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MARKET OUTLOOK 

Europe’s smart coatings market is anticipated to exhibit growth with a CAGR of 23.58% during the projected years between 2021 and 2028. The United Kingdom, Russia, Spain, France, Germany, Italy, and Rest of Europe together form the market in this region.

The UK is largely focusing on infrastructure development. The construction industry is among the major industries here, and contributes nearly 6% to the national GDP. The rising commercial and residential infrastructural activities in the nation are driving its construction market. The rapid rate of urbanization, rise in population, and increased tourism are expected to drive the growth of the building sector, particularly in the residential and leisure markets. 

The government is boosting its investments in transport infrastructure by fast-tracking key projects. This is creating new opportunities for the country’s service sector. The growth of the construction sector is expected to fuel the demand for smart coatings in the United Kingdom. This is expected to foster the development of the studied market in the years to come.

Construction is one of the most prominent industries in the Netherlands, and is growing at a moderately high pace. The non-residential construction sector, particularly, has gained pace since 2016. Some major projects that have started or are about to begin include Coolsingel Redesign, Zalmhaven Toren, Nieuw Kijkduin, and Dutch Windwheel. The development of the construction sector is significantly boosting the demand for smart coatings here. Further, Belgium and Poland are witnessing a shift towards flexible and low-cost packaging, with several manufacturers producing such packaging. This is likely to enhance the demand for smart coatings. The growing demand is aiding the growth of the market in Rest of Europe.

COMPETITIVE OUTLOOK

The leading competitors in the smart coatings market include PPG Industries Inc, Axalta Coating System, BASF SE, Royal DSM NV, Jotun AS, Eastman Chemical Company, Hempel AS, and AkzoNobel NV.