Smart Coatings Market

Industry Outlook

Smart coatings market value is projected to witness double-digit growth of 20.5% over the forecast period from 2018 to 2026. Smart coatings are made of unique coating materials with pre-defined properties that respond to external stimuli such as electric current, light, and pressure to display different properties. Smart coatings can be customized according to consumers’ varying requirements, as there are no set norms for smart coatings, the nanomaterials used, or their intrinsic properties. Smart coatings have been addressing key unmet needs and gaps in various end-use industries that include automotive & transportation, building & construction, consumer electronics, marine, aerospace & defense, and others (consumer goods, energy, etc.). Increasing demand for smart coatings from these end-use industries owing to their advanced properties is the major factor driving the market’s growth.

These coatings are multifunctional and provide added performance beyond fundamental protection and beautification, unlike conventional coatings. Smart coatings incorporate microcapsules and other compounds that are mixed with the paint at the time of application. Microcapsules imbue the coating with special properties such as anti-corrosion, anti-microbial, self-cleaning, self-healing, etc. These special properties help in restoring structures’ optimum operating conditions, increase safety, and reduce maintenance costs. Smart coatings also offer reduced volatile organic compounds (VOCs) and no formaldehyde, which help save energy and reduce greenhouse gas emissions.

Smart coatings are finding new applications in several industries. For instance, the U.S. government uses smart coating for camouflage, bioweapon detection and destruction, and other safety applications. Camouflage coating makes the surface invisible by displaying an image of the vehicle’s surroundings on the surface. In the electronic industry, smart coatings and the Internet of Things (IoT) will be a perfect fit. Currently, smart coatings complement sensors in the IoT. However, some stimuli-responsive coatings can directly act as sensors, which is a more cost-effective alternative to installing a large number of sensing devices when creating a sensing panel.

The fact that smart coatings offer high performance that extends products’ lives and reduces maintenance costs, enhances energy efficiency, are environmentally friendly, and are suitable for new and lightweight materials like composites and aluminum. The methods of coating application and cure programs currently available in the target market, the environmental, health, and safety regulations pertaining to the targeted end-use markets, and cost constraints are a few aspects that may hamper the growth of the market in the near future.

Market Synopsis

High demand from the automotive and construction industries makes anti-corrosion coatings a dominant sub-segment.

In 2017, anti-corrosion coating accounted for the major market share and was expected to maintain its dominance over the forecast period. Anti-corrosion coatings are suitable for most structural metals, provide long-lasting corrosion protection, and adhere to health, environmental, and safety standards. Anti-corrosion smart coatings require low maintenance, materials, and labor and require less physical preparation of the metal surface due to their self-healing properties. Anti-corrosion smart coating finds its application in engine components, suspensions, door closures, lock parts, fasteners, exhausts, body hardware, clamps and hose connections, etc.

The self-cleaning coating is projected to grow with the fastest CAGR during the forecast period. Self-cleaning coating applications are increasing owing to ongoing innovation and improvements in the performance of existing products. Also, increasing demand for self-cleaning coatings on non-glass substrates such as aluminum siding, tile, and textiles is another major factor driving the segment’s growth.

Consumer electronics are expected to grow rapidly during the forecast period.

Smart coatings are used in various end-use industries, such as automotive & transportation, building & construction, aerospace & defense, marine, and others. The automotive and transportation end-use industries are estimated to account for the largest share of the smart coatings market in 2017 in terms of volume and value because of the higher demand for smart coatings that enhance body life by limiting the damage caused by corrosion and lower maintenance costs.

The consumer electronics end-use industry is estimated to register the highest CAGR during the forecast period. The Internet-of-Things (IoT) technology has increased the commercial potential for smart coatings in the electronics sector. A smart coating that can also be a sensor will be a more cost-effective way to create a wide-area sensing panel than a large array of sensing devices.

The rapid demand for smart coatings in the Asia Pacific is expected to propel market growth.

