International. The size of the smart coatings market was valued at $1.75 billion in 2016 and is projected to reach $6.27 billion by 2022, at a CAGR of 23.87 percent during the forecast period, according to research by MarketsandMarkets.
The growth of the market is driven by increasing demand for smart coatings from end-use industries such as automotive and transportation, aerospace and defense, and marine. The base year considered for the study is 2016, while the forecast period is between 2017 and 2022.
Demand for smart coatings in the automotive and transportation, aerospace and defense, marine and construction and building end-use industries is high, especially in China, India and Brazil. New technologies and emerging innovations drive the demand for smart coatings in these industries. The APAC smart coatings market is expected to experience strong growth over the next five years.
The price and availability of raw materials are key factors for smart coating manufacturers to determine the cost structure of their products. Raw materials used by the smart coatings industry include methylamines and inorganic chemicals.
