Smart Coatings to Hit $3B by 2018
THURSDAY, NOVEMBER 14, 2013
The global smart coatings market is expected to reach $3 billion in 2018, experiencing exponential growth as industries opt for quality and performance over price, a new report predicts.
Valued at just $363 million in 2013, the smart coatings market will grow as products emerge in new applications throughout the construction, energy, military, automotive, medical and consumer electronic goods industries, according to "Worldwide Smart Coatings Markets, 2013-2020."
Accounting for over 60 percent of the $3 billion, self-cleaning coatings will reach $1.4 billion in 2018 and anti-corrosion coatings will hit $449 million, predicts the report by NanoMarkets, which tracks and analyzes emerging markets created by developments in advanced materials.
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| Eastern Michigan University Coatings Research Institute |
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Led by self-cleaning and anti-corrosion coatings, the global smart coatings market will grow from $363 million in 2013 to $3 billion in 2018, a new forecast says. |
A smart coating is defined as any coating that changes material properties in response to an environmental stimulus. Coatings have been engineered that link changes in light, temperature, humidity, pressure, electrical current, surface contamination and many other inputs to a variety of outputs.
With their unique functionalities, ability to be highly customized, and resistance to extreme environments, these coatings present a "strong business case," according to NanoMarkets, which began researching the smart coating market in 2011.
The report analyzes the demand for a variety of smart coatings, including self-cleaning, anti-corrosion, self-healing, self-dimming and biomedical coatings.
Market Leaders
Self-cleaning coatings make up the largest segment of smart coatings, and the report estimates that this market will reach $1.4 billion in 2018. The fastest-growing sector is for non-glass substrates like aluminum siding, tile and textiles, the report says.
While self-cleaning coatings for glass are already widely used, NanoMarkets foresees more opportunities, saying there is "considerable" room for improvement among existing products, as well as additional functionalities like anti-fog and anti-glare properties.
Smart anti-corrosion coatings will benefit from extreme conditions where traditional coatings are not protective enough, allowing the segment to hit $449 million by 2018, the report predicts.
Multipurpose smart anti-corrosion coatings developed to address oxidation, wear and other factors are an "important future direction" for this segment, according to NanoMarkets. Currently, these multipurpose coatings are available in limited quantities from small suppliers, but the report predicts a shift to larger specialty chemical companies, making them more widely available.
'Dramatic' Market Shift
The report predicts a "dramatic shift" in the smart coatings market over the next few years. While nearly 70 percent of current revenues come from the construction and automotive industries, this number will drop to 37 percent by 2020, the report says.
Meanwhile, the energy sector, with potential for sales from self-cleaning coatings for solar panels, will account for 25 percent of the market sales.
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Self-cleaning coatings, already widely available for glass, make up the largest segment of smart coatings. |
Additionally, consumer markets will flourish where customers are willing to pay for coatings that offer functions like scratch resistance and enhanced energy efficiency.
The report includes eight-year forecasts by application sector and coating type in terms of both value and volume, as well as an assessment of the product and marketing strategies used by coating suppliers.
Leading companies covered in the report include 3M, Bayer, Corning, Dassault, Dow, DSM, DuPont, Eastman Chemical, Fuji Heavy Industries, Honda, Nippon Steel, Nissan, NTT, Pilkington, PPG, Saint-Gobain, Sherwin-Williams, Sumitomo and Toyota.
Tagged categories: Coating Materials; Coating types; Construction; Corrosion control coatings; Market forecasts; Market trends; Purchasing; Self-cleaning coatings; Self-healing; Smart coatings
