Superior characteristics of smart coatings
A surge in demand is anticipated for smart coating materials, owing to the various applications and advanced characteristics such as self-healing, damage detection, self-cleaning, and corrosion resistance. Besides, advanced coatings applied in aircraft and jets can intercept the damage from the beginning even during the flight. Superior characteristics such as self-healing, self-cleaning, and corrosion resistance are some of the factors that are further anticipated to fuel the growth of the global smart coating market over the forecast period.
Increasing demand for smart coatings from various end-user industries
Features such as damage or scratch resistance, anti-fogging, flame resistance, and colouring detection have increased the demand for smart coating materials in the construction, automotive, defence, and healthcare industries. This worldwide acceptance is anticipated to further increase the demand for smart coating materials on account of the rise in demand from top-end industries, which is predicted to drive the growth of the global smart coating market in coming years.
Presently, global smart coating market is thriving on the back of its advantages and unique properties, henceforth gaining popularity in the commercial segment. The smart coating has various advantages as it can be used for a wide variety of applications that include protective as well as decorative purposes. It might act as a barrier coating to protect the material from weather, UV rays or corrosion or it could be an indicator coating that can changes its colour on damage, Moreover, it contains self-healing properties in case of a jet engine or oil and gas platform. Besides, it could be a decorative coating film on a car that can change the pattern based on different temperatures.
The global smart coating market is anticipated to record a robust CAGR during the forecast period, i.e. 2020-2028. In 2020, the market is growing at a stable rate owing to distinctive characteristics of this material. It is being adopted by various end-user industries for a large number of applications such as defence, construction, hospitals, automobiles, and others. Based on the application, the global smart coatings market is segmented as anti-corrosion, anti-icing, anti-fouling, anti-microbial, self-cleaning, and self-healing. On the basis of this, the self-cleaning segment is anticipated to dominate the market owing to the large demand for self-cleaning material for both industrial use as well as domestic use. Additionally, based on the product segment, the multi-layer segment is expected to witness significant growth in terms of revenue, owing to the increasing demand for multi-layered coatings for surface protection and external applications in aerospace and automotive industry. The growing usage of this material is a major factor is driving the world’s leading manufacturers to invest in smart coating market. Moreover, consumers are also willing to pay exceptionally high prices for smart coated products owing to the advance applications of the smart coating materials. Further, high investments in R&D are predicted to develop and increase the application of smart coatings. For instance, researchers at the NASA have developed a smart and environmentally friendly coating system, which can be used for early detection and inhibition of corrosion as well as self-healing of damages without external intrusion. This coating can detect and respond autonomously at the inception of corrosion and control it. Such developments are anticipated to propel market growth in future.
Environmental harms caused by smart coating
Smart coatings are considered to be harmful to the environment due to evaluation of gases during synthesis and making use of solvents such as volatile organic compounds (VOCs) that release dangerous peroxides and ozone. These compounds are considered to be harmful to the environment as VOCs contribute to the formation of ozone and smog. Additionally, these compounds are harmful to human health as they can cause eye, nose, and throat irritation; headaches, loss of coordination, and nausea. These factors are estimated to hinder the growth of the global smart coating market in coming years.
High raw material costs
Advanced technologies come at a cost. The high price of raw materials is estimated to restrict market growth tremendously, thereby affecting the need for smart coating materials. Such a factor is estimated to restrict the market growth of the global smart coating materials in the coming years.
In-depth analysis of the global smart coating market includes the following segments:
By End-User Industries
On the basis of regional analysis, the global smart coating market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Based on region, the market in Asia-Pacific region is anticipated to hold the largest market share on the back of the rapid industrialization and urbanization coupled with the growing economies and large investments into major end-user industries such as automotive, construction, consumer electronics, and defence. Additionally, the government plans to uphold infrastructure development along with increasing demand for smart coatings across countries such as India and China, the growth of the market in the region during the forecast period is predicted to rise significantly. Furthermore, the market in North America is expected to witness considerable growth owing to the large industrial setups in North American region coupled with the higher demand for smart coatings in the automotive, healthcare, and construction industries.
The global smart coating market is further classified on the basis of region as follows:
April 20, 2020: AkzoNobel N.V. and BYK-Gardner developed pioneering technology which can digitally control and measure the colour and gloss, as well as analyse the 3D topography of the surface texture of powder coatings. A new product, named spectro2profiler, was launched on April 10, 2020. This can digitally analyse the quality of the surface texture of powder coating which is more effective and efficient than conventional visual inspection.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.