Smart Coatings Market Industry Leaders & New Revenue Pockets

The smart coatings market size is estimated at USD 2.15 billion in 2017 and is projected to reach USD 6.27 billion by 2022, at a CAGR of 23.87% from 2017 to 2022.

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APAC is the largest and the fastest-growing market for smart coatings, in terms of value and volume, and is expected to retain its leadership until 2022. The countries in this region, such as China, Japan, South Korea, India, Indonesia, and Thailand, are witnessing an increase in the use of smart coatings in the automotive & transportation, aerospace & defense, marine, and building & construction end-use industries. This growth is mainly backed by increasing demand from marine and automotive industries; and increasing expansion, acquisition, and new product launch activities in the region.

The marine end-use industry is projected to register the highest CAGR between 2017 and 2022, owing to the growing need to slow or hinder the growth of organisms on the hull of vessels. Smart coatings are applied to different parts of offshore vessels and structures, which are made of metals and are continuously exposed to severe conditions, such as sea water and UV rays

Anti-corrosion smart coatings are preferred because of their compatibility with most structural metals; long-lasting corrosion protection property; adherence to environmental, health, and safety standards; and capability to repair themselves when damaged. They also require less 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, and clamps & hose connections, and for making the vehicles scratch-free.

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The market players are expected to undertake organic growth strategies, such as regional expansion, acquisition, and new product development, to expand their overall business and tap the fast-growing regions during the forecast period. Many companies are engaged in developing innovative products as well as enhancing their presence in the emerging markets. The major companies are also striving to strengthen their R&D facilities to provide cost-effective products. These products are manufactured by adhering to regulations set by associations and governments. All these developments are expected to lead to the sustainable growth of players in the smart coatings in the next five years.