Global Smart Coatings Market: Snapshot

Smart coatings material possess the ability to alter their properties as per the environmental stimuli for instance electric field, temperature, and others. The smart coatings market is gaining momentum with new emerging technologies such as conductive materials, nanotechnology, self-healing and assembling system, and microencapsulation. With the rising importance on research and development activities, the market for smart coatings is boosting up owing to the eco-friendly and lightweight properties.

Smart coatings are also help to find damages on an oil and gas platform, aerospace engine, or a composite which saves weight on an airplane. Owing to these characteristics, the smart coatings market is adopted by industries such as aerospace, military, automobiles, hospitals, and others. This is one of the major factors driving the demand for smart coatings and thus enabling manufacturers to invest in this market.
 

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The report published by TMR stated that irrespective of its high cost, the smart coatings market is still expanding due to its numerous benefits. The global market for smart coatings cloaked expansion by exhibiting a strong CAGR of 29.8% during the forecast period. In the year 2016, the smart coatings market was valued at US$1.1 billion and is estimated to hit US$9.82 billion by the end of 2025.

The Global Smart Coatings Market to be driven by Military Sector from 2016-2025

Based on the application segment of smart coatings, the market is divided into automotive, military, construction, medical, and electronics and many others. Among these, the military segment dominated the market in the year 2016 on the account of increasing smart coatings demand from Europe and North America. The market for smart coatings is increasing rapidly in the automotive segment as they improve the asset life by reducing corrosion damage and maintenance costs. The construction segment is also booming in the market and is estimated to grow at a market share of 2.3% by the end of 2025.
 

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Based on product-type, the smart coatings market is divide into self-healing, self-dimming, self-cleaning, anti-bacterial, and anti-corrosion. Presently, the anti-corrosion product type is dominating the market on the account of increasing demand from regions such as Europe, Asia-Pacific, and North America. The anti-corrosion applications are majorly used in industries such as military, electronics, automotive among others.

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