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LONDON, GREATER LONDON, UK, September 12, 2024 /EINPresswire.com/ -- The smart coatings market has experienced robust growth in recent years, expanding from $5.04 billion in 2023 to $6.38 billion in 2024 at a compound annual growth rate (CAGR) of 26.5%. The growth in the historic period can be attributed to corrosion prevention and protection, demand for self-healing and self-cleaning coatings, growth in automotive and aerospace industries, expansion of construction and infrastructure projects, sustainability and environmental concerns.
Strong Future Growth Anticipated
The smart coatings market is projected to continue its strong growth, reaching $15.64 billion in 2028 at a compound annual growth rate (CAGR) of 25.1%. The growth in the forecast period can be attributed to integration of iota in coating performance monitoring, adoption of smart coatings in the healthcare sector, antimicrobial and antiviral coatings for public spaces, energy-saving and anti-icing coatings, global expansion of smart city initiatives, eco-friendly and non-toxic coating materials.
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Growth Driver Of The Smart Coatings Market
Increasing demand from the construction industry is expected to propel the growth of the smart coatings market. The construction industry mainly involves building and repairing structures. Smart coatings are special films that provide predefined properties to make sense and respond to external environmental stimuli. Smart coatings powered by nanotechnology are quickly becoming an excellent solution that has unique and powerful solutions for corrosion prevention.
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Major Players And Market Trends
Key players in the smart coatings market include DuPont de Nemours Inc., Minnesota Mining and Manufacturing Company, Akzo Nobel N.V., Ancatt Inc., BASF SE, Bayer AG, Hempel As.
Major companies operating in the smart coatings market are focusing on innovative products, such as resicoat powder coatings, to drive revenues in their market. Resicoat powder coatings are finely ground particles of pigment and resin that are electrostatically charged and sprayed onto the surface to be coated.
Segments:
1) By Product: Single-Layer, Multi-Layer
2) By Function: Anti-Corrosion, Anti-Icing, Anti-Fouling, Anti-Microbial, Self-Cleaning, Self-Healing
3) By Application: Automotive, Aerospace, Construction, Military, Healthcare, Other Applications
Geographical Insights: Asia-Pacific Leading The Market
Asia-Pacific was the largest region in the smart coatings market in 2023. Asia-Pacific is expected to be the fastest-growing region in the market share. The regions covered in the smart coatings market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Smart Coatings Market Definition
The smart coatings market consists of sales of smart coatings by entities (organizations, sole traders, and partnerships) that are used to provide a variety of functions in addition to corrosion protection. Smart coatings are special films with preset features that allow them to detect and respond to external stimuli such as the environment. Corrosion prevention, material protection, and other surface improvement applications can all benefit from the coatings' self-healing and self-repair capabilities.
Smart Coatings Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Smart Coatings Global Market Report 2024by The Business Research Company is the most comprehensive report that provides insights on smart coatings market size, smart coatings market driversand trends, smart coatings market major players, smart coatingscompetitors' revenues, smart coatingsmarket positioning, and smart coatingsmarket growth across geographies. The smart coatings market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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