Aerospace Smart Coatings Market Size – USD 4.11 Billion in 2021, Growth – at a CAGR of 23.4%, Trend – Increasing application of smart coatings for architectural and decorative purposes
Increasing demand for smart coatings in construction industry and rising demand for longer durability than traditional coatings are some key factors driving market revenue growth
The global Aerospace Smart Coatings Market size is expected to reach USD 27.25 Billion in 2030 and register a revenue CAGR of 23.4% over the forecast period, according to latest report by Reports and Data. Increasing demand for smart coatings in construction industry, along with rising demand for longer durability than traditional coatings, are expected to drive market revenue growth during the forecast period.
Increasing application of smart coatings for architectural and decorative purposes is expected to boost revenue growth of the market. Smart coatings are used on a variety of surfaces throughout houses, including tabletops, glass panels, photo frames, electronic devices, and lighting fixtures, among others. Smart nanotechnology coating on surfaces can improve handling, durability, and oxidation resistance without affecting performance. Additionally, smart coatings can be designed to enhance reflectance of a glass surface at a specific wavelength of light. Reflective properties of smart coatings can help make the surface a good choice for a variety of aesthetic applications. These factors are expected to boost revenue growth of the global Aerospace Smart Coatings Market during the forecast period.
However, concerns regarding stringent regulatory policies and environmental challenges are expected to hamper revenue growth of the market during the forecast period. Smart coatings are considered harmful to the environment due to the release of gases during synthesis and use of solvents such as Volatile Organic Compounds (VOCs) that emit toxic peroxides into the environment. These compounds are considered harmful to the environment since they contribute to ozone and smog formation. The smart coatings industry is facing environmental and legal challenges as governments of various countries are placing more focus on regulation of Volatile Organic Compounds (VOCs) and are implementing strict rules demanding use of environment-friendly green products. Manufacturers have been forced to produce environment-friendly smart coatings with low VOC levels due to strict regulations imposed by the European Union's Registration, Evaluation, Authorisation, and Restriction of Chemicals (REACH), the United States Environmental Protection Agency (USEPA), Leadership in Energy and Environmental Design (LEED), and other regional regulatory authorities.
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Top Leading Players: BASF SE, The Sherwin-Williams Company, PPG Industries, Inc., Eastman Chemical Company, RPM International, Inc., Axalta Coating Systems, LLC, Jotun A/S, Tesla Nanocoatings, Inc., NEI Corporation, and Helicity Technologies, Inc.
Some Key Highlights in the Report
Single-layer segment accounted for largest revenue share in 2020 owing to rising demand for multiple functionalities in electronic devices and equipment.
Self-healing segment revenue is expected to grow at a significantly steady rate over the forecast period. Rising demand for polyurethane smart coatings due to increasing awareness about its long-lasting, easy-to-clean, and self-repairing functionalities is contributing to growth of the segment.
Aerospace Smart Coatings Market in Asia-Pacific accounted for largest revenue share in 2020. Large presence of construction and automotive industries using smart coatings in the region is expected to drive revenue growth of the Asia-Pacific market.
In January 2021, Tesla Nanocoatings, Inc., a U.S.-based company, launched Nano Non-Skid known as Teslan 1105 Zn-CNT Single Coat Deck Epoxy, which is a solvent-based, three-component epoxy designed for protection of steel and metallic substrates. Nano Non-Skid combines carbon nanotubes (CNTs) with sacrificial zinc and non-skid aggregate to enhance durability, corrosion prevention, and anti-skid properties.
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Market Segmentation:
Layers Outlook (Revenue, USD Billion; 2019-2030)
- Single-Layer
- Multi-Layer
Function Outlook (Revenue, USD Billion; 2019-2030)
- Anti-Microbial
- Anti-Corrosion
- Anti-Fouling
- Anti-Icing
- Self-Cleaning
- Self-Healing
Sensing Type Outlook (Revenue, USD Billion; 2019-2030)
- pH
- Ionic Strength
- Temperature
- Pressure
- Surface Tension
- Electric or Magnetic Fields
- Light
- Acoustics
- Mechanical Forces
End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Automotive Transportation
- Marine
- Building Construction
- Aerospace Defense
- Electronics
- Medical
- IT Technologies
- Agriculture
- Household
- Others
Regional Outlook:
North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
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Key questions covered in the global Aerospace Smart Coatings Market report:
- What is the expected market size of the global Aerospace Smart Coatings Market during the forecast period?
- What factors are expected to hamper global Aerospace Smart Coatings Market growth over the forecast period?
- Which application segment is expected to dominate other application segments over the forecast period?
- Which region is expected to dominate in terms of revenue during the forecast period?
- What are the key outcomes of Porter’s Five Forces analysis and SWOT analysis?
- Which leading players are operating in the global Aerospace Smart Coatings Market?
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