Smart Coatings Market Overview
Smart Coatings
Market size is expected to reach a value of $16.5 billion by the end of the
year 2026 after growing at the CAGR of 24.1% during 2021-2026. The growth of
smart coatings industry is driven by the significant demand for the product in key-use
industries such as construction, aerospace & defense and healthcare. The
growth of this industry can also be attributed to the self-healing and
self-repair properties such as anti-corrosion, anti-abrasion and
anti-slippery properties of these coatings which makes them suitable for
various important purposes such as material protection, corrosion protection
and other improvement applications. Smart coatings such as Nano coatings and Polyaniline coating are highly
durable which is widely used for resisting electrical discharge and repelling
dry particles, water, oil and dirt. Nano coating can make a surface scratch
resistant, improve hardness which will help in easing surface tension
and make it resistant to bacteria. This is driving the smart coatings market.
COVID-19 Impact
During the
covid-19 pandemic, the smart coatings market witnessed downfall in terms of
production and sales. The global lockdown led to various hurdles such as
restrictions in trading, exports and imports which affected the market dynamics
of the smart coatings market. The Smart Coatings top 10 companies incurred huge
losses during this period. Though the
Covid-19 crisis has affected the smart coatings market in terms of logistics
and supply chains, the market is expected to grow with a gradual rate in the near future.
Smart Coatings Market Report Coverage
The report: “Smart Coatings Market – Forecast
(2020-2025)”, by IndustryARC, covers an in-depth analysis of the following
segments of the Smart Coatings Industry.
By Coating Types: Self-Healing Coating, Self-Cleaning Coating,
Micro-Capsule Healing Coating, Anti-Corrosion Coating,
Super-hydrophobic, Antimicrobial, Anti-fogging/de-icing, Anti-fouling,
Electrochromic, Self-assembling, Anti-fingerprint and Others
By Layer: Single-Layer and Multi-Layer.
By End-User Industry: Building & Construction, Automotive, Aerospace
& Defence, Medical & Healthcare, Electrical & Electronics, Consumer
Goods, Marine, Oil & Gas, Food & Beverage Industry, Power & Energy,
Textile and Others.
By Geography: North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, France, Netherlands, Belgium Spain, Russia and Rest of Europe), APAC (China, Japan India, South Korea, Australia, New Zealand, Indonesia, Taiwan, Malaysia), South America (Brazil, Argentina, Colombia, Chile and Rest of South America) and RoW (Middle East and Africa).
Key Takeaways
- North American market is expected to hold the largest share in the smart coatings market, which is attributed by the booming automotive industry and the technology advancement in infrastructure.
- The growth in smart coatings market is also driven by the increase in use of these coatings in industries such as automotive, healthcare and construction.
- The unique traits of these coatings such as self-healing, anti-corrosion etc., are giving a huge boost to the products in the market.
- The smart coatings market also presents a significant opportunity for small manufacturers and start-ups in terms of innovation and development.
FIGURE: Smart Coatings Market Revenue, 2020-2026 (US$ Billion)
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Smart Coatings Market Segment Analysis – By Coating Types
Anti-corrosion segment held the highest share in
the smart coatings market in the year 2020. Anti-corrosion
market holds the biggest share in major end-use industries such as automotive
& transportation and construction market, owing to its wide acceptance in
these industries across the globe. There are several types of coatings used in
various types of products and industries. Therefore, the types of coatings
solely depend upon the nature of product and industry it has been used for.
Self-cleaning coating type is high in end use industries such as medical &
healthcare, and textiles.
Smart Coatings Market Segment Analysis –By Layer
Multi-Layer held
the largest share in the smart coatings market, with 47% in the year 2020. Multi-layer
smart coatings are the fastest growing layer type in the market, owing to their
increased application in automotive and construction. Various smart coatings
such as Nano coatings and Polyaniline coating
are widely used owing to their superior qualities such as resistance to
scratch, electricity and abrasion. Multi-layer has also proven to enhance the
functionalities of the products, making it the preferred type of coating layer
in the market. This is driving the multi-layer segment in the smart coatings
market.
