San Francisco, 23
January, Smart Coating Market Size, Share & Trends Analysis Report By
Product (Single-layer, Multi-layer), By Application (Automotive, Aerospace,
Construction, Military, Healthcare), And Segment Forecasts, 2018 – 2024.
The global smart coating market is expected to reach USD
11.68 billion by 2024, according to a new report by Grand View Research, Inc.
The rapidly increasing product demand from key end-use industries, namely,
construction, automotive aerospace, military, and healthcare, is expected to
drive the market growth over the forecast period.
Advanced properties such as
self-healing, self-cleaning and corrosion resistance exhibited by the materials
has led to an increase in demand from the automotive and aerospace industry, mainly
for exterior applications. In addition, advanced coatings applied in aircrafts
have the ability to indicate damage on an aero engine.
Growing use of the product in
military applications owing to rising demand for customizations, including
smart self-repair, artificial intelligence, and sensing capabilities is
expected to propel growth. The concerns of bio-fouling, microbial attacks, and
so on are addressed by the compound in the marine end-use sector. Furthermore,
the product helps mitigate maintenance challenges in the aerospace industry,
which is a key driver promoting product demand.
The market is expected to
witness highest growth in multi-layer products owing to the increasing
applications of multi-layered coatings for surface protection in various
end-use sectors is expected benefit overall industry growth. Industry
participants such as BASF SE, The Dow Chemical Company, PPG Industries and
A&K coating among others engage in extensive research & development for
the manufacture of multi-functional coatings
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Report On Smart Coating Market Analysis:
Further key findings from the report suggest:
·
The smart coating market was
valued at USD 885.5 million in 2015 and is projected to grow at a CAGR of 31.5%
over the forecast period, owing to increasing application scope in end-use
industries such as automotive, construction, aerospace, military, healthcare,
and consumer electronics.
·
Single-layer coating product
segment recorded a CAGR of 21.5% in terms of volume; the increasing demand for
single-coats with multiple functionalities for electronic devices and
components is expected to drive segment growth over the next eight years.
·
Multiple-layer is the fastest
growing product category owing to the high usage of these coatings in
construction and automotive applications.
·
North America accounted for a
significant market share and is projected to retain its position in the global
market on account of the presence of key manufacturers and suppliers.
·
Asia Pacific recorded a market
value of USD 171.8 million in 2015 and the highest CAGR of 38.6% from 2016 to
2024. This can be attributed to the increasing product demand from emerging
economies of China, India, Vietnam, and Indonesia on account of extensive
ongoing manufacturing activities.
·
Key players in the industry
include DuPont, PPG Industries, The Dow Chemical Co., 3M Company, BASF SE, and
Dow Corning.
·
In recent years, mergers &
acquisitions have been the major growth strategies adopted by key players for
strengthening their positions in the global.
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Grand View Research At: www.grandviewresearch.com/industry/advanced-materials
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
·
Multi-layer
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; 2014 - 2025)
·
North America
o
U.S
o
Canada
o
Mexico
·
Europe
o
Germany
o
UK
·
Asia Pacific
o
China
o
India
o
Japan
·
Central & South America
o
Brazil
·
Middle East & Africa
o
Saudi Arabia
o
UAE
o
South Africa
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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.
For more information: www.grandviewresearch.com/
