Smart Coatings Market size is expected to reach a value of $16.5 billion by the end of the year 2026 after growing at the CAGR of 24.1% during 2021-2026. The growth of smart coatings industry is driven by the significant demand for the product in key-use industries such as construction, aerospace & defense and healthcare. The growth of this industry can also be attributed to the self-healing and self-repair properties such as anti-corrosion, anti-abrasion and anti-slippery properties of these coatings which makes them suitable for various important purposes such as material protection, corrosion protection and other improvement applications. Smart coatings such as Nano coatings and Polyaniline coating are highly durable which is widely used for resisting electrical discharge and repelling dry particles, water, oil and dirt. Nano coating can make a surface scratch resistant, improve hardness which will help in easing surface tension and make it resistant to bacteria. This is driving the smart coatings market.
COVID-19 Impact
During the covid-19 pandemic, the smart coatings market witnessed downfall in terms of production and sales. The global lockdown led to various hurdles such as restrictions in trading, exports and imports which affected the market dynamics of the smart coatings market. The Smart Coatings top 10 companies incurred huge losses during this period. Though the Covid-19 crisis has affected the smart coatings market in terms of logistics and supply chains, the market is expected to grow with a gradual rate in the near future.
Smart Coatings Market Segment Analysis – By Coating Types
Anti-corrosion segment held the highest share in the smart coatings market in the year 2020. Anti-corrosion market holds the biggest share in major end-use industries such as automotive & transportation and construction market, owing to its wide acceptance in these industries across the globe. There are several types of coatings used in various types of products and industries. Therefore, the types of coatings solely depend upon the nature of product and industry it has been used for. Self-cleaning coating type is high in end use industries such as medical & healthcare, and textiles.
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Smart Coatings Market Segment Analysis –By Layer
Multi-Layer held the largest share in the smart coatings market, with 47% in the year 2020. Multi-layer smart coatings are the fastest growing layer type in the market, owing to their increased application in automotive and construction. Various smart coatings such as Nano coatings and Polyaniline coating are widely used owing to their superior qualities such as resistance to scratch, electricity and abrasion. Multi-layer has also proven to enhance the functionalities of the products, making it the preferred type of coating layer in the market. This is driving the multi-layer segment in the smart coatings market.
Smart Coatings Market Segment Analysis –By End-User Industry
The defence & military industry held the major share in the smart coatings market in the year 2020 and is likely to lead the global market over the forecasted tenure. The growth of smart coatings market varies from each end user industry and depends on the nature and type of product it is being used for. Smart coatings (Nano coatings and Polyaniline coating) have distinct properties and functionalities and is used based on various requirements. In the key end use industry such as automotive & transportation, the demand for anti-corrosion coatings is high in terms of volume consumption, for reasons such as protection of body parts, closures of doors, lock parts, exhausts, suspensions, engine components, abrasion and clamps & hose connections. In terms of volume consumption. In the defence & military industry the demand for self- repair coating is high due to their requirements for customized, in- built AI systems and advanced detection abilities.
Smart Coatings Market Segment Analysis – By Geography
North America held the highest share of more than 30% in the smart coatings market in the year 2020. North America also established itself as the market leader in this industry. The reasons for increased demand in North America can be attributed to factors such as the use of advanced technology in development of infrastructures in the field of military, consumer electronics, automotive and healthcare. Growing activities of research and development has also contributed to the country being a market leader. Asia Pacific is also expected to hold a significant share in the market owing to the rapid developments in infrastructure and manufacturing sectors in these regions.
Smart Coatings Market Driver
Technological advancement and Enhanced product life
The advent in technology is paving way for smart coatings to become one of the important types of coating. With the advent of technology, high-end industrial buildings & residential buildings, high-end electronics, technologically advanced vehicles, quality health-care facilities etc., has given a huge boost to the demand for superior and quality products such as Nano coatings and Polyaniline coating and other smart coatings. Smart coatings provide high quality performance which further helps in extending the product life and enhance the product efficiency. This also helps in reducing maintenance, both in terms of cost and physical maintenance. This proves to be economical in the long run. The enhanced product life and high-quality performance also makes the product environmentally friendly.
Superior properties and Rising demand from end use industries
The superior properties of smart coatings such as anti-corrosion, anti-fouling, anti-bacterial, self-healing, self-cleaning are the biggest advantages for such coatings, which has exponentially surged the demand for such coatings in the market. These superior properties of smart coatings is very unique and cannot be provided with any other type of coating, which has helped create a unique position in the market for these coatings. The rising demand from major end-use industries such as building & construction, automotive, electrical & electronics and consumer goods have surged the demand for smart coatings in the market. Product innovation and product expansion have given rise to the use of smart coatings in most of the end-user industries, thus becoming the key users of such products.
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Smart Coatings Market Challenges
High cost of smart coating, government regulations and economic slowdown
Owing to the high quality and properties of these coatings, they are relatively expensive too. They are priced slightly higher than the rest of the products in the market and this could pose as a hindrance to the growth of these coatings. End users with a high budget are the ones who seem to be able to afford such products at high range of prices without any financial strain. Strict government rules and regulations regarding the manufacture and import & export of such coatings pose as a major challenge to the smart coatings market. Adding on to it, the recent slowdown in economic activities and situation, and the demand for these coatings has reduced to a great deal and the manufacturing and importing and exporting has taken a major hit, which could take a while to recover.
Smart Coatings Market Industry Outlook
Technological advancements, adoption of developmental strategies, diverse product portfolio, acquisition and mergers are some of the key strategies adopted by players in the Smart coatings Market. Major players in the Smart coatings Market are The Sherwin-Williams Company, Tremco Incorporated, PPG Industries, NEI Corporation, AkzoNobel, Axalta Coatings Systems, The Dow Chemical Co., 3M Company, Bayer AG and NEI Corporation among others.
Acquisitions/Technology Launches
In November 2020, PPG industries came up with a new customization option that provides enhanced shielding performance for electronic passports and other electronic security documents.
In September 2019, Axalta Coatings Systems acquired Capital Paints LLC, a UAE-based coatings manufacturer specialised in powder coatings. This helped Axalta in expanding its footprint in the Middle East and North Africa and paved way for future business growth in the region.
Key Takeaways
North American market is expected to hold the largest share in the smart coatings market, which is attributed by the booming automotive industry and the technology advancement in infrastructure.
The growth in smart coatings market is also driven by the increase in use of these coatings in industries such as automotive, healthcare and construction.
The unique traits of these coatings such as self-healing, anti-corrosion etc., are giving a huge boost to the products in the market.
The smart coatings market also presents a significant opportunity for small manufacturers and start-ups in terms of innovation and development.
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