Smart Coatings Market Segment Analysis –By End-User Industry
The defence
& military industry held the major share in the smart coatings market in
the year 2020 and is likely to lead the global market over the forecasted
tenure. The growth of smart coatings market varies from each end user industry
and depends on the nature and type of product it is being used for. Smart
coatings (Nano coatings and Polyaniline coating)
have distinct properties and functionalities and is used based on various
requirements. In the key end use industry such as automotive &
transportation, the demand for anti-corrosion coatings is high in
terms of volume consumption, for reasons such as protection of body parts,
closures of doors, lock parts, exhausts, suspensions, engine components,
abrasion and clamps & hose connections. In terms of volume consumption. In
the defence & military industry the demand for self- repair coating is high
due to their requirements for customized, in- built AI systems and advanced
detection abilities.
Smart Coatings Market Segment Analysis – By Geography
North America held the highest share of more than 30% in the smart coatings market in the year 2020. North America also established itself as the market leader in this industry. The reasons for increased demand in North America can be attributed to factors such as the use of advanced technology in development of infrastructures in the field of military, consumer electronics, automotive and healthcare. Growing activities of research and development has also contributed to the country being a market leader. Asia Pacific is also expected to hold a significant share in the market owing to the rapid developments in infrastructure and manufacturing sectors in these regions.
Smart Coatings Market Driver
Technological advancement and Enhanced product life
The advent in technology is paving way for smart coatings to become one of the important types of coating. With the advent of technology, high-end industrial buildings & residential buildings, high-end electronics, technologically advanced vehicles, quality health-care facilities etc., has given a huge boost to the demand for superior and quality products such as Nano coatings and Polyaniline coating and other smart coatings. Smart coatings provide high quality performance which further helps in extending the product life and enhance the product efficiency. This also helps in reducing maintenance, both in terms of cost and physical maintenance. This proves to be economical in the long run. The enhanced product life and high-quality performance also makes the product environmentally friendly.
Superior properties and Rising demand from end use industries
The superior properties of smart coatings such as anti-corrosion, anti-fouling, anti-bacterial, self-healing,
self-cleaning are the biggest advantages for such coatings, which has
exponentially surged the demand for such coatings in the market. These superior
properties of smart coatings is very unique and cannot be provided with any
other type of coating, which has helped create a unique position in the market
for these coatings. The rising demand from major end-use industries such as building & construction, automotive,
electrical & electronics and consumer goods have surged the demand for
smart coatings in the market. Product innovation and product expansion have
given rise to the use of smart coatings in most of the end-user industries,
thus becoming the key users of such products.
Smart Coatings Market Challenges
High cost of smart coating, government regulations and economic slowdown
Owing to the high quality and properties of these coatings, they are relatively expensive too. They are priced slightly higher than the rest of the products in the market and this could pose as a hindrance to the growth of these coatings. End users with a high budget are the ones who seem to be able to afford such products at high range of prices without any financial strain. Strict government rules and regulations regarding the manufacture and import & export of such coatings pose as a major challenge to the smart coatings market. Adding on to it, the recent slowdown in economic activities and situation, and the demand for these coatings has reduced to a great deal and the manufacturing and importing and exporting has taken a major hit, which could take a while to recover.
Smart Coatings Market Industry Outlook
Technological advancements,
adoption of developmental strategies, diverse product portfolio, acquisition
and mergers are some of the key strategies adopted by players in the Smart
coatings Market. Major players in the Smart coatings Market are The
Sherwin-Williams Company, Tremco Incorporated, PPG Industries, NEI Corporation,
AkzoNobel, Axalta Coatings Systems, The Dow Chemical Co., 3M Company, Bayer AG
and NEI Corporation among others.
Acquisitions/Technology Launches
- In November 2020, PPG industries came up with a new customization option that provides enhanced shielding performance for electronic passports and other electronic security documents.
- In September 2019, Axalta Coatings Systems acquired Capital Paints LLC, a UAE-based coatings manufacturer specialised in powder coatings. This helped Axalta in expanding its footprint in the Middle East and North Africa and paved way for future business growth in the region.