Asia Pacific is poised to grow with the highest CAGR during the forecast period owing to a growing middle-class population, rising disposable income and purchasing power, and consistent growth in end-use industries. Moreover, fast-paced infrastructure development and the burgeoning manufacturing sectors in China and India are expected to bolster the global market. The demand for smart coatings from the APAC region is significantly high. China dominated the smart coatings market in the region owing to the continuous rise in production and consumption of smart coatings in the past five years. The country’s automotive, transportation, and marine sectors have boosted consumption growth in the recent past. Other emerging economies, such as India, Japan, and Indonesia, are also projected to register robust growth in the coming years. North America, on the other hand, is the largest market in terms of value and volume consumption. The United States accounted for the vast majority of smart coatings demand in North America. The United States government is actively investing in a research program that looks into the potential application of smart coatings in various end-use industries such as aerospace and defense and automotive and transportation.

Key players’ preferred strategies are new product development and merger and acquisition.

The smart coatings market is a moderately consolidated market due to the presence of a large number of coating giants, including The Sherwin-Williams Company (US), RPM International (US), Axalta Coatings Systems (US), AkzoNobel N.V. (Netherlands), Hempel A/S (Denmark), Jotun A/S (Norway), NEI Corporation (US), and PPG Industries (US). Companies are striving to strengthen their position in the highly competitive market through a diverse offering, investments in R&D, and consistent technological advancements. Various organic and inorganic growth strategies are adopted to enhance their current market share with the key players; the most preferred development strategies adopted by these players are new product development and mergers and acquisitions.

Periods of History and Forecast

Our study analyzed each market segment during the period of 2016 to 2026, with 2017 as the base year. The forecast period between 2018 and 2026 is considered for the CAGR calculation.

Report Scope

This research report describes leading continents and their major countries, along with profiles of key players operating in the overall market and their planned developments. Our report further defines the overall market dynamics, such as drivers, challenges, and opportunities prevalent in the market, to understand the global smart coatings market more explicitly. Our in-depth segmentation analysis up to the country level highlights revenue pockets and investment opportunities in the market. Key players profiled include The Sherwin-Williams Company (US), RPM International (US), Axalta Coatings Systems (US), AkzoNobel N.V. (Netherlands), Hempel A/S (Denmark), Jotun A/S (Norway), NEI Corporation (US), and PPG Industries (US).

Chapter 1. Preface
1.1. Report Scope and Description
1.1.1. Purpose of the Report
1.1.2. Target Audience
1.1.3. USP and Key Offering
1.2. Research Scope
1.3. Research Methodology
1.3.1. Phase I-Secondary Research
1.3.2. Phase II-Primary Research
1.3.3. Market Size Estimation
1.3.3.1. Top-Down Approach
1.3.3.2. Bottom-Up Approach
1.3.4. Phase III- Expert Panel Review
1.4. Assumptions
1.5. Market Segmentation

Chapter 2. Executive Summary
2.1. Global SC Market Snapshot
2.2. Global SC Market by Coating Type, 2017 (Kilo Ton, US$ Mn)
2.3. Global SC Market, by End-use Industry, 2017 (Kilo Ton, US$ Mn)
2.4. Global SC Market, by Geography, 2017 (Kilo Ton, US$ Mn)

Chapter 3. Market Overview
3.1. Introduction
3.2. Market Dynamics
3.2.1. Drivers
3.2.1.1. Growing Demand from Asia-Pacific’s End-use Industries
3.2.1.2. Advanced Performance Delivery from SC
3.2.2. Restraints
3.2.2.1. Strict Environment Regulations
3.2.2.2. Restraint 2
3.2.3. Opportunities
3.2.3.1. Increasing Demand for Products Requiring Low Maintenance
3.2.3.2. Opportunity 2
3.3. Attractive Investment Proposition, by Geography, 2017
3.4. Competitive Landscape: Market Positioning of Key Players, 2017

Chapter 4. Global Smart Coatings (SC) Market, by Coating Type, 2016 – 2026 (Kilo Ton, US$ Mn)
4.1. Overview
4.1.1. Global SC Market Share Analysis, by Coating Type, 2017 vs. 2026 (Value, %)
4.1.2. Global SC Market, by Coating Type, 2016-2026 (Kilo Ton, US$ Mn)
4.2. Anti-corrosion
4.3. Anti-microbial
4.4. Self-cleaning
4.5. Self-healing
4.6. Others (self-dimming, color shifting, photovoltaic, piezoelectric, etc.)

