The general coating industry has declined but specialized coating surface engineering sectors are witnessing strong growth driven by the needs of high-end industries, such as oil and gas and electronics, according to a new report released by Future Markets Inc., an advanced technology consultancy with a focus on the development and commercialization of nanomaterials and nanotechnology.
The firm says nanocoatings are opening up new market opportunities in the global coatings arena. Properties such as anti-microbialism, thermal insulation, dirt and water repellency, hardness, corrosion resistance, flame retardancy, UV stability, anti-graffiti, self-cleaning, moisture absorbing, gloss retention and chemical and mechanical properties are improved significantly using nanostructured materials.
Global revenues for nanocoatings in 2011 were estimated to be $1559 million the report said.
Despite the market being affected by the global economic recession, product innovation and the need to meet stringent environmental regulations is driving market demand across a wider range of markets.
Global revenues for nanocoatings in 2017 are estimated to be $7,821 million, a CAGR of 27.25 percent. Conservative estimates put the 2017 market at $4371.2 million.
The market for nanocoatings will grow across all sectors over the next five to 10 years, with the medical, electronics and displays (especially smart phones), interior and exterior household coatings and food processing markets all experiencing significant growth, driven by the need for improved sanitary facilities and also pushed by the vast improvements nanocoatings offer, from both a protective and destructive perspective. The military market will remain the largest market with anti-corrosion coatings increasingly applied. Anti-corrosion coatings and super hardness will also drive revenues in the oil and gas industry, for protective surfaces in pipelines and harsh environments and on drilling equipment.