The smart coatings market is projected to grow from USD 2.15 Billion in 2017 to USD 6.27 Billion by 2022, at a CAGR of 23.87% from 2017 to 2022.
The report "Smart Coatings Market by Function (Anti-Corrosion, Anti-Icing, Anti-Microbial, Anti-Fouling, Self-Healing, Self-Cleaning), Layer (Single, Multi), End-Use (Automotive & Transportation, Aerospace & Defense, Marine), and Region - Global Forecast to 2022",
The market is driven by the use of smart coatings in a wide range of end-use industries, such as automotive & transportation, aerospace & defense, marine, and building & construction.
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Automotive & transportation: The largest end-use industry of the smart coatings market
Smart coatings are used in various end-use industries, such as automotive & transportation, aerospace & defense, marine, and building & construction.
The automotive & transportation end-use industry is estimated to account for the largest share of the smart coatings market in 2017, in terms of volume and value, because of the higher demand for smart coatings in body hardware, door closure, lock part, exhaust, suspension, engine components, and clamps & hose connections for the protection against abrasion. The marine end-use industry is estimated to register the highest CAGR during the forecast period, in terms of value, followed by the automotive & transportation industry.
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Anti-corrosion smart coatings: The largest segment by function of the smart coatings market
Anti-corrosion smart coatings are preferred because of their compatibility with most structural metals; long-lasting corrosion protection property; and adherence to environmental, health, and safety standards. They are capable of self-healing when damaged.
Anti-corrosion smart coatings also require low maintenance, materials, and labor; and less physical preparation of the metal surface. In the automotive & transportation industry, anti-corrosion smart coatings are used in fasteners, body hardware, door closures, lock parts, exhausts, suspensions, engine components, clamps & hose connections, and for making the vehicles scratch-free.
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Rising demand from APAC: The major driver for the smart coatings market
APAC is estimated to account for the largest share of the smart coatings market in 2017, in terms of volume and value, and is also projected to register the highest CAGR during the forecast period, in terms of value. The high demand from the APAC region has significantly contributed to the growth of the smart coatings market.
China led the APAC smart coatings market owing to the increased production and consumption of smart coatings in the past five years, because of high demand from the country’s automotive & transportation and marine end-use industries. Other emerging economies, such as India, Indonesia, and Thailand are projected to register high growth in this market in the coming years.
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