KEY FINDINGS
The global smart coatings market is projected to grow with a CAGR of 22.85% over the forecasting years of 2021 to 2028. The market growth is facilitated by key factors such as the augmenting demand from the construction sector, rising mergers and acquisitions among smart coating-related companies, and the advantages offered by smart coating over traditional coating.
MARKET INSIGHTS
A smart coating is defined as the concept of coatings with the capability of sensing the environment and producing an appropriate response to that stimulus. They are made with programmable materials that respond to changes in chemical light, thermal, as well as other stimuli. Moreover, smart coating entails characteristics such as new performances, self-cleaning, self-sensors, typically self-healing, owing to their piezoelectric, piezoresistive, thermoelectric, and chemical properties. The coating has gained increased recognition across the avenues of biomedical sciences, material sciences, colloidal chemistry, and polymer chemistry on account of the inherent properties and chemistry they possess on modification.
Smart coating applications have continued to expand at a positive rate over recent years, with several coating firms exercising research and development activities, in addition to delivering innovative solutions to specific end-user segments. Since one of the most important applications expected to be possessed by a coating is self-cleaning, especially in terms of buildings, the same is easily found in smart coatings. Self-cleaning coatings interact with their ambient conditions in order to keep the surface clean. Furthermore, they could also be smart depending on their use and design. Hence, the increasing requirements from the construction industry fuels the market growth.
REGIONAL INSIGHTS
The global smart coatings market growth is determined by evaluating North America, the Asia-Pacific, Europe, and the Rest of World. Asia-Pacific held the highest market share in 2020, owing to key factors including the presence of numerous emerging economies, like China, Indonesia, India, and Vietnam, business expansions by domestic companies, and the increased demand for commercial construction.
COMPETITIVE INSIGHTS
The industrial rivalry within the global market is intense due to the relatively smaller size of the market compared to conventional coatings. Besides, it is dominated by global giants. As a research-driven market, leading international firms are introducing innovative and new product offerings with superior characteristics to sustain their competitive edge.
Some of the key players operating in the market are Hempel A/S, 3M, Nippon Steel Incorporation, AkzoNobel NV, etc.
Our report offerings include:
• Explore key findings of the overall market
• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
• Market Segmentation cater to a thorough assessment of key segments with their market estimations
• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
• Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
• Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments