The global nanocoatings market was valued at US$ 4976.2 Mnin 2017 and is anticipated to expand at a CAGR of 20.8% from 2018 to 2026,according to a new report titled ‘Nanocoatings Market: Global IndustryAnalysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ published byTransparency Market Research (TMR) The global nanocoatings market is primarilydriven by the high growth of end-user industries.
Expansion of End-user Industries to Drive Market
Nanocoatings are employed in end-user industries such as construction,energy, aerospace, marine, electronics, food & packaging, health care, andmarine to protect structures from corrosion. Growth in end-user industries isboosting the demand for nanocoatings owing to their superior performance. Theresidential and non-residential construction sector in the U.S. expandedsignificantly in 2017. This trend is likely to continue during the forecastperiod. The residential construction sector in the U.S. experiencedyear-on-year growth of 10.52% and 10.58% in 2016 and 2017, respectively. Thenon-residential construction sector in the country expanded at a CAGR of 7.71%from 2015 to 2016. Health care, commercial, and office buildings sectors alsoexpanded at a rapid pace during the period. The housing market in the U.S. isestimated to expand at a rapid pace behind that in India, Myanmar, and Vietnam.New York, Houston, Los Angeles, and Chicago are projected to account for 20% ofthe construction output in the U.S. by 2026. The average price of a house inthe country is likely to reach US$ 308,000 by 2030, an increase of 75%. Indiais projected to have the third largest construction industry in the world by2026. The construction industry in the country is expected to expand rapidlytill 2026. The U.K is anticipated to have the sixth largest constructionindustry in the world and the largest construction industry in Europe by 2026.It plans to build 3.3 million houses over the next 15 years to meet the needsof its growing population.
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Superior Properties Propel Demand
Nanocoatings are extensively employed across various industries, asthese create a strong and permanent bond between two surfaces. These materialshave high shear and tensile strength. They join substances of differentgeometrics, sizes, and compositions. Nanocoatings prevent corrosion when coatedon metals. They do not produce any deformation in materials by eliminating themetal grinding process. Nanocoatings do not produce any mechanical aggressionon the substrate and avoid damage to the structure of the material. Theyimprove flexibility in product design and esthetics. Nanocoatings providesealing and protection against corrosion.
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Hazards to Environment and Health to Hamper Market
VOC emissions that take place during the usage of nanocoatings pose athreat to the environment. Several countries have set guidelines restrictingthe amount of VOCs emitted during the usage of nanocoatings in industries.Manufacturing operations are bound by rules and regulations with respect toevaluation, registration, storage, usage, handling, and transportationof certain substances and their emissions, effluents, and other wastes.Violation of such regulations is expected to lead to legal obligation infuture business activities.
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These environmental regulations restrain the demand for nanocoatings inresidential and non-residential construction. Violation of governmentregulations can result in heavy penalties and losses. Rapid industrializationand urbanization have increased air pollution. This affects the health ofpeople across the globe. Several developing and developed countries are facingpressure from domestic and international regulatory bodies to formulateregulations to control VOC emission in order to reduce pollution.
Anti-fingerprint Segment to Dominate GlobalNanocoatings Market
Anti-fingerprint nanocoatings are primarily used in electronics, medical& health care, and automotive sectors. They offer protection fromscratches, contamination, and fingerprint smudges. Anti-fingerprintnanocoatings also offer surface protection to metals. The anti-fingerprintsegment is estimated to expand during the forecast period, led by the increasein demand for electronic devices such as smartphones.
North America Dominates Global Nanocoatings Market
Based on region, the global nanocoatings market has been segregated intoNorth America, Europe, Asia Pacific, Middle East & Africa, and LatinAmerica. North America led the global market in 2017. The market in NorthAmerica is projected to expand due to the presence of leading manufacturers inthe region. Expansion in power generation and automotive industries is likelyto boost the demand for nanocoatings in North America. Asia Pacific isanticipated to be a highly attractive region in the near future, owing to thegrowth in automotive, electronics, and construction industries. Thenanocoatings market in China has been expanding at a rapid pace, as variousglobal manufacturers are shifting their production facilities of nanocoatingsto the country. Expansion in the power generation sector in emerging economiesis also driving the demand for nanocoatings in the country.
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Demand for nanocoatings in Latin America and Middle East & Africa isanticipated to rise at a rapid pace during the forecast period. In terms ofvalue, the market in these regions is estimated to expand significantly between2018 and 2026, owing to the growth in the automotive industry, which is a majorconsumer of nanocoatings.
High Degree of Competition among Market Players
High degree of competition exists among players operating in the globalnanocoatings market. The market is dominated by large players and is moderatelyconsolidated. These key players include Bio-Gate AG, Buhler PARTEC GmbH, CimaNanoTech Inc., Eikos Inc., Inframat Corporation, Integran Technologies Inc.,Nanofilm Ltd., Nanogate AG, Nanophase Technologies Corporation, and NanovereTechnologies LLC.
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