According to the research report titled ‘GLOBAL SMART COATINGS MARKET 2021-2028’, available with MarketStudyReport, global smart coatings market size is slated to register a CAGR of 24.03% over the forecast period 2021-2028.

As per report findings, surging demand from the construction sector, and numerous advantages of the product as compared to other traditional coatings are primarily driving global smart coatings market growth. Moreover, major players are increasingly engaging in strategic acquisitions and mergers with other companies to exploit the benefits of synergy, which is likely to create new opportunities for development in the upcoming years.

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Despite the positive outlook, high cost of smart coatings, and strict regulations for environmental protection will hamper the market remuneration scope for the next seven years.

Based on layer type, global smart coatings market is arrayed into single-layer, and multi-layer, whereas by application type, the industry classification comprises automotive, building & construction, marine aerospace & defense, and others.

Considering coating type, the business vertical is split into anti-fouling, anti-microbial, anti-corrosion, anti-icing, self-healing, self-cleaning, and others.

On the regional front, Asia-Pacific market is on track to exhibit notable growth over 2021-2028, as it is emerging as a major hub for foreign investments and also has an expanding manufacturing sector, mainly due to easy accessibility of low-cost labor and raw materials.

Moreover, surge in demand for smart coatings, owing to increasing applications across various sectors such as aerospace & defense, automotive & transportation, marine, building & construction, and electrical & electronics is also driving regional market growth.

Major players in worldwide smart coatings industry include Sherwin Williams Co., Dow Chemical Co., Tesla NanoCoatings Inc., Royal DSM N.V., PPG Industries Inc., Nippon Steel Corp., NEI Corp., Jotun A/S, Hempel A/S, E.I. du Pont de Nemours and Co., Eastman Chemical Co., BASF SE, Axalta Coating Systems LLC, and AnCatt Inc.