Relevant Reports
Medical
Coatings Market – Forecast (2021 - 2026)
Report Code: CMR 0675
Decorative
Coating Market– Forecast (2021 - 2026)
Report Code: CMR 0106
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American Industrial Coatings Market– Forecast (2021 - 2026)
Report Code: CMR 1118
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LIST OF TABLES
1.Global Smart Coatings Market By Function Market 2023-2030 ($M)1.1 Anti-Microbial Market 2023-2030 ($M) - Global Industry Research
1.2 Anti-Corrosion Market 2023-2030 ($M) - Global Industry Research
1.3 Anti-Fouling Market 2023-2030 ($M) - Global Industry Research
1.4 Anti-Icing Market 2023-2030 ($M) - Global Industry Research
1.5 Self-Cleaning Market 2023-2030 ($M) - Global Industry Research
1.6 Self-Healing Market 2023-2030 ($M) - Global Industry Research
2.Global Smart Coatings Market By End-Use Industry Market 2023-2030 ($M)
2.1 Automotive & Transportation Market 2023-2030 ($M) - Global Industry Research
2.2 Marine Market 2023-2030 ($M) - Global Industry Research
2.3 Building & Construction Market 2023-2030 ($M) - Global Industry Research
2.4 Aerospace & Defense Market 2023-2030 ($M) - Global Industry Research
3.Global Smart Coatings Market By Function Market 2023-2030 (Volume/Units)
3.1 Anti-Microbial Market 2023-2030 (Volume/Units) - Global Industry Research
3.2 Anti-Corrosion Market 2023-2030 (Volume/Units) - Global Industry Research
3.3 Anti-Fouling Market 2023-2030 (Volume/Units) - Global Industry Research
3.4 Anti-Icing Market 2023-2030 (Volume/Units) - Global Industry Research
3.5 Self-Cleaning Market 2023-2030 (Volume/Units) - Global Industry Research
3.6 Self-Healing Market 2023-2030 (Volume/Units) - Global Industry Research
4.Global Smart Coatings Market By End-Use Industry Market 2023-2030 (Volume/Units)
4.1 Automotive & Transportation Market 2023-2030 (Volume/Units) - Global Industry Research
4.2 Marine Market 2023-2030 (Volume/Units) - Global Industry Research
4.3 Building & Construction Market 2023-2030 (Volume/Units) - Global Industry Research
4.4 Aerospace & Defense Market 2023-2030 (Volume/Units) - Global Industry Research
5.North America Smart Coatings Market By Function Market 2023-2030 ($M)
5.1 Anti-Microbial Market 2023-2030 ($M) - Regional Industry Research
5.2 Anti-Corrosion Market 2023-2030 ($M) - Regional Industry Research
5.3 Anti-Fouling Market 2023-2030 ($M) - Regional Industry Research
5.4 Anti-Icing Market 2023-2030 ($M) - Regional Industry Research
5.5 Self-Cleaning Market 2023-2030 ($M) - Regional Industry Research
5.6 Self-Healing Market 2023-2030 ($M) - Regional Industry Research
6.North America Smart Coatings Market By End-Use Industry Market 2023-2030 ($M)
6.1 Automotive & Transportation Market 2023-2030 ($M) - Regional Industry Research
6.2 Marine Market 2023-2030 ($M) - Regional Industry Research
6.3 Building & Construction Market 2023-2030 ($M) - Regional Industry Research
6.4 Aerospace & Defense Market 2023-2030 ($M) - Regional Industry Research
7.South America Smart Coatings Market By Function Market 2023-2030 ($M)
7.1 Anti-Microbial Market 2023-2030 ($M) - Regional Industry Research
7.2 Anti-Corrosion Market 2023-2030 ($M) - Regional Industry Research
7.3 Anti-Fouling Market 2023-2030 ($M) - Regional Industry Research
7.4 Anti-Icing Market 2023-2030 ($M) - Regional Industry Research
7.5 Self-Cleaning Market 2023-2030 ($M) - Regional Industry Research
7.6 Self-Healing Market 2023-2030 ($M) - Regional Industry Research
8.South America Smart Coatings Market By End-Use Industry Market 2023-2030 ($M)
8.1 Automotive & Transportation Market 2023-2030 ($M) - Regional Industry Research
8.2 Marine Market 2023-2030 ($M) - Regional Industry Research
8.3 Building & Construction Market 2023-2030 ($M) - Regional Industry Research
8.4 Aerospace & Defense Market 2023-2030 ($M) - Regional Industry Research
9.Europe Smart Coatings Market By Function Market 2023-2030 ($M)
9.1 Anti-Microbial Market 2023-2030 ($M) - Regional Industry Research
9.2 Anti-Corrosion Market 2023-2030 ($M) - Regional Industry Research
9.3 Anti-Fouling Market 2023-2030 ($M) - Regional Industry Research
9.4 Anti-Icing Market 2023-2030 ($M) - Regional Industry Research
9.5 Self-Cleaning Market 2023-2030 ($M) - Regional Industry Research
