Smart Coatings Market: Snapshot
The global smart coatings market is estimated to show upward graph of revenues in the upcoming years. One of the key reasons supporting this estimation is increased demand for smart coating technology from a wide range of industries. Automotive, building and construction, military, medical, and electronics are some of the key end-user industries driving the demand for smart coatings market. Smart coatings technology is gaining popularity owing to a plethora of features it offers. Self-healing, corrosion resistance, and self-cleaning are some of the key prosperities stimulating the growth of the global smart coatings market.
Several vendors working in the global smart coatings market are growing efforts to offer superior quality products to the end-user industries. To achieve this motive, they are increasing investments in research and development activities. All these efforts are leading to increased demand avenues in the global smart coatings market. Many enterprises are focused on manufacturing corrosion-free and environmental-friendly coatings. This factor is stimulating the growth of the market for smart coatings.
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In recent years, numerous industries are showing increased inclination toward the use of products that need minimum or no maintenance. This trend is projected to drive the demand in the global smart coatings market in the forthcoming years. Besides, smart coatings are increasingly used in aircrafts today. One of the key reasons for this rising use is the ability of smart coatings to indicate the damage to the aero engine when applied in planes.
On regional front, North America is one of the key regions showing stupendous growth avenues for the smart coatings market during upcoming period. One of the key reasons for this remarkable growth potential is rising use of advanced technology in the construction sector of this region. Besides, increased demand from a wide range of industries such as consumer electronics, military, automotive, and healthcare will propel the smart coatings market in the upcoming period.
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Global Smart Coatings Market: Snapshot
The global smart coatings market is rising significantly due to its growing application in various end-use industries. Moreover, growing demand for superior properties of smart coatings such as self-cleaning, self-healing, and corrosion resistance has taken an upward trend that has further augmented growth in this market. Industries across the globe have also shown interest in products that require low maintenance, which has further boosted growth for smart coatings. Other advantages of using smart coating are that it can indicate damage to an aero engine when applied on the aircraft.
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Moreover, a significant rise in research and development activities by key players in advancing smart coatings has also played a crucial role in expanding growth in the global smart coating market. Players are also emphasizing on developing eco-friendly anti-corrosion coatings that will further accelerate growth for smart coatings, as people across the globe are willful to spend money on advanced products. Focus on harnessing new energy technology that uses SolarWinds techniques might play an important role in boosting growth in this market.
On the basis of statistical information given by Transparency Market Research, the global smart coatings market is projected to attain US$9.82 bn by the end of 2025. In 2016, the market earned US$1.1 bn. In these coming eight years from 2017 to 2025, the global smart coating market is estimated to rise at excellent 29.8% CAGR.
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Growing Application in Military Sector to Fuel Demand in Smart Coatings Market
Application and product type are the two major categories in which the global smart coatings market is divided. On the basis of type, the market is segmented into self-healing, anti-corrosion, self-cleaning, anti-microbial, self-dimming, and others. Of these, the demand for anti-corrosion product type is high in the market. Recently, AnCatt developed a new line of anti-corrosion coatings that is environmental friendly and heavy metal free. This development is first of its kind that provides high-performance anti-corrosion coatings. Currently, the demand for anti-corrosion products is high in North America, Europe, and Asia Pacific. And its application is growing in electronics, military, and automotive sectors.
In terms of application, the market is segmented into military, automotive, construction, electronics, medical, and many others. Of these, the military segment is held major share in 2016 and is likely to lead the global market over the forecasted tenure. Other segments that include construction and automotive are also expected to hold significant share in the global smart coatings market in the forthcoming yeas.
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