NEW YORK, March 3, 2023 /PRNewswire/ — Major players in the smart coatings market are DuPont de Nemours Inc., PPG Industries Inc., Bayer AG, BASF SE, The Dow Chemical Co., 3M Company, Akzo Nobel N.V., Jotun A/S, The Sherwin-Williams Company, NEI Corporation, RPM International Inc., Ancatt Inc., Hempel As, and Koninklijke DSM N.V.
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The global smart coatings market grew from $4.01 billion in 2022 to $5.15 billion in 2023 at a compound annual growth rate (CAGR) of 28.3%. The Russia–Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The smart coatings market is expected to grow to $12.4 billion in 2027 at a CAGR of 24.6%.
The smart coatings market consists of sales of smart coatings including antifungal and ant fingerprinting.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The smart coatings market consists of sales of smart coatings by entities (organizations, sole traders, and partnerships) that are used to provide a variety of functions in addition to corrosion protection.Smart coatings are special films with preset features that allow them to detect and respond to external stimuli such as the environment.
Corrosion prevention, material protection, and other surface improvement applications can all benefit from the coatings’ self-healing and self-repair capabilities.
Asia-Pacific was the largest region in the smart coatings market in 2022.Asia-Pacific is expected to be the fastest-growing region in the market.
The regions covered in the smart coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of smart coatings are single-layer, and multi-layer.Single-layer boards, also known as single-sided boards, are made up of components on one side and a conductor pattern on the other.
Single-layer anti-reflection coating could be made non-reflective only at one wavelength, generally in the middle of the visible. The different functions include anti-corrosion, anti-icing, anti-fouling, anti-microbial, self-cleaning, and self-healing and are used in automotive, aerospace, construction, military, and healthcare.
Increasing demand from the construction industry is expected to propel the growth of the smart coatings market.The construction industry mainly involves building and repairing structures.
Smart coatings are special films that provide predefined properties to make them sense and respond to external environmental and stimuli.Smart coatings powered by nanotechnology are quickly becoming an excellent solution that has unique and powerful solutions for corrosion prevention.
For instance, according to the Indian Ministry of Statistics and Programme Implementation, in 2022, the construction sector is expected to grow in double digits at 10.7%. Thus, the increasing demand from the construction industry will drive the growth of the smart coatings market.
Technological advancements are the key trends gaining popularity in the smart coatings market.Innovations in technology and the increasing trend of smart coatings technology is encouraging market demand.
Major players in the market are focusing on developing technologically advanced products for market growth. For instance, in September 2021, PPG Industries Inc., a US-based company that develops and delivers paints, coatings, and specialty materials launched PPG Sigma Sailadvance NX coating, a key antifouling technical breakthrough. The coating reduces fuel use and associated carbon dioxide (CO2) emissions, resulting in cheaper total operating costs and a greater contribution to global carbon reduction goals. A biocide package in the PPG Sigma Sailadvance NX coating tackles a wide range of global fouling growth conditions, from bacterial slime to soft fouling to aggressive animal fouling.
In February 2022, The Sherwin-Williams Company, a US-based paint, and coating manufacturing company acquired AquaSurTech, for an undisclosed amount.This acquisition would strengthen Sherwin-Williams’ position as a leading provider of coatings solutions in the building products market.
AquaSurTech is a Canada-based company involved in the development, manufacturing, and sale of durable, environmentally-friendly coatings.
The countries covered in the smart coatings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The smart coatings market research report is one of a series of new reports that provides smart coatings market statistics, including smart coatings industry global market size, regional shares, competitors with a smart coatings market share, detailed smart coatings market segments, market trends and opportunities, and any further data you may need to thrive in the smart coatings industry. This smart coatings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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