Smart Coating Market Size was valued at USD 2.7 billion in 2021. The smart coating industry is projected to grow from USD 3.3 billion in 2022 to USD 13.9 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 23.00% during the forecast period (2022 - 2030). The main market driver boosting the market growth rate in the forecast period is the increasing use of the product in artificial intelligence and military applications along with its sensing capabilities and customization.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The need for smart coating is anticipated to rise, which will fuel the market's expansion. Structure construction and maintenance comprise the bulk of the construction sector. Smart coating are specialized films with built-in capabilities that enable them to sense and react to external stimuli and environments. Smart coating powered by nanotechnology are swiftly emerging as a superb option with exceptional and potent solutions for preventing corrosion. For instance, the construction industry is predicted to rise by 10.7% in 2022, according to the Indian Ministry of Statistics and Programme Implementation. Therefore, the market for smart coating would expand due to the rising demand from the building sector. The Asia-Pacific area has the largest construction industry in the world, and it is expanding at a healthy rate as a result of urbanization, rising middle-class incomes, and population growth. The output value of building projects in China reached CNY 25.92 trillion (USD 4.016 trillion) in 2021 as opposed to CNY 23.27 trillion (USD 3.374 trillion) in 2020, according to the National Bureau of Statistics of China, increasing demand in the market under consideration. Thus, this factor is driving the market CAGR.
Furthermore, the market for smart coating is seeing a lot of interest in major trends related to technological breakthroughs. Technology advancements and the rising popularity of smart coating technology are boosting demand. For the industry to flourish, the major players are concentrating on creating technologically sophisticated items. For instance, PPG Industries Inc., a US-based business that creates and distributes paints, coatings, and specialty materials, introduced PPG Sigma Sailadvance NX coating, a significant antifouling technological advancement, in September 2021. The coating lowers fuel consumption and related carbon dioxide (CO2) emissions, lowering overall running expenses and making a bigger contribution to the carbon reduction targets. The PPG Sigma Sailadvance NX coating contains a biocide package that combats a variety of fouling growth conditions, including bacterial slime, soft fouling, and aggressive animal fouling.
However, technology improvements have enabled surface coatings to perceive environmental cues and respond appropriately. Among other things, this kind of coating reacts to pressure, temperature, polarity, light, pH, biological variables, and others. Smart coating are set up so that depending on the kind and strength of an external input, one or more of the functionalities can be activated or deactivated. As a result, smart coating are thought to have a considerable added value that will propel market revenue growth. Due of their inherent ability to cure themselves, protective and ornamental coatings are also utilised in the commercial sector. Medical applications such as implants and medications with release-on-demand depend on the antibacterial and anti-inflammatory qualities of smart coating. In addition, growing demand for smart coating that use chemical and physical methods to manage adhesion, adsorption, and wettability is anticipated to fuel market revenue growth throughout the course of the projection period. Thus, it is anticipated that this aspect will accelerate smart coating market revenue ly.
The smart coating market segmentation has been segmented by product into Single Layer and Multi-Layer. The multi-layer segment dominated the market growth in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030 because multilayer coatings are increasingly being used, especially for external automobile and aerospace applications. During the anticipated period, it is predicted that the growth of the automobile industry, particularly in the developing nations of Asia and the Pacific, will propel the market for smart coating.
Figure 2: Smart coating Market by Product, 2021 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The smart coating market segmentation, based on function is divided into Anti-Corrosion, Anti-Icing, Anti-Fouling, Anti-Microbial, Self-Cleaning, Self-Healing and Others. The self-healing segment dominated the smart coating market revenue in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Smart coating that can self-heal don't need any supplies to repair damage. Cr(VI) corrosion inhibitors, which can be reduced to create a protective oxide film at the site of damage and have self-repairing characteristics when exposed to UV radiation, are the main component of self-healing smart coating.
The smart coating market data has been segmented by application into Automotive, Aerospace & Defense, Construction, Consumer Electronics, Healthcare and Others. The consumer electronics segment dominated the market growth in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030 because when smart coating are made into a wearable strain sensor, there is a growing demand to repel water and monitor human movement in real-time. Coatings make the surfaces hydrophobic, which makes it practically impossible for them to become wet.
By region, the study provides the market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific smart coating market accounted for USD 1.14 billion in 2021 and is expected to exhibit a 43.10% CAGR during the study period. This is due to the fast expanding automobile production in emerging economies like Malaysia, Indonesia, China, China, and India. In addition, there is a considerable demand for consumer electronics, infrastructure development, construction, and coatings with artificial intelligence and anti-corrosive capabilities from the military, among others.
Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: SMART COATING MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
North America smart coating market accounts for the fastest growing market share due to new product innovations that adhere to environmental rules in the area and increasing scientific progress in the field of nano-materials. The region's smart coating market is anticipated to experience revenue growth thanks to rising government expenditure and U.S. military funding for R&D. Moreover, US smart coating market held the largest market share, and the Canada smart coating market was the fastest-growing market in this region.
