Smart Coatings Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 5.36 Billion |
| Market Size (2029) | USD 11.68 Billion |
| CAGR (2024 - 2029) | 16.80 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Smart Coatings Market Analsyis
The Smart Coatings Market size is estimated at USD 5.36 billion in 2024, and is expected to reach USD 11.68 billion by 2029, growing at a CAGR of greater than 16.80% during the forecast period (2024-2029).
The COVID-19 pandemic had a negative impact on the market; however, post-pandemic, the market is projected to grow steadily during the forecast period owing to growth in various end-user industries like construction, automotive, aerospace, and defense worldwide.
- In the short term, superior properties over traditional coatings and rising demand from the construction industry are expected to drive the market.
- On the other hand, the high cost of smart coatings is expected to restrain the market and hinder its growth.
- The increasing use of nanoparticles to improve functionality and opportunities for smart coatings to replace conventional coatings in various end-user industries are projected to create an opportunity for the market in the coming years.
- Asia-Pacific is expected to dominate the market and witness the highest growth rate during the forecast period.
Smart Coatings Market Trends
The Building and Construction Industry is Experiencing a Growing Demand
- Smart coatings like self-cleaning are used on glass walls in buildings for easier maintenance, especially for high-rise commercial and office buildings. Anti-microbial coatings have extensive applications in hospitals, kitchens, and public bathrooms. Anti-corrosion coatings are also used in infrastructure and industrial buildings.
- The construction sector in Asia-Pacific is the largest in the world. It is increasing at a healthy rate, owing to the rising population, increase in middle-class income, and urbanization.
- According to the National Bureau of Statistics of China, the output value of construction works in the country was CNY 31.59 trillion (USD 4.43 trillion) in 2023 compared to CNY 31.2 trillion (USD 4.37 trillion) in 2022, thereby enhancing the demand in the market.
- Apart from residential construction, Asia-Pacific has been a thriving market for office spaces in recent years and is one of the largest markets in the commercial construction industry.
- According to the United States Census Bureau, the buildings and construction industry is a key component of the United States economy, with more than 745,000 businesses involved. In 2023, the overall expenditure on construction climbed to USD 1.98 trillion, signifying a 7.4% rise compared to the year before.
- As per the data released by the European Commission, growth in construction production in December 2023 compared to December 2022 was 1.9% across the euro area and 2.4% across the European Union. The Y-o-Y average increase in construction production in 2023 compared to 2022 was 0.2% for the euro area and 0.1% for the European Union, thereby enhancing the consumption of smart coatings from various construction applications in the country.
- Hence, such robust growth in construction activities is fuelling the demand in the market.
China is Expected to Dominate the Asia-Pacific Region
- Asia-Pacific dominated the global smart coatings market in terms of market share. Factors such as increasing construction activities and the growth of the automotive industry are favoring the market.
- Smart coatings are increasingly used in China's building and construction industry. China has the world's largest construction industry. Moreover, with several major construction projects in progress, China is expected to maintain its status as the largest construction industry in the foreseeable future.
- China has been majorly driven by ample residential and commercial construction developments supported by the growing economy. In China, the housing authorities of Hong Kong launched several measures to push start the construction of low-cost housing. The officials aim to provide 301,000 public housing units in 10 years by 2030.
- India’s construction industry is projected to grow to USD 1.4 trillion by 2025. By 2030, an estimated 600 million people will live in urban centers, resulting in a need for 25 million additional mid- and ultra-luxury units. Under the National Investment Plan (NIP), India has an infrastructure investment budget of USD 1.4 trillion, with 24% earmarked for renewable energy, roads and highways, urban infrastructure, and 12% for railways.
- In India, the automobile industry's contribution to the overall GDP stands at 7.1%. It is 49% of the manufacturing GDP, with an annual turnover of INR 7.5 lakh crore (USD 0.010 million) and an export of INR 3.5 lakh crore (USD 0.0047 million).
- In addition, in 2023, 58.51 million vehicles were produced in the country, compared to 54.57 million units in 2022.
- According to the UN Conference on Trade and Development (UNCTAD), Japan's merchant fleet accounted for 40,263.34 thousand dead-weight tons at the start of 2022, registering a growth rate of 2.42%, compared to 39,312.53 thousand dead-weight tons at the beginning of 2021, thereby, increasing the demand for smart coatings in the country.
- All the above-mentioned factors are expected to augment the market during the forecast period.
Smart Coatings Industry Overview
The global market for smart coatings is semi-consolidated. Major players in the market include Akzo Nobel NV, PPG Industries Inc., The Sherwin-Williams Company, RPM International Inc., and Axalta Coating Systems, LLC (not in any particular order).
Smart Coatings Market Leaders
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Akzo Nobel NV
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PPG Industries Inc
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The Sherwin-Williams Company
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RPM International Inc.
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Axalta Coating Systems, LLC
*Disclaimer: Major Players sorted in no particular order
Smart Coatings Market News
- December 2023: Axcentive, a company specializing in creating and promoting cutting-edge technologies in coatings, and Materia Nova, a firm focused on developing advanced surface coatings, announced a merger to form a strategic alliance to advance nanotechnology. This partnership with Materia Nova represents a significant advancement in the company's expansion within the smart and functional coatings market.
- April 2022: The Sherwin-Williams Company acquired the European industrial coatings business of Sika AG. Sika AG manufactures and sells corrosion-resistant coating systems. These coatings are included in the performance coatings segment. They are used in interior and exterior steel infrastructure, bridges, airports and rails, wind and energy, chemicals, power transmission, interior linings for oil and gas tanks, vessels, pipework, and water and wastewater applications.
