The market size of smart coatings was valued at USD 1.75 billion in 2016 and is expected to reach USD 6.27 billion by 2022, at a CAGR of 23.87% during the forecast period, according to the research. Research by Marketsand Markets. The market growth is driven by increasing demand for smart coatings from end-use industries, such as automotive and transportation, aerospace and defense, and consumer goods. sea. The base year considered for the study is 2016, while the forecast period is from 2017 to 2022.
The demand for smart coatings in the automotive & transportation, aerospace, defense, marine and building and construction industries is high, especially in China, India and Brazil. New and improved technologies drive the demand for smart coatings in these industries. The APAC smart coating market is expected to witness strong growth over the next 5 years.
Smart coatings have distinct properties and different smart coatings are used in different industries based on requirements. As a result, smart coating market growth depends on various end-use industries, such as automotive & transportation, aerospace & defense, marine & construction. & build. There is a growing demand for smart coatings for anti-corrosion, anti-fouling, self-cleaning applications from end-use industries.
Price and material availability are important factors for smart coating manufacturers in determining the cost structure of their products. Raw materials used by the smart coating industry include methylamines and inorganic chemicals.
Key players operating in the smart coating market include AkzoNobel NV (Netherlands), PPG Industries (USA), Axalta Coatings Systems (USA), Sherwin-Williams Company (USA), Jotun A/S (Norway), RPM International (US), Hempel A/S (Denmark) and NEI Corporation (USA). Diverse product portfolios, strategically located R&D centers, continued adoption of development strategies and technological advancements are factors that strengthen these companies’ market positions. These Companies have adopted different organic and inorganic growth strategies to enhance their existing share in the smart coating market.
(TH/ Paint Association)