Chapter 5. Global Smart Coatings (SC) Market, by End-use Industry, 2016 – 2026 (Kilo Ton, US$ Mn)
5.1. Overview
5.1.1. SC Market Share Analysis, by End-use Industry, 2017 vs. 2026 (Value, %)
5.1.2. Global SC Market, by End-use Industry, 2016-2026 (Kilo Ton, US$ Mn)
5.2. Automotive & Transportation
5.3. Construction
5.4. Consumer Electronics
5.5. Aerospace & Defense
5.6. Marine
5.7. Others (consumer goods, energy, healthcare, etc.)

Chapter 6. Global Smart Coatings (SC) Market, by Geography, 2016 – 2026 (Kilo Ton, US$ Mn)
6.1. Overview
6.1.1. SC Market Share Analysis, by Geography, 2017 vs. 2026 (Value, %)
6.1.2. Global SC Market, by Geography, 2016-2026 (Kilo Ton, US$ Mn)
6.2. North America SC Market Analysis, 2016 – 2026
6.2.1. North America SC Market, by Coating Type, 2016 –2026 (Kilo Ton, US$ Mn)
6.2.2. North America SC Market, by End-use Industry 2016 – 2026 (Kilo Ton, US$ Mn)
6.2.3. North America SC Market, by Country, 2016 – 2026 (Kilo Ton, US$ Mn)
6.2.3.1. U.S.
6.2.3.2. Canada
6.3. Europe SC Market Analysis, 2016 – 2026
6.3.1. Europe SC Market, by Coating Type, 2016 – 2026 (Kilo Ton, US$ Mn)
6.3.2. Europe SC Market, by End-use Industry, 2016 – 2026 (Kilo Ton, US$ Mn)
6.3.3. Europe SC Market, by Country/Region, 2016 – 2026 (Kilo Ton, US$ Mn)
6.3.3.1. U.K.
6.3.3.2. Germany
6.3.3.3. France
6.3.3.4. Rest of Europe
6.4. Asia Pacific SC Market Analysis, 2016 – 2026
6.4.1. Asia Pacific SC Market, by Coating Type, 2016 – 2026 (Kilo Ton, US$ Mn)
6.4.2. Asia Pacific SC Market, by End-use Industry, 2016 – 2026 (Kilo Ton, US$ Mn)
6.4.3. Asia Pacific SC Market, by Country/Region, 2016 – 2026 (Kilo Ton, US$ Mn)
6.4.3.1. Japan
6.4.3.2. China
6.4.3.3. India
6.4.3.4. Rest of APAC
6.5. Latin America SC Market Analysis, 2016 – 2026
6.5.1. Latin America SC Market, by Coating Type, 2016 – 2026 (Kilo Ton, US$ Mn)
6.5.2. Latin America SC Market, by End-use Industry, 2016 – 2026 (Kilo Ton, US$ Mn)
6.5.3. Latin America SC Market, by Country/Region, 2016 – 2026 (Kilo Ton, US$ Mn)
6.5.3.1. Brazil
6.5.3.2. Mexico
6.5.3.3. Rest of Latin America
6.6. Middle East & Africa (MEA) SC Market Analysis, 2016 – 2026
6.6.1. MEA SC Market, by Coating Type, 2016 – 2026 (Kilo Ton, US$ Mn)
6.6.2. MEA SC Market, by End-use Industry, 2016 – 2026 (Kilo Ton, US$ Mn)
6.6.3. MEA SC Market, by Region, 2016 – 2026 (Kilo Ton, US$ Mn)
6.6.3.1. GCC
6.6.3.2. Rest of MEA

Chapter 7. Company Profiles
7.1. 3M
7.1.1. Business Description
7.1.2. Financial Information (Subject to data availability)
7.1.3. Product Portfolio
7.1.4. Business Strategies/Recent Developments
7.2. The Sherwin-Williams Company (US)
7.3. RPM International
7.4. Axalta Coatings Systems
7.5. Hempel A/S
7.6. Jotun A/S
7.7. NEI Corporation
7.8. PPG Industries
7.9. Dow Corning
7.10. Akzonobel N.V.

