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MARKET OUTLOOK 

As per Triton Market Research’s report, the North America smart coatings market is anticipated to develop with a CAGR of 23.61% in terms of revenue, during the forecast years from 2021 to 2028. The United States and Canada together form the market in this region.

The consumption of smart coatings in Canada has been relatively low. However, upcoming projects or trends in several end-user industries in the country are expected to increase the consumption of smart coatings. 

For instance, the Canadian aerospace industry is now at a turning point. Exponential growth is expected for the global industry over the next two decades, and this would significantly enhance the consumption of smart coatings in aerospace. Moreover, with the rise in airplane passengers in the country, huge investments are pouring in for aviation sector development. This development will foster the demand for smart coatings, and, in turn, drive the market growth.

There is a high demand for smart coatings in North America. The high demand is majorly from the automotive and aerospace sectors in the region, especially the United States. Further, with the rapid growth in the construction industry, an increase in the demand for smart coatings can be seen. This rising demand is fueling the studied market growth in the region. Besides, the presence of major players in smart coatings applications in North America is another factor expected to boost the growth of the market in this region over the coming years.

COMPETITIVE OUTLOOK

The dominant players in the smart coatings market are The Sherwin Williams Company, AkzoNobel NV, Axalta Coating System, Eastman Chemical Company, Nippon Steel Corporation, PPG Industries Inc, Tesla NanoCoatings Inc, and EI Du Pont De Nemours & Company.