9.6 Self-Healing Market 2023-2030 ($M) - Regional Industry Research
10.Europe Smart Coatings Market By End-Use Industry Market 2023-2030 ($M)
10.1 Automotive & Transportation Market 2023-2030 ($M) - Regional Industry Research
10.2 Marine Market 2023-2030 ($M) - Regional Industry Research
10.3 Building & Construction Market 2023-2030 ($M) - Regional Industry Research
10.4 Aerospace & Defense Market 2023-2030 ($M) - Regional Industry Research
11.APAC Smart Coatings Market By Function Market 2023-2030 ($M)
11.1 Anti-Microbial Market 2023-2030 ($M) - Regional Industry Research
11.2 Anti-Corrosion Market 2023-2030 ($M) - Regional Industry Research
11.3 Anti-Fouling Market 2023-2030 ($M) - Regional Industry Research
11.4 Anti-Icing Market 2023-2030 ($M) - Regional Industry Research
11.5 Self-Cleaning Market 2023-2030 ($M) - Regional Industry Research
11.6 Self-Healing Market 2023-2030 ($M) - Regional Industry Research
12.APAC Smart Coatings Market By End-Use Industry Market 2023-2030 ($M)
12.1 Automotive & Transportation Market 2023-2030 ($M) - Regional Industry Research
12.2 Marine Market 2023-2030 ($M) - Regional Industry Research
12.3 Building & Construction Market 2023-2030 ($M) - Regional Industry Research
12.4 Aerospace & Defense Market 2023-2030 ($M) - Regional Industry Research
13.MENA Smart Coatings Market By Function Market 2023-2030 ($M)
13.1 Anti-Microbial Market 2023-2030 ($M) - Regional Industry Research
13.2 Anti-Corrosion Market 2023-2030 ($M) - Regional Industry Research
13.3 Anti-Fouling Market 2023-2030 ($M) - Regional Industry Research
13.4 Anti-Icing Market 2023-2030 ($M) - Regional Industry Research
13.5 Self-Cleaning Market 2023-2030 ($M) - Regional Industry Research
13.6 Self-Healing Market 2023-2030 ($M) - Regional Industry Research
14.MENA Smart Coatings Market By End-Use Industry Market 2023-2030 ($M)
14.1 Automotive & Transportation Market 2023-2030 ($M) - Regional Industry Research
14.2 Marine Market 2023-2030 ($M) - Regional Industry Research
14.3 Building & Construction Market 2023-2030 ($M) - Regional Industry Research
14.4 Aerospace & Defense Market 2023-2030 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Smart Coatings Market Revenue, 2023-2030 ($M)2.Canada Smart Coatings Market Revenue, 2023-2030 ($M)
3.Mexico Smart Coatings Market Revenue, 2023-2030 ($M)
4.Brazil Smart Coatings Market Revenue, 2023-2030 ($M)
5.Argentina Smart Coatings Market Revenue, 2023-2030 ($M)
6.Peru Smart Coatings Market Revenue, 2023-2030 ($M)
7.Colombia Smart Coatings Market Revenue, 2023-2030 ($M)
8.Chile Smart Coatings Market Revenue, 2023-2030 ($M)
9.Rest of South America Smart Coatings Market Revenue, 2023-2030 ($M)
10.UK Smart Coatings Market Revenue, 2023-2030 ($M)
11.Germany Smart Coatings Market Revenue, 2023-2030 ($M)
12.France Smart Coatings Market Revenue, 2023-2030 ($M)
13.Italy Smart Coatings Market Revenue, 2023-2030 ($M)
14.Spain Smart Coatings Market Revenue, 2023-2030 ($M)
15.Rest of Europe Smart Coatings Market Revenue, 2023-2030 ($M)
16.China Smart Coatings Market Revenue, 2023-2030 ($M)
17.India Smart Coatings Market Revenue, 2023-2030 ($M)
18.Japan Smart Coatings Market Revenue, 2023-2030 ($M)
19.South Korea Smart Coatings Market Revenue, 2023-2030 ($M)
20.South Africa Smart Coatings Market Revenue, 2023-2030 ($M)
21.North America Smart Coatings By Application
22.South America Smart Coatings By Application
23.Europe Smart Coatings By Application
24.APAC Smart Coatings By Application
25.MENA Smart Coatings By Application
26.3M, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.PPG Industries, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Akzonobel, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Axalta Coating Systems, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Hempel, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Jotun, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.DOW Corning Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Sherwin-Williams, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.RPM International, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.NEI Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
36.Additional Companies, Sales /Revenue, 2015-2018 ($Mn/$Bn)