Growing adoption of smart coatings technology across a wide range of industries such as building and construction, automotive, medical, electronics, and military sectors is likely to result into noteworthy rise in the sales of global smart coatings market during the tenure of 2017 to 2025, states a new research report by TMR. Further, the study highlights that the market for smart coatings is estimated to expand at solid CAGR 29.8% across the forecast period 2017–2025 and account for US$9.82 Bn by 2025 end.
The new research report performs segmentation of the global smart coatings market based on several important parameters including region, product type, and application. This segmentation helps analysts in presenting all the data from global market for smart coatings in a comprehensible way.
Diverse Properties of Smart Coatings Boost Their Demand across End-User Industries
The companies engaged in different industrial sectors such as building and construction, automotive, military, electronics, and medical industry are increasing the use of smart coatings technology in recent few years. One of the key factors behind the increased demand for smart coatings is the ability of this product to offer various advantages. Thus, growing acceptance of smart coating technology will help in rapid expansion of the global smart coatings market during upcoming years. At present, there are different product types available in the market including self-cleaning, self-healing, anti-corrosion, self-dimming, and anti-microbial smart coatings.
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Growing Demand for Products with No or Minimum Maintenance Needs Drives Market Sales
Over the period of past few years, the enterprises engaged across a wide range of end-user industries are growing preference toward the use of products that require no or minimal maintenance. This scenario is generating massive sales avenues for vendors operating in the global smart coatings market.
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Industry Players Focus on Research Activities to Offer Environmental-Friendly Products
The presence of many active players underlines that the competitive landscape of the global smart coatings market is highly intense. Thus to gain leading market position, enterprises are utilizing diverse strategic moves. As a result, there is considerable growth in the partnerships, collaborations, joint ventures, and mergers and acquisitions in the smart coatings market.
The players operating in the global smart coatings market are investing heavily in the research and development activities. The main motive of this tactic is the development of superior quality products. Moving forward, this strategy is also assisting players from the global smart coatings market in launching environmental-friendly and corrosion-free products. All these activities by players are estimated to bring extensive expansion avenues in the smart coating market in the forthcoming years.
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The report profiles key participants working in the smart coatings market. This list includes many names such as PPG Industries, DuPont, BASF SE, Bayer AG, 3M Company, The Dow Chemical Co., Jotun A/S, AkzoNobel, NEI Corporation, and The Sherwin-Williams Company.
North America: Prominent Region for Growth of Smart Coatings Market
On regional front, the smart coatings market is spread across many key regions such as Europe, North America, the Middle East and Africa, and Asia Pacific. Of them, the market for smart coatings is estimated continue gaining promising sales opportunities in the North America region. This growth can be attributed to many factors including presence of sturdy construction sector, which is using various advanced technologies, in the region. Moving forward, the North America smart coatings market is estimated to gather lucrative avenues owing to extensive growth in demand from various end-user industries such as military, consumer electronics, healthcare, and automotive sector of the region.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Smart Coatings Market (Product Type – Self-cleaning, Self-healing, Anti-corrosion, Anti-microbial, and Self-dimming; Application – Building and Construction, Automotive, Electronics, Military, and Medical) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017–2025.”
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