleaning, and erosion resistance.

Such properties demonstrated by smart coating materials are vital in the automotive and aerospace sector, majorly for exterior usage. The use of the smart coating in aircraft helps to identify any form of damage on an aero-engine. Globally, the smart coating market is predicted to grow at a CAGR of 31.5% in the forecast period, providing numerous opportunities for market players to invest in research and development in the market.

Increasing adoption of smart coating in the military and defense sector, majorly due to the increasing need for customized, self-repair mechanisms, in-built AI systems, and advanced detection abilities is leading to market growth. The critical challenges such as biofouling and microbial attacks are overpowered with the adoption of the smart coating in marine time applications. In addition, smart coating overcomes existing repair challenges with in-built self-repairing capabilities, mainly in the aerospace sector, thus propelling the growth of the smart coating industry over the forecast period. The market segment involving multi-layer products has shown significant development in recent years due to the rising usage of multi-layered coatings for surface protection in several industry sectors.

Highly advanced chemical, mechanical and thermal properties like that of anti-corrosion, self-repair, and in-built assembly in comparison with traditional coating are escalating the smart coating market value. Though, stringent environmental regulations by governmental agencies and the rising cost of raw materials are key factors responsible for restraining market growth. Additionally, the growing demand for base ingredients like metal oxides from various sectors such as ornamentals and personal care is likely to increase prices associated with raw materials, thus restricting the growth of the smart coating industry.

Smart coatings are a specialized type of coating consisting of a well-versed set of characteristics that allows determining and reacting to atmospheric and external stimuli. Such functionalities make them ideal for erosion protection, heat resistance, and surface enhancement techniques. Along with the specialized design, smart coatings provide the common functions of coatings similar to protection and decoration, also the unique capability of reacting to environmental stimuli. Various properties such as chemical, electrical and thermal are obtained with the use of programmable materials that allow the smart coating to react to changes in the intensity of light, stress, biochemical, heat, and another form of external stimulus.

Smart coatings are capable of enhancing a system’s performance by limiting the time required for quality checks, repair costs, and instruments downtime. The smart coating offers a decline in the requirement for the repair on the oxidized areas, providing an extended life span for the instruments and structures created from easily corrosive materials. Some of the additional advantages with regular use of smart coating are the capability to identify and prevent corrosion, on-the-spot delivery of erosion inhibitors, and eco-friendly nature. Application of the smart coating involves healthcare sectors, military& defense, clothing industry, transportation, construction, electrical, and some other sectors.

The smart coating industry is divided into regional market segments such as North America, Europe, Asia-Pacific, Latin America, and Africa. North America and Europe have shown major growth in recent years owing to the presence of prominent market players and rising capital funding in the R&D of advanced coating materials. Asia-Pacific region is predicted to hold a major market share in the smart coating market with massive growth in the forecast period.

Countries such as India, China, and Indonesia are leading the Asia-Pacific market with rising advancement in the automotive sector and increasing investment by leading industry players due to numerous market opportunities in the region. The key players in the smart coating industry are BASF Co., 3M Systems, Dow Chemical Company, PPG Industries, and A&K coating Solutions.

Market Segment:

Product Outlook (Volume, 000’ liters; Revenue, USD Million; 2013 - 2024)
    • Single-layer
    • Multi-layer

Application Outlook (Volume, 000’ liters; Revenue, USD Million; 2013 - 2024)
    • Automotive
    • Aerospace
    • Construction
    • Consumer Electronics
    • Military
    • Healthcare
    • Others

Regional Outlook (Volume, 000’ liters; Revenue, USD Million; 2013 - 2024)
    • North America
        • U.S
        • Canada
        • Mexico
    • Europe
        • Germany
        • UK
    • the Asia Pacific
        • China
        • India
        • Japan
    • Central & South America
        • Brazil
    • Middle East & Africa
        • Saudi Arabia
        • UAE
        • South Africa

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