International. A report by Transparency Market Research predicts that the global smart coatings market will expand at a compound annual growth rate (CAGR) of 29.8 percent over the period between 2017 and 2025. Reaching at this rate, the market, which was worth US$1.1 billion in 2016, is projected to reach US$9.82 billion by 2025.
The anti-corrosion coatings segment dominates the market due to demand from North America, Europe, and Asia-Pacific. They find applications in end-use industries such as automotive, electronics, and the military.
Geographically, the key segments of the global Smart Coatings market are North America, Latin America, Europe, Asia-Pacific, and Middle East and Africa. Currently, Asia-Pacific outpaces all other regions in terms of growth due to the higher pace of manufacturing and infrastructure development in India and China. The report predicts that the region will record a CAGR of 38.6 percent between 2017 and 2025.
Smart coatings enjoy solid demand due to their ability to provide protection to the surface on which they are applied, due to any type of damage as a result of a microbial attack, corrosion, dust, oil or moisture.
"In aerospace, smart coating can indicate damage to an aircraft engine or oil and gas platform or even to a compound that is used to save weight on an aircraft. It can also find application as a barrier coating for a packaging film and also be transparent and due to these unique characteristics, such coatings are having widespread application in the military, aerospace, healthcare and automotive segments. Even consumers are willing to pay premium prices for such smart-coated products," said the lead analyst of the Transparency Market Research report.
