The global smart coating market size is expected to value at USD 11.68 billion by 2024. The market is subject to witness a substantial growth due to the rise in the constant demand of smart coating solutions from number of end-user industries such as construction industry, automobile, military& defense sector, and medical sector. Highly-specialized properties associated with the use of smart coating are self-healing, self-cleaning and erosion resistant.
Such properties demonstrated by smart coating materials are vital in the automotive and aerospace sector, majorly for exterior usage. The use of the smart coating in aircrafts helps to identify any form of damage on an aero-engine. Globally, the smart coating market is predicted to grow at CAGR of 31.5% in the forecast period, providing numerous opportunity for market players to invest for research and development in the market.
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Increasing adoption of smart coating in the military and defense sector, majorly due to increasing need for customized, self-repair mechanism, in-built AI systems, and advanced detection abilities, is leading to market growth. The critical challenges such as biofouling and microbial attacks are over powered with adoption of the smart coating in the marine time applications. In addition, smart coating overcomes existing repair challenges with in-built self-repairing capabilities, mainly in the aerospace sector, thus propelling the growth for smart coating industry over the forecast period. The market segment involving multi-layer products has shown significant development in the recent years due to rising usage of multi-layered coatings for surface protection in number of industry sectors.
Highly advanced chemical, mechanical and thermal properties like that of anti-corrosion, self-repair, and in-built assembly in comparison with traditional coating are escalating the smart coating market value. Though, stringent environmental regulations by governmental agencies and rising cost of raw materials are key factors responsible for restraining market growth. Additionally, the growing demand for base ingredients like metal oxides from various sectors such as ornamentals and personal care is likely to increase prices associated with raw materials, thus restricting growth of the smart coating industry.
Smart coatings are specialized type of coating consisting of well-versed set of characteristics that allows determining and reacting to atmospheric and external stimulus. Such functionalities make them ideal for erosion protection, heat resistance and surface enhancement techniques. Along with the specialized design, smart coatings provide the common functions of coatings similar to protection and decoration, also unique capability of reacting to environmental stimuli. Various properties such as chemical, electrical and thermal are obtained with the use of programmable materials that allow smart coating to react changes in intensity of light, stress, biochemical, heat and other form of external stimulus.
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