Albany, NY -- (SBWIRE) -- 04/15/2019 -- Initially when the concept of smart coatings was introduced, its commercial values were under strong doubts but, within a decade later, smart coatings has turned into a viable option for a number of industries including construction, automotive, and consumer electronics. Advanced technologies such as self-cleaning, self-healing, and self-assembling or stratifying are being leveraged by the end-use industry players to provide coating solutions to their customers. Moreover, nanotechnology-based coatings are expected to further reduce the cost of coating solutions, enhance damage or scratch resistance as well as conductivity, aid to antifogging and flame retardance, and coloring.
As per the projections of a recently compiled business intelligence study by Transparency Market Research (TMR), the demand in the global smart coatings market will increment at an exuberant CAGR of 29.8% during the forecast period of 2017 to 2025, by the end of which the opportunities in this market are estimated to attain a value of US$9.82 billion.
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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. 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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North America to Lead the Global Smart Coatings Market due to Developments in Infrastructure
As per regions, the global market for smart coatings is spread over Asia Pacific, North America, Europe, and Middle East & Africa. North America leads the smart coatings market covering the highest share in terms of revenue. The growth of North America is rising due to the rapid infrastructural developments in various industries such as consumer electronics, military, automotive, and healthcare. It is also anticipated that the market in this region is going to lose some portion of its revenue share by increasing at a CAGR of 25.8% during the forecast period. Europe is also estimated to cut down on its share by exhibiting a CAGR of 26.2% by the end of 2025.
In terms of growth rate, Asia Pacific is likely to be the strongest over other regions by exhibiting a strong CAGR of 38.6% during the forecast period. With this increasing pace, the region is anticipated to increase by 33.3% in terms of revenue share by the end of 2025. This growth is owing to the swift developments in infrastructure and flourishing manufacturing sector especially in countries such as India and China.
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Some of the global leaders are implementing nanotechnology-based coatings that help in cost-reduction, become scratch resistant, and provide support to antifogging. Few of the prominent leaders existing in the smart coatings global market include PPG Protective and Marine Coatings, 3M, Dow Corning, BASF SE, NEI Corp., Royal DSM, and Inducoat among others.