The Smart Coatings Global Market Report 2023 by The Business Research Company, provides smart coatings market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Smart Coatings Global Market Report 2023, the market size grew from $4.01 billion in 2022 to $5.15 billion in 2023 at a compound annual growth rate (CAGR) of 28.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of the global smart coatings is expected to grow to $12.4 billion in 2027 at a CAGR of 24.6%.
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 them sense and respond to external environmental and 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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The smart coatings market is segmented:
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
Technological advancements are the key trends gaining popularity in the smart coatings market. Innovations in technology and the increasing trend of smart coatings technology is encouraging market demand. Major players in the market are focusing on developing technologically advanced products for market growth. For instance, in September 2021, PPG Industries Inc., a US-based company that develops and delivers paints, coatings, and specialty materials launched PPG Sigma Sailadvance NX coating, a key antifouling technical breakthrough. The coating reduces fuel use and associated carbon dioxide (CO2) emissions, resulting in cheaper total operating costs and a greater contribution to global carbon reduction goals. A biocide package in the PPG Sigma Sailadvance NX coating tackles a wide range of global fouling growth conditions, from bacterial slime to soft fouling to aggressive animal fouling.
The smart coatings market report table of contents includes:
1. Executive Summary
2. Smart Coatings Market Characteristics
3. Smart Coatings Market Trends And Strategies
4. Smart Coatings Market – Macro Economic Scenario
5. Smart Coatings Market Size And Growth
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26. Africa Smart Coatings Market
27. Smart Coatings Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Smart Coatings Market
29. Smart Coatings Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
- DuPont de Nemours Inc
- PPG Industries Inc
- Bayer AG
- BASF SE
- The Dow Chemical Co
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