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.