Europe smart coating market is expected to grow at a substantial CAGR from 2022 to 2030. This can be linked to the presence of important coatings manufacturers and suppliers, as well as to significant investments in R&D for the creation of novel coating choices. Additionally, the presence of significant smart coating suppliers like BASF SE and Jotun A/S is anticipated to fuel market revenue growth in the area. Further, the UK smart coating market held the largest market share, and the Germany smart coating market was the fastest-growing market in the region.
Major market players are spending a lot on R&D to increase their product lines, which will help the smart coating industry grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, market developments and collaboration with other organizations. Competitors in the industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market industry.
One of the primary business strategies manufacturers adopt in the smart coating industry to benefit clients and expand the sector is manufacturing locally to reduce operating costs. In recent years, smart coating industry has provided medicine with some of the most significant benefits. The smart coating market major player such as 3M (US), PPG Industries Inc (US), Axalta (US), Hempel Group (Denmark), Jotun Group (Norway), The Sherwin-Williams Company (US), AnCatt (US), Covestro AG (Germany), DuPont and Dow (US), BASF SE (Germany) and NEI Corporation (US).
American paint and coating manufacturer Sherwin-Williams Company is headquartered in Cleveland, Ohio. The company's primary business activities include producing, distributing, and selling floor-coverings, paints, and other associated products to professional, industrial, commercial, and retail clients, especially in North and South America and Europe. In February 2022, for an undisclosed sum, the US-based paint and coating manufacturer The Sherwin-Williams Company purchased AquaSurTech. Sherwin-Williams' position as a top supplier of coatings solutions in the building materials sector would be strengthened by this acquisition. A Canadian business called AquaSurTech creates, produces, and sells long-lasting, ecologically friendly coatings.
A Fortune 500 American business that provides specialty materials, paints, and coatings around the world is PPG Industries, Inc. PPG is headquartered in Pittsburgh, Pennsylvania, and has operations in more than 70 nations. In September 2021, PPG Sigma Sailadvance NX coating was introduced by PPG Industries, Inc. The coating will minimize operating expenses overall and help the world's efforts to reduce carbon emissions by reducing fuel and carbon dioxide emissions. The maritime industry's technological antifouling problems are also addressed by real linear polishing, which offers defense against a variety of worldwide fouling circumstances.
3M (US)
PPG Industries Inc (US)
Axalta (US)
Hempel Group (Denmark)
Jotun Group (Norway)
The Sherwin-Williams Company (US)
AnCatt (US)
Covestro AG (Germany)
DuPont
Dow (US)
BASF SE (Germany)
NEI Corporation (US)
April 2021: In partnership with the firm Qlayers, AkzoNobel bought a stake in a new industrial coating application technique. In contrast to the human coating procedure currently used in the industry, Qlayers created a totally automated alternative that is safer, more reliable, and quicker.
June 2020: One of China's top automakers, Guangzhou Automobile Group New Energy Co. Ltd. (GACNE), and BASF SE teamed up to explore fresh approaches to the creation of automotive coatings. By improving decision-making and data analysis, BASF's digital solution will streamline paint shop operations. As a result, the paint shops at GACNE will be able to increase productivity and quality.
Smart Coating Product Outlook (USD Billion, 2018-2030)
Single Layer
Multi Layer
Smart Coating Function Outlook (USD Billion, 2018-2030)
Anti-Corrosion
Anti-Icing
Anti-Fouling
Anti-Microbial
Self-Cleaning
Self-Healing
Others
Smart Coating Application Outlook (USD Billion, 2018-2030)
Automotive
Aerospace & Defense
Construction
Consumer Electronics
Healthcare
Others
Smart Coating Regional Outlook (USD Billion, 2018-2030)
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2021 | USD 2.7 Billion |
| Market Size 2022 | USD 3.3 Billion |
| Market Size 2030 | USD 13.9 Billion |
| Compound Annual Growth Rate (CAGR) | 23.00% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2018 & 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Function, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | 3M (US), PPG Industries Inc (US), Axalta (US), Hempel Group (Denmark), Jotun Group (Norway), The Sherwin-Williams Company (US) |
| Key Market Opportunities | A growing urge to adjust traits in response to contextual or external stimuli in order to perform better |
| Key Market Dynamics | Rising demand from the construction sector Various technological advancements to boost market growth |
Smart Coating Market Highlights:
Frequently Asked Questions (FAQ) :
The market size was expected to be USD 2.7 billion in 2021.
The market is expected to register a CAGR of ~23.00% over the next ten years.
Asia Pacific held the largest market share in the market.
3M (US), PPG Industries Inc (US), Axalta (US), Hempel Group (Denmark), Jotun Group (Norway), The Sherwin-Williams Company (US) are the key players in the market.
The multi layer category led the segment in the market.
The consumer electronics category had the largest market share in the market.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
