Global Nanocoatings Market 2023-2030

Global Nanocoatings Market 2023-2030

Global nanocoatings market is estimated to grow at a CAGR of 22.6% during the forecast period. The major factors contributing to the growth of the market include the superior properties of nanocoatings and increasing application in the automobile and construction industry. The increasing demand for nanocoatings technology has been primarily witnessed owing to their excellent abilities. It offers multiple benefits, which include long-term and/or high-temperature corrosion resistance, surface hardness, adhesive strength, etc. Surface protection, including antimicrobial activity, liquid repellence, stain resistance, delivery of biologically active agents, and odor control can also be a major property that supports its application in automotive and biotextiles. In addition, Nanocoating holds some potential properties, including self-healing, superior durability and hardness, thermal barrier, better conductivity, and anti-fingerprint. Surface protection is primarily required in cars to protect from UV, heat, and wear. This can be achieved with the use of nanocoatings as they protect the surface from UV and thermal damage.

Nanocoating is utilized potentially to minimize the impact of a corrosive environment. It acts as a potential physical barrier at high-temperature applications, as it provides better adhesion of the protective oxide layer to the surface of the substrate and the high density of their grain boundaries offers quick diffusion paths of passivated ions. This, in turn, is contributing to the demand for nanocoatings across several applications, including the automotive, aerospace and defense, textile, and construction industry.

Segmental Outlook

The global nanocoatings market is segmented based on type and application. Based on type, the market is classified into anti-microbial, anti-fingerprint, anti-fouling and easy-to-clean, self-cleaning, and others. Based on application, the market is classified into automotive, electronics, healthcare, construction, food and packaging, aerospace and defense, and others.

Nanocoatings finds its Significant Application in the Automotive Industry

The automotive industry is a key user of material technologies as it supports improving the performance of cars. The application of nanotechnology in the automotive industry ranges from paints, batteries, fuel cells, completely self-repairing paint and switchable colors, and ultra-thin anti-glare layers for mirrors and windows to the futuristic energy-harvesting bodywork. The increasing trend towards lightweight and toughen materials for increased safety and better fuel consumption and improved fuel consumption and efficiency of engines for gasoline-powered cars are primarily contributing to the demand for nanocoatings in the automotive industry. In addition, owing to the scratch and wear resistance properties, it is primarily applied to protect the surface layers of vehicles.

Regional Outlooks

The global nanocoatings market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa and Latin America). The market can be analyzed for a particular region or country level as per the requirement. North America has been witnessing potential growth in the market owing to the well-developed medical device industry in the region and the increasing aerospace and defense industry in the region. As per the International Trade Administration (ITA), the US remains the largest medical device market across the globe with nearly $156 billion (40% of the global medical device market in 2017). It is expected to grow to $208 billion by 2023. The presence of major medical device companies, such as Johnson & Johnson, Abbott Laboratories, Inc., and General Electric Co., are primarily contributing to the significant production of medical devices in the region. With the growing number of FDA recalls for medical devices, the manufacturers of medical devices are focusing on using advanced materials that contain antibacterial properties, which in turn, reduces the risk of bacterial infection. As a result, the demand for nanocoating is expected to grow significantly among medical device companies for application in a polymeric surface coating or on the device surface. Additionally, as per the Organization for Economic Cooperation and Development (OECD), the US has the largest number of R&D firms active in nanotechnology. In the US, the number of R&D firms for nanotechnology was 867 in 2017. This, in turn, is further strengthening the market growth in the region.

Market Players Outlook

The major players in the global nanocoatings market include BASF SE, Bühler AG, Integran Technologies Inc., and Bio-Gate AG. Product launches and geographical expansion are considered some key strategies adopted by the market players to increase market share and gain a competitive advantage. For instance, in December 2019, BASF SE declared that it will continue to invest in its coatings site in South China. As a part of the investment, BASF is constructing a new facility for automotive refinish coatings that will commence production in 2022. The new facility will allow the company to get in touch with its customers and further support the automotive industry.