List of Figures

FIG. 1 Global Smart Coatings (SC): Research Methodology
FIG. 2 Global SC: Market Segmentation
FIG. 3 Global SC Market, by Coating Type, 2017 (Kilo Ton, US$ Mn)
FIG. 4 Global SC Market, by End-use Industry, 2017 (Kilo Ton, US$ Mn)
FIG. 5 Global SC Market, by Geography, 2017 (Kilo Ton, US$ Mn)
FIG. 6 Attractive Investment Proposition, by Geography, 2017
FIG. 7 Competitive Landscape: Market Positioning of Key Players, 2017
FIG. 8 Global SC Market Share Analysis, by Coating Type, 2017 vs. 2026 (Value, %)
FIG. 9 Global SC Market, by Anti-corrosion, 2016 – 2026 (Kilo Ton, US$ Mn)
FIG. 10 Global SC Market, by Anti-microbial, 2016 – 2026 (Kilo Ton, US$ Mn)
FIG. 11 Global SC Market, by Self-cleaning, 2016 – 2026 (Kilo Ton, US$ Mn)
FIG. 12 Global SC Market, by Self-healing, 2016 – 2026 (Kilo Ton, US$ Mn)
FIG. 13 Global SC Market, by Others, 2016 – 2026 (Kilo Ton, US$ Mn)
FIG. 14 Global SC Market Share Analysis, by End-use Industry, 2017 vs. 2026 (Value, %)
FIG. 15 Global SC Market, by Automotive & Transportation, 2016 – 2026 (Kilo Ton, US$ Mn)
FIG. 16 Global SC Market, by Construction, 2016 – 2026 (Kilo Ton, US$ Mn)
FIG. 17 Global SC Market, by Aerospace & Defense, 2016 – 2026 (Kilo Ton, US$ Mn)
FIG. 18 Global SC Market, by Marine, 2016 – 2026 (Kilo Ton, US$ Mn)
FIG. 19 Global SC Market, by Others, 2016 – 2026 (Kilo Ton, US$ Mn)
FIG. 20 Global SC Market Share Analysis, by Geography, 2017 vs. 2026 (Value, %)

