Industry Insights
The rapidly increasing product penetration in aerospace and construction applications, owing to the improved and advanced product properties, is expected to drive industry growth. The increasing construction activities in emerging economies across the globe is projected to have a positive impact on the demand for the products over the next eight years.
These coatings exhibit advanced chemical and mechanical properties such as anti-corrosive, self-healing, and self-assembling as compared to conventional coatings. These properties enable the coating to respond to environmental changes, including temperature, pressure, pH, thus promoting its use in the aerospace industries. The rising demand for advanced materials in the aerospace, military, healthcare, and textile industries is estimated to propel the overall growth during the forecast period.
The key challenges faced by the industry include environmental regulations and high raw material costs. In addition, the increasing demand for raw materials such as metal oxides from other industries such as cosmetics, personal care is likely to impact raw material availability over the next eight years.
The smart coatings are available in two different forms – single layer and multilayer. The multilayer smart coatings segment is projected to grow higher than the single layer counterpart, globally. However, there is extensive research being conducted for the development of advanced single layer coatings, which offer multifunctional properties. As a result, single layer smart coatings segment is expected to grow moderately during the forecast period.
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Application Insights
The automotive segment was valued at USD 139.6 million in 2015 and is expected to witness significant growth over the forecast period primarily driven by the growth of the automotive industry in the Asia Pacific region, wherein rapidly increasing vehicle production owing to increased income levels have driven the demand for advanced automotive systems. This phenomenon is expected to drive the demand for smart coatings in automotive applications. Self-stratifying coating are gaining preference in the automobile industry due to resource and cost-related challenges involved in the application of second coating on automobile parts.
The consumer electronics industry offers high potential for smart coatings market growth, driven by the rising demand for electronics products with properties such as self-healing, self-repair, and so on. Hence, the growing demand for advanced consumer electronics products is expected to be a major driver for the growth of the smart coatings market during the forecast period.
Product Insights
Growing automotive sector in primarily in developing countries across Asia Pacific is expected to drive market growth over the forecast period. In addition, the extensive research and development and technological advancements for the production of multi-functional coatings is expected to act as a key driver for the growth over the next eight years.
Regional Insights
Furthermore, high rate of infrastructure development; construction; high demand for consumer electronics; and rising demand from military for coating with artificial intelligence and anti-corrosive properties; among others. Furthermore, rising infrastructure spending in the region coupled with robust manufacturing sector growth is expected to be a key driver for the industry.
The industry in North America is expected to witness higher growth than Europe due to the increasing technological advancements in the field of nanomaterials, combined with new product developments compliant with the environmental regulations in the region.
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Report Scope
| Attribute | Details |
| Base year for estimation | 2015 |
| Actual estimates/Historical data | 2013 - 2014 |
| Forecast period | 2016 - 2024 |
| Market representation | Volume in ‘000 Liters, Revenue in USD Million & CAGR from 2015 to 2024 |
| Report coverage | Revenue forecast, competitive landscape, growth factors and trends |
| Country Scope | U.S., Canada, Mexico, Germany, UK, Russia, France, China, Japan, India, Brazil, Saudi Arabia, UAE, South Africa |
| 15% free customization scope (equivalent to 5 analyst working days) | If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization |
