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Reports And Data
Increasing demand for smart coatings in the construction industry & rising demand for longer durability than traditional coatings driving market revenue growth
NEW YORK CITY, NY, UNITED STATES, February 15, 2022 /EINPresswire.com / -- According to the latest report by Reports and Data, the global Smart Coatings Market size is expected to reach USD 27.25 Billion in 2030 and register a revenue CAGR of 23.4% over the forecast period. Increasing demand for smart coatings in the construction industry, along with rising demand for longer durability than traditional coatings, are expected to drive market revenue growth during the forecast period.
Increasing application of smart coatings for architectural and decorative purposes is expected to boost revenue growth of the market. Smart coatings are used on a variety of surfaces throughout houses, including tabletops, glass panels, photo frames, electronic devices, and lighting fixtures, among others. Smart nanotechnology coating on surfaces can improve handling, durability, and oxidation resistance without affecting performance. Additionally, smart coatings can be designed to enhance the reflectance of a glass surface at a specific wavelength of light. Reflective properties of smart coatings can help make the surface a good choice for a variety of aesthetic applications. These factors are expected to boost the revenue growth of the global smart coatings market during the forecast period.
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However, concerns regarding stringent regulatory policies and environmental challenges are expected to hamper the revenue growth of the market during the forecast period. Smart coatings are considered harmful to the environment due to the release of gases during synthesis and the use of solvents such as Volatile Organic Compounds (VOCs) that emit toxic peroxides into the environment. These compounds are considered harmful to the environment since they contribute to ozone and smog formation. The smart coatings industry is facing environmental and legal challenges as governments of various countries are placing more focus on the regulation of Volatile Organic Compounds (VOCs) and are implementing strict rules demanding the use of environment-friendly green products. Manufacturers have been forced to produce environment-friendly smart coatings with low VOC levels due to strict regulations imposed by the European Union's Registration, Evaluation, Authorisation, and Restriction of Chemicals (REACH), the United States Environmental Protection Agency (USEPA), Leadership in Energy and Environmental Design (LEED), and other regional regulatory authorities.
Market Dynamics
The global chemicals and materials have a wide range of application areas such as crop protection, animal nutrition, dietary supplements, preservatives, flame retardants, surface ingredients, active pharmaceutical ingredients, and matting agents among others. Population explosion along with rapid economic growth is expected to propel market growth. Moreover, the growing urbanization, rapid industrialization, and high investment in infrastructure development create market demand over the forecast period.
Competitive Landscape:
The global Smart Coatings market research report provides a competitive strategy analysis portfolio to provide a better understanding of the competitive landscape. The report further discusses in depth the business strategies undertaken by key manufacturers on mergers and acquisitions, joint ventures, and collaborations. It sheds light on the companies holding the largest market share in terms of revenue in the global Smart Coatings market.
Top Key Players: BASF SE, The Sherwin-Williams Company, PPG Industries, Inc., Eastman Chemical Company, RPM International, Inc., Axalta Coating Systems, LLC, Jotun A/S, Tesla Nanocoatings, Inc., NEI Corporation, and Helicity Technologies, Inc.
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Some Key Highlights in the Report
The single-layer segment accounted for the largest revenue share in 2020 owing to rising demand for multiple functionalities in electronic devices and equipment.
Self-healing segment revenue is expected to grow at a significantly steady rate over the forecast period. The rising demand for polyurethane smart coatings due to increasing awareness about its long-lasting, easy-to-clean, and self-repairing functionalities is contributing to the growth of the segment.
The smart coatings market in Asia-Pacific accounted for the largest revenue share in 2020. The large presence of construction and automotive industries using smart coatings in the region is expected to drive revenue growth of the Asia-Pacific market.
In January 2021, Tesla Nanocoatings, Inc., a U.S.-based company, launched a Nano Non-Skid known as Teslan 1105 Zn-CNT Single Coat Deck Epoxy, which is a solvent-based, three-component epoxy designed for the protection of steel and metallic substrates. Nano Non-Skid combines carbon nanotubes (CNTs) with sacrificial zinc and non-skid aggregate to enhance durability, corrosion prevention, and anti-skid properties.
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For this report, Reports and Data have segmented the global smart coatings market based on layers, function, sensing type, end-use, and region:
Function Outlook (Revenue, USD Billion; 2018-2030)
Anti-Microbial
Anti-Corrosion
Anti-Fouling
Anti-Icing
Self-Cleaning
Self-Healing
Sensing Type Outlook (Revenue, USD Billion; 2018-2030)
pH
Ionic Strength
Temperature
Pressure
Surface Tension
End-Use Outlook (Revenue, USD Billion; 2018-2030)
Automotive & Transportation
Marine
Building & Construction
Aerospace & Defense
Electronics
Medical
IT Technologies
Agriculture
Household
Others
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Regional Outlook (Revenue, USD Billion; 2018-2030)
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa
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About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, TouchPoints, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provide our clients with the ability to secure an edge over their respective competitors.
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