Smart Coatings Market to Expand at CAGR of 23.6% during Forecast Period, Observes TMR Study
ALBANY, N.Y., Feb. 9, 2022 /PRNewswire/ — The global smart coatings market was valued at US$ 3.1 Bn in 2020. It is likely to rise at a CAGR of 23.6% during the forecast period, from 2021 to 2031. The global smart coatings market is expected to reach the value of US$ 31.8 Bn by the end of 2031. Smart coatings are becoming more popular, as the modern technology is being used in industrial and infrastructure building projects. Due to its rising applications in a variety of end-use sectors, the global smart coatings market has grown tremendously. Smart coatings are in high demand due to their excellent qualities such as self-healing, self-cleaning, etc. Furthermore, when smart coating is sprayed to an aircraft, it detects damage to the engine.
Construction, military, and automotive industries are all seeing an increase in demand for smart coatings. Due to their superior corrosion resistance, smart coatings are becoming increasingly popular. In order to gain a competitive advantage in the global smart coatings market, firms are speeding up product development and maximize revenue prospects. Market participants are expanding their service offerings in order to acquire a competitive advantage.
The smart coatings market is witnessing significant rise in R&D activities. These activities allow players to discover new information that may be used to develop materials and provide coatings with better characteristics. Mergers and acquisitions are critical to the smart coatings market’s development. These efforts help players gain a stronger footing, which improves their growth possibilities. The expansion efforts also contribute to the growth of the smart coatings market.
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Key Findings of Market Report
- Automobile makers all around the world are boosting their demand for anti-corrosion coatings. Abrasion is prevented by smart coatings on body parts such as clamps, lock parts, lock parts, exhausts, door latches, engine components, and hose connections. In the automobile sector, smart coatings are increasingly being employed to protect vehicle parts from damage and corrosion.
- In the market, there is a lot of demand for anti-corrosion products. A U.S.-based chemical manufacturer recently released a new range of anti-corrosion coatings that are both environmentally safe and devoid of heavy metals. This is the first time that high-performance anti-corrosion coatings have been developed. Anti-corrosion products are now in great demand in Asia Pacific, North America, and Europe. Its use is expanding in military, electronics, and automotive industries.
- The market is being bolstered by increase in demand for smart coatings with improved qualities such as self-healing, self-cleaning, and resistance to corrosion. Smart coatings have witnessed increasing popularity as a result of several industries showing interest in low-maintenance solutions. Smart coating also has the advantage of being able to identify defects to an aero engine when applied to an aircraft.
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- North America has positioned itself as a market leader for smart coatings. The prominence of North America in the global smart coatings market is due to the usage of modern technologies in infrastructure development, encompassing industries such as healthcare, consumer electronics, military, and automotive. Other reasons that have aided North America dominate the market include rise in research and development activities by manufacturers and usage of improved technology.
Global Smart Coatings Market: Growth Drivers
- Players are also focusing on producing environmentally safe anti-corrosion coatings, which is expected to help smart coatings market expand even faster. Focusing on new energy technology that makes use of solar winds is likely to help the industry grow.
- Asia Pacific is predicted to account for a sizable portion of the global smart coatings market. Rapid development in infrastructural and industrial sectors, particularly in India and China, is likely to drive this expansion.
Global Smart Coatings Market: Key Players
Some of the key market players are
- The Dow Chemical Co.
- The Sherwin-Williams Company
- DuPont de Nemours, Inc.
- PPG Industries, Inc
- Akzo Nobel N.V.
- NEI Corporation
Global Smart Coatings Market: Segmentation
- Building & Construction
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Chemicals & Materials Industry battles Tangible Impact of Economic and Cultural changes, Explore Transparency Market Research’s award-winning coverage of the global Chemicals & Materials Market:
Coatings Raw Materials Market – https://www.transparencymarketresearch.com/coatings-raw-materials-market.html
Anti-corrosion Coatings Market – https://www.transparencymarketresearch.com/anti-corrosion-coatings-market.html
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