Smart Coating Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Superior Properties Over Traditional Coatings
- 4.1.2 Growing Demand from the Construction Industry
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4.2 Restraints
- 4.2.1 High Cost of Smart Coatings
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size In Revenue)
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5.1 Function
- 5.1.1 Anti-fouling
- 5.1.2 Anti-microbial
- 5.1.3 Anti-corrosion
- 5.1.4 Anti-icing
- 5.1.5 Self-cleaning
- 5.1.6 Color-shifting
- 5.1.7 Other Functions
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5.2 End-user Industry
- 5.2.1 Building and Construction
- 5.2.2 Automotive
- 5.2.3 Marine
- 5.2.4 Aerospace and Defense
- 5.2.5 Other End-user Industries
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5.3 Geography
- 5.3.1 Asia-Pacific
- 5.3.1.1 China
- 5.3.1.2 India
- 5.3.1.3 Japan
- 5.3.1.4 South Korea
- 5.3.1.5 Rest of Asia-Pacific
- 5.3.2 North America
- 5.3.2.1 United States
- 5.3.2.2 Canada
- 5.3.2.3 Mexico
- 5.3.3 Europe
- 5.3.3.1 Germany
- 5.3.3.2 United Kingdom
- 5.3.3.3 Italy
- 5.3.3.4 France
- 5.3.3.5 Rest of Europe
- 5.3.4 Rest of the World
- 5.3.4.1 South America
- 5.3.4.2 Middle East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 3M
- 6.4.2 Akzo Nobel NV
- 6.4.3 Axalta Coating Systems LLC
- 6.4.4 Dupont
- 6.4.5 Hempel AS
- 6.4.6 Jotun
- 6.4.7 NEI Corporation
- 6.4.8 PPG Industries Inc.
- 6.4.9 RPM International Inc.
- 6.4.10 The Sherwin-Williams Company
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Increasing use of Nanoparticles to Improve Functionality
- 7.2 Increasing Opportunities for Smart Coatings to Replace Conventional Coatings in Various End-user Industries
Smart Coatings Industry Segmentation
The smart coating is a functional coating with one or more properties that can be changed significantly in a controlled fashion by external stimuli. This coating category can sense and respond to a stimulus in its environment (pressure, light, heat, etc.) and react predictably and reversibly.
The smart coatings market is segmented by function, end-user industry, and geography. By function, the market is segmented into anti-corrosion, antifouling, anti-microbial, anti-icing, self-cleaning, color-shifting, and other functions. By end-user industry, the market is segmented into building and construction, automotive and transportation, marine, aerospace and defense, and other end-user industries. The report also covers the market size and forecasts for the smart coatings market in 13 countries across major regions. For each segment, the market sizing and forecasts are done based on revenue (USD).
| Function | Anti-fouling | |
| Anti-microbial | ||
| Anti-corrosion | ||
| Anti-icing | ||
| Self-cleaning | ||
| Color-shifting | ||
| Other Functions | ||
| End-user Industry | Building and Construction | |
| Automotive | ||
| Marine | ||
| Aerospace and Defense | ||
| Other End-user Industries | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| France | ||
| Rest of Europe | ||
| Geography | Rest of the World | South America |
| Middle East and Africa |
Smart Coating Market Research FAQs
How big is the Smart Coatings Market?
The Smart Coatings Market size is expected to reach USD 5.36 billion in 2024 and grow at a CAGR of greater than 16.80% to reach USD 11.68 billion by 2029.
What is the current Smart Coatings Market size?
In 2024, the Smart Coatings Market size is expected to reach USD 5.36 billion.
Who are the key players in Smart Coatings Market?
Akzo Nobel NV, PPG Industries Inc, The Sherwin-Williams Company, RPM International Inc. and Axalta Coating Systems, LLC are the major companies operating in the Smart Coatings Market.
Which is the fastest growing region in Smart Coatings Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Smart Coatings Market?
In 2024, the Asia Pacific accounts for the largest market share in Smart Coatings Market.
What years does this Smart Coatings Market cover, and what was the market size in 2023?
In 2023, the Smart Coatings Market size was estimated at USD 4.46 billion. The report covers the Smart Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Smart Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Smart Coating Industry Report
The Smart Coatings Market Report provides a comprehensive market forecast, offering insights into various segments such as function, end-user industry, and geography. This industry report delves into market share, market size, and market trends, presenting a global market perspective. The analysis includes an industry overview, market analysis, and industry outlook, highlighting the market growth and identifying market leaders.
The report encompasses industry analysis, industry information, and industry statistics, providing a detailed market review and market segmentation. It also features market data, market predictions, and market value, ensuring a thorough understanding of the industry dynamics. The market report is available as a free report PDF download, serving as a report example for further research.
Industry reports and industry research are integral to understanding market growth and industry trends. The report includes a market forecast outlook, offering insights into the growth rate and market outlook. Market segmentation and market value are discussed, providing a comprehensive market overview. The report also highlights industry sales and industry size, ensuring a complete picture of the smart coatings market.
In summary, the Smart Coatings Market Report is an essential resource for understanding the market trends, market growth, and market outlook. It serves as a vital tool for research companies and provides valuable industry statistics and market data. The report's market forecast and market predictions are crucial for identifying market leaders and understanding the industry's future trajectory.
