Smart Coating Market Report 2022: Key Insights, Trends, and Forecast to 2030

According to the Market Statsville Group (MSG), the Global Smart Coating Market size is expected to grow from USD 1,531.6 million in 2021 to USD 4,103.6 million by 2030, at a CAGR of 15.1% from 2022 to 2030. Smart coating materials may alter their properties in response to environmental cues, including temperature, electric field, and other environmental factors. Nowadays, the smart coating is becoming more and more common in commercial applications because it can be used for both protective and decorative purposes. Smart coating provides several competitive benefits in a wide range of applications. It could be a composite material used to lighten the weight of an airplane, an oil and gas platform, or a coating on an aviation engine. Furthermore, it might be a barrier coating for a packing film application and transparent and resistant to moisture infiltration.

Because of its distinct properties, this material is used in various applications, including military, aerospace, hospitals, autos, and others. This big motivator for market players to invest in smart coating materials. Because of the advanced uses of smart coating materials, people are prepared to pay a premium for smart coated items. Smart coating material raises the weight of the finished product and influences its appearance. This restricts smart coating adoption in a few application categories such as consumer electronics, clothes, etc. The environmental effect of the smart coating is a significant limiting factor impeding the growth of the smart coating industry.

Global Smart Coating Market Dynamics

Smart coatings are in high demand from various end-use sectors, including military, building and construction, automotive, healthcare, consumer electronics, and so on. The worldwide smart coatings market will likely benefit from the thriving construction industry and rising passenger car sales during the projected period. The expected increase in demand for smart coating technologies from these end customers would provide enormous development prospects. The market for smart coatings is anticipated to grow due to features including corrosion resistance, self-healing, self-cleaning, and sensing capabilities.

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Players in the smart coatings market are heavily investing in research and development. These activities allow players to get new insights into materials and propose coatings with better functionality. Mergers and acquisitions further drive the demand for the smart coatings industry. Players gain a stronger footing through these actions, eventually boosting development chances. Expansion efforts also assist in taking the smart coatings market forward.

The Smart Coating market is anticipated to be hampered by the high cost of smart coatings.

The fast spread of the coronavirus throughout the world and lockdowns in several nations had a detrimental impact on the automobile industry. This has impeded the supply chain, hurting car manufacture and output. Manufacturers in the automotive sector are recovering from losses caused by the disrupted environment and decreased vehicle sales. To increase revenue, major participants in the automobile sector are investing and increasing their manufacturing capacities. Automobile manufacturers all around the world are expanding their need for anti-corrosion coatings. Abrasion is prevented by smart coatings on body parts such as exhausts, lock parts, door latches, engine components, clamps, and hose connections. Smart coatings are increasingly being utilized in the automobile sector to avoid corrosion and damage to vehicle parts.

Scope of the Global Smart Coating Market

The study categorizes the smart coating market based on layer, function, and end-user industry at the regional and global levels.

By Layer Outlook (Sales, USD Million, 2017-2030)

Single layer

Multi-layer

By Function Outlook (Sales, USD Million, 2017-2030)

Anti-corrosion

Anti-icing

Anti-fouling

Anti-microbial

Self-cleaning

Self-healing

By End-use Industry Outlook (Sales, USD Million, 2017-2030)

Automotive & Transportation

Marine

Aerospace & Defense

Building & Construction

By Region Outlook (Sales, USD Million, 2017-2030)

North America

US

Canada

Mexico

Europe

Germany

Italy

France

UK

Spain

Poland

Russia

The Netherlands

Norway

Czech Republic

Rest of Europe

Asia Pacific

China

Japan

India

South Korea

Indonesia

Malaysia

Thailand

Singapore

Australia & New Zealand

Rest of Asia Pacific

South America

Brazil

Argentina

Colombia

Rest of South America

The Middle East & Africa

Saudi Arabia

UAE

South Africa

Northern Africa

Rest of MEA

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Single-layer coating product segment accounts for the highest market share by layer

Based on material type, the smart coating market is divided into a single layer and multi-layer. Single-layer coating product category accounting for the highest market share due to rising demand for single-coats with numerous capabilities for electronic devices and components is anticipated to drive segment growth in the coming years.

Asia-Pacific accounts for the highest CAGR during the Forecast Period

Based on the regions, the global smart coating market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Asia Pacific is expected to grow at the highest CAGR. This is due to rapidly increasing automobile production in rising economies such as India, China, Indonesia, and Malaysia. Moreover, there is a strong pace of infrastructure development and building, increased demand for consumer electronics, and rising military demand for coatings with artificial intelligence and anti-corrosive qualities, among other things. Furthermore, increased infrastructure expenditure in the area and solid industrial sector expansion will be significant drivers for the industry.

Key Market Players in the Global Smart Coating Market

The global smart coating market is highly competitive, with key industry players adopting various strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most market companies focus on expanding operations across regions, augmenting their capabilities, and building strong partner relations.

Major players in the global smart coating market are:

DuPont

PPG Industries

Bayer AG

BASF SE

The Dow Chemical Co.

3M Company

AkzoNobel

Jotun A/S

The Sherwin-Williams Company

NEI Corporation

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