Sherwin-Williams, AkzoNobel, PPG Industries, 3M, and Axalta Coating Systems are the major players and account for the maximum global smart coatings market share.
According to the latest Arizton's market research report, the global smart coatings market size to reach over USD 11 billion by 2026, growing at a CAGR of around 18% during the forecast period.
Global Smart Coatings Market Growth
Smart coatings are also widely adopted in the automotive industry and constitutes a major part of every country’s GDP. With the increase in number of aircraft, the demand for smart coatings is expected to increase. The demand for smart coatings is increasing due to their improved functionality and offering multiple advantages. Smart coatings are widely adopted by end-users owing to the development of new technologies that enhance the functionalities of coatings. The demand for smart coatings will be driven by the development of high-quality infrastructure in China and India, followed by Europe with an incremental growth of over 168% by 2026. The demand for anti-fouling smart coatings is expected to rise due to the increase in ship repair and maintenance activities. The APAC region accounts for the largest number of shipbuilding activities.
Interesting Facts to Know!
- PPG Industries have a strong and balanced portfolio of paints, coatings, and specialty materials.
- Europe remains one of the significant revenue contributors in the global smart coatings market.
- The launch of new oil and gas projects such as the Arctic shelf in Russia is expected to boost the demand for smart coatings.
- Commercial aircraft deliveries in Europe is expected to increase from 5,220 aircraft in 2020 to 9,050 aircraft in 2040, which will create high demand for smart coatings in the global market.
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- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by layer, function type, end-users, and geography
- Competitive Landscape – 5 Key Company Profiles and 34 Other Prominent Vendors
Global Smart Coatings Market – Geographical Analysis
APAC is expected to contribute largest share in the global smart coatings market. The demand for smart coatings in China is driven by increasing investments in the construction, marine, and defense industries. The development of high-quality infrastructure sector in China and India has become one of the significant factors driving the demand for smart coatings. The marine industry is creating high growth of smart coatings in the region. The Indonesian government has approved the international convention on ‘The Control of Harmful Anti-Fouling Systems’ in ships that require the usage of anti-fouling paints and is expected to drive the market for smart coatings in the country. Large number of coatings manufacturers such as AkzoNobel, Jotun Thailand Limited, Nippon Paints, and TOA Paint have their presence in Thailand. The smart coatings market in Thailand is expected to reach over USD 213 million by 2026.
What Strategies are Adopted by the Players in the Global Smart Coatings Market?
The global smart coatings market manufacturers are constantly working to innovate and manufacture smart coatings to cater to the requirements of the end-users. Mergers and acquisitions benefits companies in purchasing raw materials, distribution, R&D, and are primarily driven by consolidation. Several players are expected to expand their presence in the global smart coatings market, especially in the fast-developing countries in the APAC region to gain more share during the forecast period. Cost-effectiveness is a major factor of competition among the players to gain an edge over other players. Sherwin-Williams, AkzoNobel, PPG Industries, 3M, and Axalta Coating Systems are the major players and account for the maximum market share. Axalta Coating Systems recently expanded its commercial vehicle portfolio in Europe by providing water-borne and solvent coating solutions, which include 1K and 2K topcoat systems.
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