The global smart coating market is expected
to reach USD 11,676.0 million by 2024, according to a new report by Grand View
Research, Inc. The smart coating market is expected to witness a significant
growth over the forecasted period owing to the rising demand from key end-user
segments including military, aerospace, automotive, and healthcare.
Growing application scope in
end-use industries is attributed to superior properties including self-healing,
self-cleaning and antimicrobial properties. In Aerospace sector, smart coating
have the ability to indicate damage on an aero engine; be used in the composite
form to reduce weight of aircrafts; and so on. In addition to the
aforementioned industries, the application of the compound in consumer
electronics offers high growth potential for the coming years.
Growing use of the product in
military owing to rising demand for customization including smart self-repair,
artificial intelligence, and sensing capabilities is expected to propel growth.
The other key end-user segments include construction, healthcare, marine, and
so on. The concerns of bio-fouling, microbial attacks, and so on are addressed
by the compound in the marine segment. Furthermore, the product helps mitigate
maintenance challenges in aerospace industry which is a key driver promoting
demand.
Browse full research report on Smart Coating Market: http://www.grandviewresearch.com/industry-analysis/smart-coating-market
Further key findings from the report suggest:
- Globally, military and aerospace segments are
expected to witness significant growth during the forecast period, growing
at CAGRs of over 32% during the forecast period. Rapid demand can be
attributed to extensive research activities in this segment undertaken by
the U.S military or jointly with other research institutes. The demand
from the military segment is primarily for anti-corrosive smart coating.
- Europe dominated the industry in 2015 with an
estimated revenue of USD 289.5 million; this regional market is projected
to grow significantly over the coming years owing to growing
infrastructure development activities, increasing demand from industries
such as automotive, military, healthcare, and consumer electronics.
- Multilayer coating are the simplest forms of
multifunctional coating. This segment is expected to grow higher than the
single-layer segment during the forecast period, at a CAGR of over 35%.
However, research & development related to improving performance
characteristics of single-layer coating owing to its lower product cost is
likely to have a positive impact on growth.
- Asia Pacific is projected to witness the highest
growth of over 35% during the forecast period, owing to increasing demand
from emerging economies such as India and China. Growing infrastructure
development in the region coupled with high manufacturing sector growth is
expected to propel demand for the product over the forecast period.
- Key participants in the industry include BASF SE,
DuPont, 3M Company, PPG Industries, Dow Chemicals, and Dow Corning, among
others. In recent years, mergers & acquisitions have been the major
growth strategies adopted by key players for strengthening their positions
in the global market.
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/paints-coatings-and-printing-inks
Grand View Research has segmented the global smart coating
market on the basis of product, application, and region:
Product Outlook (Volume, ‘000 Liters; Revenue, USD
Million; 2013 - 2024)
- Single-layer
- Multilayer
Application Outlook (Volume,‘000 Liters; Revenue, USD
Million; 2013 - 2024)
- Automotive
- Aerospace
- Construction
- Consumer
electronics
- Military
- Healthcare
- Others
Regional Outlook (Volume, ‘000 liters; Revenue, USD
Million, 2013 - 2024)
- North
America
- U.S.
- Europe
- Germany
- UK
- Asia
Pacific
- China
- India
- Japan
- Latin
America
- Brazil
- Middle
East & Africa
Access Press Release
By Grand View Research: http://www.grandviewresearch.com/press-release/global-smart-coating-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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