Report Predicts Market for Smart Coatings to Reach $9.8 Billion by 2025
ALBANY, NY - A report by Transparency Market Research predicts the global smart coatings market will expand at a compound annual growth rate (CAGR) of 29.8% during the period between 2017 and 2025. Rising at this rate, the market, which was worth $1.1 billion in 2016, is projected to reach $9.82 billion by 2025.
Depending upon the types of products, the global smart coatings market can be divided into self-cleaning, self-healing, antimicrobial, anticorrosion and self-dimming. Of them, the segment of anti-corrosion coatings dominates the market owing to demand from North America, Europe and Asia-Pacific. They find applications in end-use industries such as automotive, electronics and military.
Geographically, the key segments of the global smart coatings market are North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa. Currently, Asia-Pacific outshines all other regions in terms of growth because of the increased pace of manufacturing and infrastructure development in India and China. The report predicts the region to clock a CAGR of 38.6% from 2017 to 2025.
Smart coatings are enjoying solid demand because of their ability to provide protection to the surface on which they are applied from any sort of damage resulting from microbial attack, corrosion, dust, oil or moisture. "In aerospace, smart coating can indicate damage on an aero engine or oil and gas platform or even in a composite being used to save weight on an aircraft. It can also find application as a barrier coating for a packaging film and also be transparent and moisture ingress. Because of such unique characteristics, such coatings are seeing widespread application in military, aerospace, healthcare and automobile segments. Even consumers are willing to pay premium prices for such smart coated products," said the lead analyst of the Transparency Market Research report.
Smart coating materials do increase the weight of the final products, and this was posing a roadblock to their uptake in segments, such as consumer electronics and apparel. Additionally, their environmental impact was also dealing a blow to demand. In recent years, manufacturers have come up with lightweight, eco-friendly products, which is helping to tackle such problems.
This review is based on the findings of a Transparency Market Research report, 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. For additional information about this report, visit https://www.transparencymarketresearch.com.