The smart coatings market was valued at US$3.035 billion in 2018 and is expected to grow at a significant rate during the forecast period. Major driving factors behind the growth of the global smart coating demand are high implementation in various sectors such as military and defense, automobile, electrical and electronics, and others owing to a rise in demand for customization including smart self-repair, artificial intelligence, and sensing capabilities.
The smart coating demand is foreseen to rise aided by higher adoption of smart coatings in various sectors due to easier customization to meet customer demands, competitive advantages over traditional coating in various applications. The application of the smart coating in aero engines, and oil and gas platforms is rising due to its capability to indicate damages on various platforms. The smart coating is applied to reduce the overall weight of an aircraft. Smart coating demand will rise in both industrial and domestic verticals are these sensing types are gaining popularity due to their chemical and weather resistant qualities. Whereas, several factors such as high costs of raw materials, and unfavorable environmental regulations are expected to restrain the market growth opportunities in the coming years.
The smart coatings market has been segmented by type, sensing type, application and geography.
By Sensing type
Middle East and Africa