Global Smart Coating Market Size, Share & COVID-19 Impact Analysis, By Layer, By Function, By End Use Industry, By Region Forecasts, 2024 – 2032

Global Smart Coating Market Size, Share & COVID-19 Impact Analysis, By Layer, By Function, By End Use Industry, By Region Forecasts, 2024 – 2032

Smart Coating Market Size was valued at US $ 3.3 Billion in 2023 and is expected to reach US $ 12.9 billion by 2032 growing at a CAGR of 23.4% during the forecast period 2024 – 2032.

The market will advance due to the anticipated rise in demand for smart coating. Building and maintaining structures makes up the majority of the construction industry. These are unique films, with features created specifically for them. They are able to discern if external stimuli are present or absent and adjust their response to changes in their surroundings accordingly. An excellent decision. Smart coatings using nanotechnology are quickly becoming a reality with their potent and speedy corrosion prevention techniques. The Indian Ministry of Statistics and Programme Implementation, for instance, projects that the construction industry would expand by 10.7% in 2022 alone. As a result, as building needs rise, so will the need for smart coating.

Furthermore, significant trends including technical advancements are of great relevance to the smart coating industry. The demand for smart coating is expanding due to the rapid advancements in technology and its growing ubiquity. To support a thriving sector, the players in the field are concentrating on producing technologically improved products. For instance, PPG Industries Inc., an American manufacturer and distributor of paints, coatings, and specialty materials, developed the revolutionary antifouling technology known as PPG Sigma Sailadvance NX coating in September 2021. This was demonstrated in December. The coating lowers total running expenses by lowering fuel usage and associated carbon dioxide (CO2) emissions. It may also contribute more to the goals for reducing carbon emissions. The PPG Sigma Sailadvance NX coating has a biocide package that guards against a variety of fouling growth circumstances, such as bacterial slime and soft and aggressive animal fouling.

“Multi-Layer segment, by layer, to be dominating market from 2023 to 2030.”

Multi-Layer of insulation dominated the market growth in 2023. The increasing usage of multiple layer coatings, particularly in exterior automotive and aerospace applications, is expected to drive the fastest-growing category in the market between 2020 and 2030. Analysts predict that the market for smart coating will rise together with the vehicle sector throughout the anticipated period, particularly in the growing countries of Asia and the Pacific.

“Self-Healing segment, by function, to be dominating market from 2023 to 2030.”

In terms of revenue, the self-healing segment led the smart coating market in 2023 and is expected to increase at the quickest rate through 2030. Smart coating doesn't require any supplies to cure the damage because it is self-repairing. Cr(VI) corrosion inhibitors, which can be reduced at the site of damage to create a protective oxide film and exhibit self-repairing properties when exposed to UV radiation, are the primary component of self-healing smart coatings.

“Automotive & Transportation segment, by end use industry, to be dominating market from 2023 to 2030.”

The market expanded most dramatically in the Automotive & Transportation sector in 2022. Because of their many advantages, smart coatings are a desirable option for the transportation and automotive sectors. Self-healing coatings that automatically repair minor scratches and damage are one example of them. As a result, maintenance expenses are reduced and vehicle service life is increased. Vehicle interiors seem better thanks to anti-fingerprint coatings, which help stop fingerprints and stains. Water-repellent coatings increase visibility in the rain, which lowers the risk of collisions. The industry growth of Smart Coatings is facilitated by these performance advantages.

“North America to be largest and fastest growing region in smart coating market.”

It is anticipated that North America will dominate the worldwide smart coatings market. The market expands as a result of industrialization and rising manufacturing activity in North America. Applications for smart coatings are expected to soar in a range of infrastructure development projects, offering huge prospects for industry participants. The smart coatings market in North America is growing as a result of booming technology and rising use in industries including consumer electronics, healthcare, and the military, among others. The market for smart coatings in North America is further propelled by the region's abundance of manufacturers and rising R&D expenditures. Additionally, a sizable portion of the global smart coatings market is anticipated to reside in Asia Pacific. The rapid expansion of China's and India's industry and infrastructure (roads, for example) is the root cause of this boom.

Smart coating Competitive Landscape

The competitive landscape of the Smart coating market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Smart coating technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Smart coating market is highly competitive, with numerous companies vying for market share. Prominent companies in the Smart coating Market include:

Major Players:

3M (US), NEI Corporation (US), PPG Industries Inc (US), BASF SE (Germany), Axalta (US), DuPont and Dow (US), Hempel Group (Denmark), Covestro AG (Germany), Jotun Group (Norway), AnCatt (US), The Sherwin-Williams Company (US)

Recent Developments:

In April 2021, AkzoNobel has purchased a stake in a novel method of applying industrial coatings in collaboration with Qlayers. Qlayers created a quicker, safer, and more dependable coating process as an alternative to the human coating method currently in use in industry.

In June 2020, Thinking outside the box, BASF SE looked for innovative ways to make vehicle coatings in collaboration with China's GACNE (Guangzhou Automobile Group innovative Energy Co. Ltd.). With the use of this digital technology, BASF will be able to improve data analysis and decision-making while streamlining paint shop processes. As a result, GACNE's paint stores will be able to increase output and enhance quality.

Axcentive, a manufacturer and distributor of cutting-edge coatings technologies, and Materia Nova, a creator of functional surface coatings, collaborate in a strategic alliance to promote cutting-edge nanotechnology and help their clients stay ahead of their respective industries. On September 26, 2023, in Mons, Belgium, the executive teams of the two organizations approved the cooperation.