The smart coatings industry has been significantly impacted by globalization. Demand for technologically developed coatings that deliver higher level of technical performance is rising across the globe. These technologically developed products create value in the market. In corrosion protection, the smart coatings include sensing, warning, corrosion inhibition, and repair. This is achieved by incorporating pH-triggered release of self-healing and multifunctional microcapsules into the smart coating.
Increase in performance requirements and improvement in quality standards of the product to protect from microbial attack, corrosion, dust, dirt, oil, moisture, and other substances is boosting the market for smart coatings. Increase in demand for smart coatings in building & construction, electronics, and automotive end-use industries is anticipated to augment the smart coatings market. Rise in demand for smart coatings in medical, military, and other industrial applications is also driving the smart coatings market. Introduction of new innovative technologies or products is projected to open up new markets for smart coatings. Market players are striving to impart anti-bacterial and self-healing properties to smart coatings. These coatings are widely employed for applications such as self-leaning, anticorrosion, antimicrobial, etc. Application of smart coatings improves rigidity and durability of the product. Various industries, ranging from construction to automotive, electronics, and medical in developing countries such as China, India, Brazil, South Africa, and Mexico, have witnessed rapid expansion. Rising standard of living due to the industrial revolution taking place in these countries and other developing nations has led to the increased demand for high quality smart coatings to be utilized for desired applications.
In terms of volume, North America held a major share of the global smart coatings market, followed by Europe. Rising infrastructure development activities along with increasing demand for smart coatings from industries such as automotive, military, healthcare, and consumer electronics are key factors for the high consumption of smart coatings in North America and Europe. Asia Pacific held an average share of the global smart coatings market in 2016. Demand for smart coatings in the region is projected to rise at a rapid rate during the forecast period, due to the increasing demand from emerging economies such as India and China. Increasing infrastructure development in the region coupled with the expansion of the manufacturing sector is projected to propel demand for the product over the forecast period. Latin America and Middle East & Africa held the least share in the global smart coatings market. The share of the product in the region is projected to increase at an average CAGR.
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