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MARKET OUTLOOK

The global smart coatings market is expected to develop with a CAGR of 24.03% during the forecast years from 2021 to 2028.

Smart coatings have several advantages over traditional coatings. This has increased their demand and is majorly driving the market growth. Further, the rise in the demand for these coatings from the construction sector is another factor adding to the market growth.

On the other hand, stringent regulations for environmental protection and the high cost of smart coatings are obstructing the growth of this industry. However, the increasing preference for smart coatings compared to its alternative is creating lucrative opportunities for growth in the smart coatings market. Besides, players in this market are engaging in mergers and acquisitions with other companies to leverage the growth opportunities.

REGIONAL OUTLOOK

Latin America, the Asia-Pacific, the Middle East and Africa, Europe, and North America together shape the global market for smart coatings. 

The market in the Asia-Pacific is expected to grow the fastest globally, over the coming years. The region has become a hub for foreign investments and also has a booming manufacturing sector, mainly because of the availability of low-cost labor and easily accessible raw materials. This has significantly influenced the demand for smart coatings. 

Further, there is a rise in the demand for these coatings, owing to the growth in the automotive & transportation, aerospace & defense, marine, building & construction, and electrical & electronics industries. All these factors are driving the studied market growth in the APAC.

COMPETITIVE OUTLOOK

Some of the major players engaged in the smart coatings market include BASF SE, Tesla NanoCoatings Inc, Jotun AS, Eastman Chemical Company, 3M Company, AkzoNobel NV, Royal DSM NV, The Sherwin Williams Company, NEI Corporation, Ancatt Inc, Dow Chemical Company, EI Du Pont De Nemours & Company, Nippon Steel Corporation, PPG Industries Inc, Hempel AS, and Axalta Coating System.

3M Company (3M) is a globally renowned diversified technology company. It is engaged in manufacturing and marketing a broad range of innovative products, including adhesives, tapes, filtration products, medical & surgical supplies, transportation safety products, dental & orthodontic products, packaging & interconnection devices, skin health & infection prevention products, home care products, touch screen & touch monitors, and consumer & office tapes and adhesives. 

3M distributes its products directly to users and through several wholesalers, retailers, jobbers, distributors, and dealers. The company has a diversified revenue stream in terms of business lines and geographies. It operates 80 manufacturing facilities in the United States, and has 125 manufacturing & converting facilities in 37 nations outside the US.