Global Smart Coating Market 2020-2024 | 53% CAGR Projection Over the Next Five Years

The smart coating market size is poised to grow by USD 30.28 billion during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report

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Technavio announced its latest market research report titled global smart coating market 2020-2024. (Graphic: Business Wire)

Smart coatings have several advantages over traditional coatings. These coatings are more effective in reducing maintenance costs and increasing the service life of devices or substrates, on which these coatings are applied. These coatings use extrinsic and intrinsic self-healing mechanisms, which address both environmental and functionality objectives. Smart coatings also help in cost reduction and ease the manufacturing processes, owing to their self-assembling properties. These coatings are widely used in the electronics industry, specifically in the manufacture of consumer electronics. Such advantages of smart coatings will drive their demand across various end-user industries, leading to market growth.

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As per Technavio, the growing technological advances in self-healing smart coatings will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.

Smart Coating Market : Growing Technological Advances in Self-Healing Smart Coatings

The self-healing properties of smart coatings are resulting in their wider acceptance among several end-user industries. Several researches are also being conducted for the development of self-healing concrete containing smart coatings using microencapsulation technologies. Researchers are focusing on development of microcapsules, which contain healing agents, such as epoxy or polyurethane, to allow for self-repair of small cracks that develop over time. They are also focusing on developing human skin-like self-healing smart coatings by using layer-by-layer techniques to form a soft and dynamic under-layer of coatings, which contains polyvinyl alcohol and tannic acid. Thus, with the growing technological advances in self-healing smart coatings, the demand for these coatings is expected to rise during the forecast period.

“Factors such the growth in number of mergers and acquisitions (M&A) and the expansion of plant capacities and new distribution centers for smart coatings will have a positive impact on the growth of the smart coating market value during the forecast period,” says a senior analyst at Technavio.

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Smart Coating Market : Segmentation Analysis

This market research report segments the smart coating market by end-user (construction, automotive, marine, aviation, and others) and geographic regions (North America, APAC, Europe, South America, and MEA).

The APAC region led the market in 2019, followed by Europe, North America, MEA, and South America respectively. The growth of the smart coating market share in APAC can be attributed to factors such as the growing presence of end-users such as construction, automotive, and electronics industries, and the increasing government initiatives and foreign investments in the region.

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