The growing demand for smart coatings from end-use industries, such as automotive & transportation, aerospace & defense, marine, and building & construction, is driving the smart coatings market. This factor has encouraged many companies to adopt various developmental strategies in the smart coatings industry. New product launch accounted for the largest share of all the strategies adopted by the market players between 2015 and 2017. This growth strategy was adopted by the players to increase their foothold and maintain sustained growth in the smart coatings market. AkzoNobel (Netherlands), PPG Industries (US), Axalta Coatings Systems (US), The Sherwin-Williams Company (US), Jotun A/S (Norway), RPM International (US), Hempel A/S (Denmark), and NEI Corporation (US) are some of the leading smart coatings manufacturers who have adopted this strategy to develop their businesses, globally.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownload.asp?id=231549104
Besides new product launch, companies have also adopted expansion and acquisition strategies to expand their market share and distribution network. These strategies accounted for a significant share of the overall growth strategies adopted by the players in the smart coatings market between 2015 and 2017.
AkzoNobel (Netherlands), PPG Industries (US), and Axalta Coatings Systems (US) are the most prominent players in the smart coatings market. These companies have mainly adopted new product launch and expansion strategies in the past two years to achieve growth in the smart coatings market.
PPG Industries manufactures and distributes coatings and glass products. The company operates in five segments, namely, performance coatings, industrial coatings, architectural coatings, optical & specialty materials, and glass. The company also provides industrial and automotive coatings to manufacturing companies; adhesives & sealants to the automotive industry; metal pretreatments & related chemicals for industrial and automotive applications; and packaging coatings to aerosol, food, and beverage container manufacturers. PPG Industries manufactures anti-fouling coatings, such as SIGMAGLIDE 1290, SIGMA ECOFLEET 690, SIGMA NEXEON 710, SIGMA ECOFLEET 530, and SIGMA NEXEON 710, which can be used in coastal ship operation for anti-fouling functions. In July 2017, PPG Industries (US) launched KWIKSPAR 600 and 600SG polyaspartic coatings, a line of corrosion-resistant, direct-to-metal (DTM) coatings that provide an ultrafast-drying alternative to traditional three-coat corrosion protection systems.
AkzoNobel is a diversified chemical company operating in three segments, namely, decorative paints, performance coatings, and specialty chemicals. Smart coatings are manufactured under the performance coatings segment. The company has a strong customer base and operates in many countries of Europe, North America, APAC, South America, and the Middle East. The company manufactures anti-fouling coatings under brands such as Intercept, Intersmooth, Interspeed, and Interswift. In September 2015, AkzoNobel partnered with BioCote to expand their world-class Interpon brand to create Interpon AM, which is an antimicrobial powder coating used to protect the surface from microbial growth and degradation.
The market size of smart coatings is estimated at USD 2.15 billion in 2017 and is projected to reach USD 6.27 billion by 2022, at a CAGR of 23.87% from 2017 to 2022.
APAC is the largest and the fastest-growing market for smart coatings, in terms of value and volume, and is expected to retain its leadership until 2022. The countries in this region, such as China, Japan, South Korea, India, Indonesia, and Thailand, are witnessing an increase in the use of smart coatings in the automotive & transportation, aerospace & defense, marine, and building & construction end-use industries. This growth is mainly backed by increasing demand from marine and automotive industries; and increasing expansion, acquisition, and new product launch activities in the region.
The marine end-use industry is projected to register the highest CAGR between 2017 and 2022, owing to the growing need to slow or hinder the growth of organisms on the hull of vessels. Smart coatings are applied to different parts of offshore vessels and structures, which are made of metals and are continuously exposed to severe conditions, such as sea water and UV rays
Anti-corrosion smart coatings are preferred because of their compatibility with most structural metals; long-lasting corrosion protection property; adherence to environmental, health, and safety standards; and capability to repair themselves when damaged. They also require less maintenance, materials, and labor; and less physical preparation of the metal surface. In the automotive & transportation industry, anti-corrosion smart coatings are used in fasteners, body hardware, door closures, lock parts, exhausts, suspensions, engine components, and clamps & hose connections, and for making the vehicles scratch-free.
The market players are expected to undertake organic growth strategies, such as regional expansion, acquisition, and new product development, to expand their overall business and tap the fast-growing regions during the forecast period. Many companies are engaged in developing innovative products as well as enhancing their presence in the emerging markets. The major companies are also striving to strengthen their R&D facilities to provide cost-effective products. These products are manufactured by adhering to regulations set by associations and governments. All these developments are expected to lead to the sustainable growth of players in the smart coatings in the next five years.