Smart coatings are custom prepared to meet the varying demand from end-use industries, such as automotive and transportation, construction, consumer electronics, aerospace and defence, marine, etc. Their ability to respond quickly to external stimuli and rising application in different end-use industries owing to their outstanding features are the key factors driving the market.

“Although, the smart coating is the niche market, improved products demand from customers has catapulted its demand,” the report explains. “Smart coatings are gaining traction with the advent of new technologies such as nanotechnology, conductive materials, micro-encapsulation, self-healing and self-assembling systems, further enhancing their functionalities. These technologies are enabling coatings to deliver added performance beyond aesthetics and protection.”

Constant R&D by the leading players have resulted in the development of lightweight and eco-friendly smart coatings, thereby further boosting the market. However, slow mass adoption due to the high cost of these multifunctional coating may act as a restraining factor for smart coatings market.

Automotive and transportation was the leading end-use industry in terms of volume consumption in 2017. This is attributed to rising application of smart coatings in the exterior application in the automotive industry owing to advanced properties such as anti-corrosion, self-cleaning, and self-healing.

By type, anti-corrosion coatings accounted for the largest market share in 2017, owing to its wide acceptance in the two major end-use industries; automotive and transportation and construction across the globe. Furthermore, the rapid expansion of applications of smart coatings in end-use industries such as textile, healthcare, energy, etc. has resulted in the growth of the smart coatings market in this region.

North America held the largest share in the global smart coatings market in 2017 in terms of value and volume as many key players are headquartered in the region. Asia-Pacific is the fastest growing region owing to rising population and disposable income coupled with growth in the manufacturing sector.

The report called Global Smart Coatings Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2018 To 2026 features key players operating in the global smart coatings market, including 3M Company, The Dow Chemical Company, The Sherwin-Williams Company, RPM International, Axalta Coatings Systems, and more.

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