Smart Coatings Market Forecasts to 2030 – Global Analysis By Layer Type (Single-Layer and Multi-Layer), Function (Anti-Microbial, Anti-Corrosion, Anti-Fouling and Other Functions), End User and By Geography

Smart Coatings Market Forecasts to 2030 – Global Analysis By Layer Type (Single-Layer and Multi-Layer), Function (Anti-Microbial, Anti-Corrosion, Anti-Fouling and Other Functions), End User and By Geography

According to Stratistics MRC, the Global Smart Coatings Market is accounted for $7.10 billion in 2023 and is expected to reach $25.76 billion by 2030 growing at a CAGR of 20.2% during the forecast period. Materials that can be programmed to have different chemical, physical, electrical, and mechanical properties are used to create smart coatings. Smart coatings respond to environmental factors like pressure, temperature, light, and other stimuli. It creating an ongoing demand for higher performance to extend product lifetime, reduce maintenance and efficiency for both financial and environmental reasons.

According to the UN Conference on Trade and Development (UNCTAD), Japan’s merchant fleet accounted for 40,263.34 thousand dead-weight tons at the start of 2022, registering a growth rate of 2.42%, compared to 39,312.53 thousand dead-weight ton at the beginning of 2021, thereby, increasing the demand for smart coatings in the country.

Market Dynamics

Driver

Increasing demand from the construction industry

The market is expected to grow as a result of an anticipated increase in demand for smart coatings. The majority of the sector is made up of building and maintaining structures. Smart coatings are specialized films that have features built in that let them sense and respond to environmental stimuli. Nanotechnology-based smart coatings are quickly establishing themselves as excellent choices with exceptional and effective solutions for preventing corrosion. As a result of the growing demand from the building industry, the market for smart coatings is expected to grow.

Restraint

Issues with accounting for firm and regulatory restrictions

The majority of the inorganic chemicals made from crude oil are used as raw materials to create smart coatings. As a result, the cost of crude oil determines the price of smart coatings. Because smart coatings are more expensive than other types of coatings, their use is not as common as it is for other types of coatings. Across the region, the cost of smart coatings is significantly higher than the cost of other kinds of functional coatings. Although smart coatings have their uses, they are too expensive for developing and underdeveloped nations to use on a regular basis.

Opportunity

Technological advancements

The development of technology has made it possible for surface coatings to recognize environmental cues and react appropriately. This type of coating responds to a variety of factors, including pH, biological variables, pressure, temperature, polarity, light, and others. The design of smart coatings allows one or more of the functionalities to be activated or deactivated based on the nature and intensity of an external input. Additionally, protective and decorative coatings are also used in the business world because of their innate capacity to cure themselves. A further factor that is anticipated to drive the market is the rising demand for smart coatings that control adhesion and adsorption using chemical and physical techniques.

Threat

Environmental issues and strict regulatory policies

Market growth is anticipated to be hampered due to strict regulatory policies and environmental problems. Due to the release of gases during synthesis and the use of solvents like volatile organic compounds (VOCs), which release toxic peroxides into the environment, smart coatings are thought to be environmentally harmful. These substances are regarded as bad for the environment because they help create smog and ozone. As governments in various nations focus more on regulating volatile organic compounds (VOCs) and implement strict regulations requiring the use of environmentally friendly green products, the smart coatings industry is facing environmental and legal challenges. All of these factors limit market expansion.

Covid-19 Impact

Due to lockdowns and the closure of manufacturing facilities, the COVID-19 outbreak caused disruptions in a number of industries, including building and construction and automotive. For the first three quarters of 2020, these industries' disruptions had a negative impact on the market for smart coatings. However, the COVID-19-related losses are being made up for by the global market for smart coatings. Moreover, the market is being driven by the rising demand for smart coatings to shield various infrastructure, machine, and building components from damage.

The automotive and transportation segment is expected to be the largest during the forecast period

During the forecast period, it is anticipated that the automotive and transportation segment is anticipated to account for the largest market share. The industry of automobile manufacturing has seen a significant increase in the use of smart coatings. Due to their capacity to protect automobiles from UV radiation, acid rain, and other harsh weather conditions, smart coatings are becoming more and more in demand in the automotive sector. Smart coatings shield the car from harsh weather conditions as well as corrosion and scratches. Therefore, the demand for smart coatings will increase as a result of the demand for various functionalities.

The self-healing segment is expected to have the highest CAGR during the forecast period

The self-healing segment accounted for the majority of the revenue generated by smart coatings in 2021 and is anticipated to grow at the highest rate during the forecast period. Nanotechnology is the foundation of self-cleaning coatings. They aid in keeping surfaces clean and consequently lessen the need for labor. Because it can produce products that are less expensive, lighter, and faster with fewer raw materials, nanotechnology is becoming increasingly popular.

Region with largest share

In terms of market share, the Asia-Pacific region is expected to dominate the smart coatings market over the projection period. In China's building and construction sector, smart coatings are being used frequently. The largest construction industry in the world is found in China. Furthermore, China's construction industry is likely to maintain its position as the largest for the foreseeable future owing to a number of significant projects that are currently under construction. Additionally, factors like rising construction activity and a booming automotive sector are helping this region's market.

Region with highest CAGR

North America is expected to experience lucrative growth in the foreseeable future. The supporting elements of the North American smart coating market are the rising adoption of nanotechnology, the rising application of nanomaterials, and the presence of major players in the region. Moreover, the primary factor behind North America's dominance in the global market for smart coatings is the use of cutting-edge technology in infrastructure development, which includes sectors like the military, consumer electronics, healthcare, and automotive.

Key players in the market

Some of the key players profiled in the Smart Coatings Market include 3M, Akzo Nobel NV, Ancatt, Axalta Coating Systems, LLC, Balcony Systems Solutions Ltd, Bayer AG, Debiotech S.A, DOW Corning Corporation, DuPont, Eastern Chemical Company, Greenkote, Helicity Technologies, Inc, Hempel AS, Hygratek, Jotun, Nanoshell Company, NEI Corporation, Nippon Steel Corporation, PPG Industries Inc., Research Frontier, Inc, Royal Dsm, RPM International Inc., Tesla Nanocoatings, The Lubrizol Corporation and The Sherwin-Williams Company.

Key Developments

In July 2022, AkzoNobel will expand its performance coatings range after striking an agreement to buy the wheel liquid coatings business of Lankwitzer Lackfabrik GmbH.

In April 2022, The Sherwin-Williams Company acquired the European industrial coatings business of Sika AG. Sika AG manufactures and sells coating systems that are corrosion-resistant. These coatings are included in the Performance Coatings segment of the company. They are used in interior and exterior steel infrastructure, bridges, airports and rails, wind and energy, chemicals, power transmission, interior linings for oil and gas tanks, vessels, pipework, and water and wastewater applications.

Layer Types Covered
• Single-Layer
• Multi-Layer

Functions Covered
• Anti-Microbial
• Anti-Corrosion
• Anti-Fouling
• Anti-Icing
• Color-Shifting
• Self-Cleaning
• Self-Healing
• Other Functions

End Users Covered
• Aerospace and Defense
• Automotive and Transportation
• Building and Construction
• Consumer Electronics
• Marine
• Medical
• Other End Users

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026 and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements