SMART COATING INDUSTRY INSIGHTS
The global smart coatings market size to cross USD 11 billion in 2026, growing at a CAGR of 18% during the forecast period. The market witnessed moderate growth in 2020. China, India, and Japan contributed approx. 60% share to the APAC market. APAC expects to witness the highest incremental growth of over 178% during 2020–2026. The availability of inexpensive labor and the easy accessibility of raw materials have shifted the attention of global automotive manufacturers toward the region, which indirectly influence the smart coatings market share. Marine, consumer electronics, and automotive industries are driving the demand from China. China accounts for approximately 90% of shipbuilding activities globally; hence the demand for anti-fouling and anti-corrosive coatings is expected to be reasonably high. Owing to rapid industrialization and foreign investments, China expects to be the significant growth driver in the region. However, the APAC infrastructure sector, which has been affected by the outbreak of the COVID-19 pandemic, has witnessed unprecedented disruptions, leading to the decline in the development of major infrastructure and construction activities. Owing to the pandemic, the government has mandated lockdowns that have further slowed down the development of infrastructure and construction projects. However, construction and infrastructure activities are likely to increase in India and China from mid-2021, thereby offering an impetus to the smart coating market.
- Multi-layer segment is likely to observe an incremental growth of approx. USD 4 billion by 2026 as they offer hardness, toughness, and plasticity.
- Anticorrosion segment is expected to grow at the highest CAGR of approx. 20% during 2020–2026 due to high adoption in automotive, marine, aerospace, and defense sectors.
- Antimicrobial coatings are likely to witness an incremental growth of over USD 1.3 billion by 2026 due to the increasing growth of hospital-acquired infections in healthcare facilities in developed economies.
- Automotive end-users segment are likely to observe an incremental growth of approx. USD 2 billion by 2026 due to the demand for protecting vehicles against acid rain, severe weather, and UV radiation.
- Consumer electronic coatings expect to account for USD 1.7 billion by 2026 due to the increasing penetration of smartphones and other connected devices.
- The APAC smart coatings market is likely to generate over USD 5 billion by 2026 on account of foreign investments and the flourishing manufacturing sector
GLOBAL SMART COATINGS MARKET SEGMENTATION
This research report includes a detailed segmentation by
- Function Type
INSIGHTS BY LAYER TYPE
The global single-layer smart coatings market expects to reach over USD 5 billion by 2026, growing at a CAGR of over 16% during the forecast period. These are widely used in the automotive and aerospace industries. Single-layer anti-reflective coatings are one of the key factors for developing the efficiency of solar cells. Hence, the increasing application of solar cells for the production of electric current is likely to increase the usage of single-layer technology.
The global multi-layer coatings market accounted for over 47% of the market share in 2020. Multi-layer smart coatings are likely to grow during the forecast period due to several features such as low moisture, permeability, high wear, and tear resistance, flexibility, and high resistance against chemicals. They offer excellent adhesion, low moisture, permeability, resistance, flexibility, chemical resistance, durability, and cost-efficiency. These provide better wear and tear and fracture resistance than single-layer; henceforth, several end-user industries adopting these coatings.
INSIGHTS BY FUNCTION TYPE
Self-cleaning and antimicrobial sectors are likely to grow at CAGRs of over 19% during 2020–2026. Several industries widely adopt smart self-cleaning coatings to improve the usability and functionality of materials. These are applied on solar panels, glass windows, stain-resistant textiles, corrosion prevention, and anti-biofouling surfaces to ease the cleaning process. Self-cleaning surfaces are extremely water repellent, which increases the lifespan of several metals. Advances in nanotechnology have led to the development of high resilient surfaces, which are resistant to wear and tear and can be used in a wide range of applications. Antimicrobial coatings prevent the growth of pathogens, bacteria, and microbes. A rising number of hospital-acquired infections (HAI) and the outbreak of the COVID-19 pandemic have increased the demand for antimicrobial in several end-user industries such as healthcare institutions, industrial buildings, and the packaging industry. Advanced research and innovations are likely to develop safe, effective, and innovative smart antimicrobial products. The demand for antimicrobial medical coatings is growing from North America and Europe due to growth in HAIs.
The anticorrosion segment is expected to account for the highest revenue share by 2026. The introduction of smart anticorrosion coatings is likely to boost the market as they have better anti-corrosion properties than traditional industrial coatings. The demand for smart anti-corrosive is likely to increase in the aerospace and defense sectors. The global aerospace and defense industry has been affected by the COVID-19 pandemic; however, the situation is likely to be normalized by the middle of 2021. Hence, a high investment in the defense sector will increase the demand for aircraft, tanks, and other military equipment, which, in turn, will boost the demand for smart-anticorrosive coatings.
INSIGHTS BY END-USER
Automotive, transportation, marine, construction, aerospace & defense, and healthcare are the primary end-user industries. The automotive sector accounted for over 20%, followed by aerospace (over 16%) and consumer electronics (over 15%). The demand from the automotive and transportation sectors will drive the market due to the increased application of smart coatings on door closures, lock parts, exhausts, suspensions, engine components, and clamps & hose connections. In addition, the demand expects to increase in the APAC region due to increasing manufacturing activities.
The use of anti-icing paint is another major factor driving smart coatings in the aerospace industry. These help to improve durability and aesthetics through the use of self-healing coatings. They can tackle micro-scratches on vehicle bodies and interior surfaces, thereby increasing attention among consumers in the aerospace and automobile sectors.
INSIGHTS BY GEOGRAPHY
The APAC region accounted for the largest market for smart coatings, contributing over 46% to the global market. China, India, and Japan are the major contributors to the market in the region. China accounted for over 27% by value, followed by India and Japan with a revenue share of over 20% and 12%, respectively. The increase in construction, marine, and defense industries investment is a major factor for the high demand for smart coatings in China. The increasing need for energy and maintenance of transportation also fuel the growth of smart coatings in the country. Strong economic growth, coupled with growing construction activities and increasing disposable income, has primarily supported market growth in the region. APAC is also the largest construction industry and will continue to dominate the industry during the forecast period. However, the growth in construction activities declined in H1 2020, mainly due to the slowdown of construction in China and other key Asian countries, which was further worsened due to the COVID-19 outbreak. Rapid urbanization and infrastructure development have resulted in the rise of megacities in the region's fast-growing economies.
INSIGHTS BY VENDORS
Sherwin -Williams, AkzoNobel, PPG Industries, 3M, and Axalta Coating Systems are the major players in the smart coatings market. These companies are at the forefront of delivering innovative and high-quality smart coatings. Companies have increased their R&D expenditure and are focusing on developing environment-friendly materials that are less toxic and have no health hazards. Small vendors such as Protech Oxyplast, Prism Surface Coatings, Kastus technologies are also focusing on capitalizing the product portfolio that suits domestic demands and requirements. The market has been witnessing a spree of mergers and acquisitions over the past decade. Most manufacturers have adopted waterborne, high solids, powder coatings, and UV cure coatings.
The global smart coatings market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
- Consumer electronics
- South Korea
Middle East & Africa
- Saudi Arabia
- South Africa