Smart Coatings Market Analysing in 2016

Smart Coatings – Overview of the market

Smart coatings, in 2016, market reached $1.75 billion USD in size. Projections indicate that by 2022, this figure is expected to increase to $6.27 billion USD. Compound Annual Growth Rate (CAGR) is 23.87% during the forecast period. Strong growth in market expansion drives enhanced demand for smart coatings across industries, including automotive transportation, aerospace, and defense. The study considers 2016 as the base year, with the forecast period extending from 2017 to 2022. 

Demand for smart coatings in industries such as automotive & transportation, aerospace, defense, marine, and construction is high, particularly in China, India, and Brazil. Thanks to advancements in scientific and technical fields, the demand for smart coatings continues to rapidly rise. The APAC smart coatings market is expected to witness significant growth over the next five years.

Characteristics and Components of Smart Coatings

Smart coatings possess various characteristics, making them suitable for diverse industries, with each line tailored to specific requirements. Thus, the development of the smart coatings market depends on the end-user industries, especially transportation, aerospace, defense, marine, and construction.

Smart coatings now offer superior benefits, including corrosion resistance, waterproofing, antibacterial, and antifungal properties. For manufacturers, pricing and material availability play crucial roles as they determine the cost outputs. Key raw materials used in the industry include methylamine and other inorganic chemicals.

Key Market Players in the Coatings Industry

Prominent entities in the smart coatings market include:

1. AkzoNobel NV (Netherlands)

2. PPG Industries (USA)

3. Axalta Coatings Systems (USA)

4. Sherwin-Williams Company (USA)

5. Jotun A/S (Norway)

6. RPM International (USA)

7. Hempel A/S (Denmark)

8. NEI Corporation (USA)

These industry leaders boast diverse product portfolios with strategic research centers. They are committed to implementing progressive development strategies and technological innovation, enhancing their market positions. These companies have deployed a range of organic and inorganic growth strategies, strengthening their current market share in the smart coatings sector.

(Source: Paints & Coatings Association)