List of Tables

TABLE 1 Market Snapshot: Global Smart Coatings (SC) Market Value (US$ Mn)
TABLE 2 Market Snapshot: Global SC Market Volume (Kilo Ton)
TABLE 3 Automotive Production in Leading Asia-Pacific Countries, 2012 – 2016
TABLE 4 Economic Growth in Leading Asia-Pacific Countries, 2015-2018
TABLE 5 Global SC Market Volume, by Coating Type, 2016 – 2026 (Kilo Ton)
TABLE 6 Global SC Market Value, by Coating Type, 2016 – 2026 (US$ Mn)
TABLE 7 Global SC Market Volume, by End-use Industry, 2016 – 2026 (Kilo Ton)
TABLE 8 Global SC Market Value, by End-use Industry, 2016 – 2026 (US$ Mn)
TABLE 9 Global SC Market Volume, by Geography, 2016 – 2026 (Kilo Ton)
TABLE 10 Global SC Market Value, by Geography, 2016 – 2026 (US$ Mn)
TABLE 11 North America SC Market Volume, by Coating Type, 2016 – 2026 (Kilo Ton)
TABLE 12 North America SC Market Value, by Coating Type, 2016 – 2026 (US$ Mn)
TABLE 13 North America SC Market Volume, by End-use Industry, 2016 – 2026 (Kilo Ton)
TABLE 14 North America SC Market Value, by End-use Industry, 2016 – 2026 (US$ Mn)
TABLE 15 North America SC Market Volume, by Country, 2016 – 2026 (Kilo Ton)
TABLE 16 North America SC Market Value, by Country, 2016 – 2026 (US$ Mn)
TABLE 17 Europe SC Market Volume, by Coating Type, 2016 – 2026 (Kilo Ton)
TABLE 18 Europe SC Market Value, by Coating Type, 2016 – 2026 (US$ Mn)
TABLE 19 Europe SC Market Volume, by End-use Industry, 2016 – 2026 (Kilo Ton)
TABLE 20 Europe SC Market Value, by End-use Industry, 2016 – 2026 (US$ Mn)
TABLE 21 Europe SC Market Volume, by Country/Region , 2016 – 2026 (Kilo Ton)
TABLE 22 Europe SC Market Value, by Country/Region , 2016 – 2026 (US$ Mn)
TABLE 23 Asia Pacific SC Market Volume, by Coating Type, 2016 – 2026 (Kilo Ton)
TABLE 24 Asia Pacific SC Market Value, by Coating Type, 2016 – 2026 (US$ Mn)
TABLE 25 Asia Pacific SC Market Volume, by End-use Industry, 2016 – 2026 (Kilo Ton)
TABLE 26 Asia Pacific SC Market Value, by End-use Industry, 2016 – 2026 (US$ Mn)
TABLE 27 Asia Pacific SC Market Volume, by Country/Region , 2016 – 2026 (Kilo Ton)
TABLE 28 Asia Pacific SC Market Value, by Country/Region , 2016 – 2026 (US$ Mn)
TABLE 29 Latin America SC Market Volume, by Coating Type, 2016 – 2026 (Kilo Ton)
TABLE 30 Latin America SC Market Value, by Coating Type, 2016 – 2026 (US$ Mn)
TABLE 31 Latin America SC Market Volume, by End-use Industry, 2016 – 2026 (Kilo Ton)
TABLE 32 Latin America SC Market Value, by End-use Industry, 2016 – 2026 (US$ Mn)
TABLE 33 Latin America SC Market Volume, by Country/Region, 2016 – 2026 (Kilo Ton)
TABLE 34 Latin America SC Market Value, by Country/Region, 2016 – 2026 (US$ Mn)
TABLE 35 Middle East and Africa SC Market Volume, by Coating Type, 2016 – 2026 (Kilo Ton)
TABLE 36 Middle East and Africa SC Market Value, by Coating Type, 2016 – 2026 (US$ Mn)
TABLE 37 Middle East and Africa SC Market Volume, by End-use Industry, 2016 – 2026 (Kilo Ton)
TABLE 38 Middle East and Africa SC Market Value, by End-use Industry, 2016 – 2026 (US$ Mn)
TABLE 39 Middle East and Africa SC Market Volume, by Region , 2016 – 2026 (Kilo Ton)
TABLE 40 Middle East and Africa SC Market Value, by Region , 2016 – 2026 (US$ Mn)
TABLE 41 3M: Company Snapshot (Business Description; Financial Information; End-use Industry Portfolio; Business Strategies/Recent Developments)
TABLE 42 The Sherwin-Williams Company (US): Company Snapshot (Business Description; Financial Information; End-use Industry Portfolio; Business Strategies/Recent Developments)
TABLE 43 RPM International: Company Snapshot (Business Description; Financial Information; End-use Industry Portfolio; Business Strategies/Recent Developments)
TABLE 44 Axalta Coatings Systems: Company Snapshot (Business Description; Financial Information; End-use Industry Portfolio; Business Strategies/Recent Developments)
TABLE 45 Hempel A/S: Company Snapshot (Business Description; Financial Information; End-use Industry Portfolio; Business Strategies/Recent Developments)
TABLE 46 Jotun A/S: Company Snapshot (Business Description; Financial Information; End-use Industry Portfolio; Business Strategies/Recent Developments)
TABLE 47 NEI Corporation: Company Snapshot (Business Description; Financial Information; End-use Industry Portfolio; Business Strategies/Recent Developments)
TABLE 48 PPG Industries: Company Snapshot (Business Description; Financial Information; End-use Industry Portfolio; Business Strategies/Recent Developments)
TABLE 49 Dow Corning: Company Snapshot (Business Description; Financial Information; End-use Industry Portfolio; Business Strategies/Recent Developments)
TABLE 50 Akzonobel N.V.: Company Snapshot (Business Description; Financial Information; End-use Industry Portfolio; Business Strategies/Recent Developments)