Transparency Market Research has published a new report titled “Smart Coatings Market (Product Type: Self-cleaning, Self-healing, Anti-corrosion, Anti-microbial, Self-dimming, Others; Application Type: Building & Construction, Automotive, Electronics, Military, Medical, Others) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025.” According to the report, the global smart coatings market was valued at US$ 1,100.8 Mn in 2016 and is anticipated to reach US$ 9,821.8 Mn by 2025, expanding at a CAGR of 29.8% between 2017 and 2025.
have considerable demand in the market due to their varied properties of protecting the surface, on which they are applied, from any sort of damage. Smart coating protects the surface from microbial attack, corrosion, dust, oil, moisture and other particles present in the environment. Growth in industry has led to development of safety regulations on the industries. Furthermore, advancements in medical hygiene has been observed, which is anticipated to boost the smart coatings market. The product has been detected for causing various environmental concerns despite having such a strong potential in the market. The environmental, health, and safety regulations pertaining to the targeted end-use markets inevitably place limitations on the suitability of the product.
Based upon product type, the smart coatings market has been segmented into self-cleaning, self-healing, anti-corrosion, anti-microbial, self-dimming and others. The anti-corrosion coatings segment held a major share of the smart coatings market across the globe. The product finds major demand in regions such as North America, Europe, and Asia Pacific. Anti-corrosion coatings are employed in automotive, electronics, military, and many other end-use segments. Increase in demand for smart coatings in the automotive and electronics sectors along with rise in standard of living is projected to expand these sectors across the globe. Medical and healthcare is one of the boosting segment observed across the globe. Increase in health issues across the globe has led to the rise in demand for medical products and equipment.
Based upon application type, the smart coatings market has been segmented into building & construction, automotive, electronics, military, medical and others. The military segment held the major share of the smart coatings market in 2016. Smart coatings are primarily used for military purpose in regions such as North America and Europe. Smart coatings provide numerous benefits for the automotive industry. These include improved asset life, limited corrosion damage, and lower maintenance and overall cost of ownership. Demand for smart coatings in the building & construction segment is expected to rise at a rapid pace during the forecast period. As already mentioned much of the market emphasis in the smart coatings space during the past decade has been on the building products sector, with green initiatives being an important driver.
Asia Pacific held an average share of the global smart coatings market in 2016. However, its share is projected to rise rapidly in the near future. Increase in infrastructure development in the region coupled with the expansion of the manufacturing sector is estimated to propel the demand for smart coatings during the forecast period. North America and Europe dominated the smart coatings market across the globe in 2016.
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Key manufacturers operating in the smart coatings market across the globe are 3M, PPG Protective & Marine Coatings, BASF SE, Inducoat, Dow Corning, Royal DSM, NEI Corporation and others.