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Smart Coating Market is expected to experience significant growth during the forecast period
Smart Coatings refer to films or layers made up of coating materials that possess certain pre-defined characteristics and exhibit certain properties on reacting to external environment such as light or electric current.
Global Smart Coatings Market is majorly driven by the increase in the demand of self-cleaning coatings and self-healing coatings from the smartphone and other handheld device manufacturers. The use of novel materials such as metamaterials for use as smart coatings is also fuelling the growth of the market. The increasing demand from end use industries such as electronics, healthcare and automobiles is further fuelling the growth of this market. These coatings are weather-proof and are used by industrial and domestic end users. The ability of smart coatings to reduce the overall weight of aircraft further enhances the growth of the market.
One of the key drivers for the growth of smart coating market is the booming electronics industry. The increase in the demand of smartphones and other hand-held industries is expected to drive the demand for self-healing and self-cleaning coatings. The R&D expenditure for development of new smart coatings by the leading market players, is also expected to drive the demand of global smart coating market. The growth of various industries such as personal care, food packaging, household and automotive is expected to positively impact the market. Due to its inherent properties such as chemical resistance and weatherproofing smart coatings are increasingly adopted both by industrial and domestic users. It further helps in reducing the maintenance cost of various products and in increasing the life of a product.
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The report has been analyzed based on the products, applications and regions. On the basis of products, multilayer segment is expected to dominate the smart coating market with its use in the automotive sector, owing to properties such as corrosion protection and self-healing. The extensive R&D by the major market players is further expected to drive the growth of the market.
Regional Analysis of Smart Coating Market:
Smart Coating Market can be geographically segmented into North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). Asia pacific region is expected to grow the highest in the smart coating market owing to the increase in demand for smart coatings from India and China. The undertaking of popular world events, such as sports in Japan, has led to tremendous infrastructural development. This is leading to the growth of the smart coating market for Asia-pacific Region.
The key players of Smart Coating Market are – DuPont (U.S.), 3M Company (U.S.), PPG Industries, Inc. (U.S.), BASF SE(Germany), Eastman Chemical co. (U.S.), Nippon Steel Trading Co., Ltd. (Japan), AnCatt, Inc. (U.S.), Nanoshell (U.K.), Frontiers Inc. (U.S.) and others.
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