The global smart coating market is
expected to reach USD 11,676.0 million by 2024, according to a new report by
Grand View Research, Inc. The smart coating market is expected to witness a
significant growth over the forecasted period owing to the rising demand from
key end-user segments including military, aerospace, automotive, and
healthcare.
Growing
application scope in end-use industries is attributed to superior properties
including self-healing, self-cleaning and antimicrobial properties. In
Aerospace sector, smart coating have the ability to indicate damage on an aero
engine; be used in the composite form to reduce weight of aircrafts; and so on.
In addition to the aforementioned industries, the application of the compound
in consumer electronics offers high growth potential for the coming years.
Growing use
of the product in military owing to rising demand for customization including
smart self-repair, artificial intelligence, and sensing capabilities is
expected to propel growth. The other key end-user segments include construction,
healthcare, marine, and so on. The concerns of bio-fouling, microbial attacks,
and so on are addressed by the compound in the marine segment. Furthermore, the
product helps mitigate maintenance challenges in aerospace industry which is a
key driver promoting demand.
Full research report on smart coating market analysis: http://www.grandviewresearch.com/industry-analysis/smart-coating-market
Further key findings from the report suggest:
·
Globally, military and aerospace segments
are expected to witness significant growth during the forecast period, growing
at CAGRs of over 32% during the forecast period. Rapid demand can be
attributed to extensive research activities in this segment undertaken by the
U.S military or jointly with other research institutes. The demand from the
military segment is primarily for anti-corrosive smart coating.
·
Europe dominated the industry in 2015 with
an estimated revenue of USD 289.5 million; this regional market is projected to
grow significantly over the coming years owing to growing infrastructure
development activities, increasing demand from industries such as automotive,
military, healthcare, and consumer electronics.
·
Multilayer coating are the simplest forms
of multifunctional coating. This segment is expected to grow higher than the
single-layer segment during the forecast period, at a CAGR of over 35%.
However, research & development related to improving performance
characteristics of single-layer coating owing to its lower product cost is
likely to have a positive impact on growth.
·
Asia Pacific is projected to witness the
highest growth of over 35% during the forecast period, owing to increasing
demand from emerging economies such as India and China. Growing infrastructure
development in the region coupled with high manufacturing sector growth is
expected to propel demand for the product over the forecast period.
·
Key participants in the industry include
BASF SE, DuPont, 3M Company, PPG Industries, Dow Chemicals, and Dow Corning,
among others. In recent years, mergers & acquisitions have been the major
growth strategies adopted by key players for strengthening their positions in the
global market.
View more reports of this category by Grand
View Research at: https://www.grandviewresearch.com/industry/paints-coatings-and-printing-inks
Grand View Research has segmented the
global smart coating market on the basis of product, application, and region:
Product
Outlook (Volume, ‘000 Liters; Revenue, USD Million; 2013 - 2024)
·
Single-layer
·
Multilayer
Application
Outlook (Volume,‘000 Liters; Revenue, USD Million; 2013 - 2024)
·
Automotive
·
Aerospace
·
Construction
·
Consumer electronics
·
Military
·
Healthcare
·
Others
Regional
Outlook (Volume, ‘000 liters; Revenue, USD Million, 2013 - 2024)
·
North America
o
U.S.
·
Europe
o
Germany
o
UK
·
Asia Pacific
o
China
o
India
o
Japan
·
Latin America
o
Brazil
·
Middle East & Africa
Access press release by
Grand View Research: https://www.grandviewresearch.com/press-release/global-smart-coating-market
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
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