The global smart coating market size is expected to value at USD 11.68 billion by 2024. The market is subject to witness a substantial growth due to the rise in the constant demand of smart coating solutions from number of end-user industries such as construction industry, automobile, military& defense sector, and medical sector. Highly-specialized properties associated with the use of smart coating are self-healing, self-cleaning and erosion resistant.
Such properties demonstrated by smart coating materials are vital in the automotive and aerospace sector, majorly for exterior usage. The use of the smart coating in aircrafts helps to identify any form of damage on an aero-engine. Globally, the smart coating market is predicted to grow at CAGR of 31.5% in the forecast period, providing numerous opportunity for market players to invest for research and development in the market.
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Increasing adoption of smart coating in the military and defense sector, majorly due to increasing need for customized, self-repair mechanism, in-built AI systems, and advanced detection abilities, is leading to market growth. The critical challenges such as biofouling and microbial attacks are over powered with adoption of the smart coating in the marine time applications. In addition, smart coating overcomes existing repair challenges with in-built self-repairing capabilities, mainly in the aerospace sector, thus propelling the growth for smart coating industry over the forecast period. The market segment involving multi-layer products has shown significant development in the recent years due to rising usage of multi-layered coatings for surface protection in number of industry sectors.
Highly advanced chemical, mechanical and thermal properties like that of anti-corrosion, self-repair, and in-built assembly in comparison with traditional coating are escalating the smart coating market value. Though, stringent environmental regulations by governmental agencies and rising cost of raw materials are key factors responsible for restraining market growth. Additionally, the growing demand for base ingredients like metal oxides from various sectors such as ornamentals and personal care is likely to increase prices associated with raw materials, thus restricting growth of the smart coating industry.
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Smart coatings are specialized type of coating consisting of well-versed set of characteristics that allows determining and reacting to atmospheric and external stimulus. Such functionalities make them ideal for erosion protection, heat resistance and surface enhancement techniques. Along with the specialized design, smart coatings provide the common functions of coatings similar to protection and decoration, also unique capability of reacting to environmental stimuli. Various properties such as chemical, electrical and thermal are obtained with the use of programmable materials that allow smart coating to react changes in intensity of light, stress, biochemical, heat and other form of external stimulus.
Smart coatings are capable of enhancing a system’s performance by limiting the time required for quality checks, repair costs and instruments downtime. Smart coating offers decline in the requirement for the repair on the oxidized areas, providing extended life span for the instruments and structures created form easily corrosive materials. Some of the additional advantages with regular use of smart coating are capability to identify and prevent corrosion, on the spot delivery of erosion inhibitors and eco-friendly nature. Application of the smart coating involves healthcare sectors, military& defense, clothing industry, transportation, construction, electrical and some other sectors.
The smart coating industry is divided into regional market segment such as North America, Europe, Asia-Pacific, Latin America and Africa. North America and Europe have shown major growth in recent years owing to the presence of prominent market players and rising capital funding in R&D of advanced coating materials. Asia-Pacific region is predicted to hold major market share in the smart coating market with massive growth in forecast period.
Countries such as India, China and Indonesia are leading the Asia-Pacific market with rising advancement in the automotive sector and increasing investment by leading industry players due to numerous market opportunities in the region. The key players in the smart coating industry are BASF Co., 3M Systems, The Dow Chemical Company, PPG Industries and A&K coating Solutions.