London, UK -- (SBWIRE) -- 03/25/2022 -- A recent study by Triton Market Research titled 'Global Smart Coatings Market,' covers the Global Analysis and Forecasts by Application (Automotive, Building & Construction, Aerospace & Defence, Marine, Other Applications), by Type of Layer (Single-layer, Multi-layer), by Coating Type (Anti-corrosion, Anti-microbial, Anti-icing, Anti-fouling, Self-healing, Self-cleaning, Other Coating Types), and by Regional Outlook (North America; Europe; Asia-Pacific; Latin America; the Middle East and Africa), and Regional Outlook (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa).

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Triton Market Research's report predicts the global smart coatings market to showcase a CAGR of 24.03% in terms of revenue over the forecasting duration from 2021 to 2028, generating a revenue worth $12951.08 million by the year 2028.

Smart coatings offer multiple benefits over traditional functional coatings. They are active materials that are tailored to suit the environmental stimuli, thus offering enhanced performance. These advantages of smart coatings over their traditional counterparts are fostering the growth of the market studied. However, the prices of smart coatings are not likely to decrease until the awareness regarding these products and their usage rise with the increase in the applications of smart coatings in the coming future. This is expected to restrain the development of the market.

The market for smart coatings is segmented mainly into application, type of layer, and coating type. On the basis of application, it is divided into automotive, building & construction, aerospace & defence, marine, and other applications. The type of layer segment is categorized into single-layer and multi-layer. Lastly, the coating type segment is classified into anti-corrosion, anti-microbial, anti-icing, anti-fouling, self-healing, self-cleaning, and other coating types.

The Asia-Pacific is presently the largest market for smart coatings globally, and is expected to continue to reign until the end of the projected period. The region has become an attractive market for investors, due to the presence of a number of emerging economies here, such as China, India, South Korea, Vietnam, Indonesia, and others. Owing to the strong economic growth, domestic companies are setting foot in the APAC in order to expand their business. These developments are expected to boost the growth of the Asia-Pacific market coatings market further.

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

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Question & Answer: Smart Coatings Market

Question 1: What is fostering the growth of the smart coatings market?

Answer: Smart coatings offer multiple benefits over traditional functional coatings. They are active materials that are tailored to suit the environmental stimuli, thus offering enhanced performance. These advantages of smart coatings over their traditional counterparts are fostering the growth of the market studied.

Question 2: What is expected to restrain the development of the smart coatings market?

Answer: The prices of smart coatings are not likely to decrease until the awareness regarding these products and their usage rise with the increase in the applications of smart coatings in the coming future. This is expected to restrain the development of the market.

Question 3: How is the Asia-Pacific influencing the growth of the smart coatings market?

Answer: The Asia-Pacific is presently the largest market for smart coatings globally, and is expected to continue to reign until the end of the projected period. The region has become an attractive market for investors, due to the presence of a number of emerging economies here, such as China, India, South Korea, Vietnam, Indonesia, and others.

Owing to the strong economic growth, domestic companies are setting foot in the APAC in order to expand their business. These developments are expected to boost the growth of the Asia-Pacific market coatings market further.

Question 4: Which are the established players in the smart coatings market?

Answer: Tesla NanoCoatings Inc, Eastman Chemical Company, AkzoNobel NV, Ancatt Inc, PPG Industries Inc, Royal DSM NV, BASF SE, Hempel AS, 3M Company, NEI Corporation, The Sherwin Williams Company, Axalta Coating System, Nippon Steel Corporation, EI Du Pont De Nemours & Company, Jotun AS, and Dow Chemical Company are the established players in this market.

Related Report:

Global Paints & Coatings Market

The global paints & coatings market is likely to observe growth at a CAGR of 5.34% (in revenue) and 4.30% (in volume) during the considered phase 2021-2028. It is assessed to gain $229.71 billion by 2028. The market is also assessed to accumulate 70970.22 kilotons by the end of this period.

Paints and coatings are chemicals used to protect products from damage and enhance their life span. Apart from this, they also provide a better look and texture to these products. The paints & coatings industry comprises manufacturers of paints, lacquers, varnishes, stains, and shellacs.

There is a rising demand for paints and coatings from the automotive, aerospace, marine, and other sectors. Also, there is a growing demand for eco-friendly paints and coatings and an increase in the use of corrosion-resistant paints and coatings. These factors are majorly boosting the global paints and coatings industry. On the other hand, the implementation of stringent regulations regarding VOC emissions, due to the harmful environmental impact of solvent-free paints and coatings is hindering the growth of this industry.