The global smart coating market is expected to reach USD 11,676.0 million by 2024, according to a new report by Grand View Research, Inc. The smart coating market is expected to witness a significant growth over the forecasted period owing to the rising demand from key end-user segments including military, aerospace, automotive, and healthcare.
Growing application scope in end-use industries is attributed to superior properties including self-healing, self-cleaning and antimicrobial properties. In Aerospace sector, smart coating have the ability to indicate damage on an aero engine; be used in the composite form to reduce weight of aircrafts; and so on. In addition to the aforementioned industries, the application of the compound in consumer electronics offers high growth potential for the coming years.
Growing use of the product in military owing to rising demand for customization including smart self-repair, artificial intelligence, and sensing capabilities is expected to propel growth. The other key end-user segments include construction, healthcare, marine, and so on. The concerns of bio-fouling, microbial attacks, and so on are addressed by the compound in the marine segment. Furthermore, the product helps mitigate maintenance challenges in aerospace industry which is a key driver promoting demand.
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Further key findings from the report suggest:
Globally, military and aerospace segments are expected to witness significant growth during the forecast period, growing at CAGRs of over 32% during the forecast period. Rapid demand can be attributed to extensive research activities in this segment undertaken by the U.S military or jointly with other research institutes. The demand from the military segment is primarily for anti-corrosive smart coating.
Europe dominated the industry in 2015 with an estimated revenue of USD 289.5 million; this regional market is projected to grow significantly over the coming years owing to growing infrastructure development activities, increasing demand from industries such as automotive, military, healthcare, and consumer electronics.
Multilayer coating are the simplest forms of multifunctional coating. This segment is expected to grow higher than the single-layer segment during the forecast period, at a CAGR of over 35%. However, research & development related to improving performance characteristics of single-layer coating owing to its lower product cost is likely to have a positive impact on growth.
Asia Pacific is projected to witness the highest growth of over 35% during the forecast period, owing to increasing demand from emerging economies such as India and China. Growing infrastructure development in the region coupled with high manufacturing sector growth is expected to propel demand for the product over the forecast period.
Key participants in the industry include BASF SE, DuPont, 3M Company, PPG Industries, Dow Chemicals, and Dow Corning, among others. In recent years, mergers & acquisitions have been the major growth strategies adopted by key players for strengthening their positions in the global market.
Grand View Research has segmented the global smart coating market on the basis of product, application, and region:
Product Outlook (Volume, ‘000 Liters; Revenue, USD Million; 2013 - 2024)
Application Outlook (Volume,‘000 Liters; Revenue, USD Million; 2013 - 2024)
Regional Outlook (Volume, ‘000 liters; Revenue, USD Million, 2013 - 2024)
Middle East & Africa
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