Nanocoatings are being extensively used as a substitute to conventional polymer coatings in applications including automobile, building and construction, and medical and healthcare. Nanocoatings demand is expected to increase due to superior properties and lesser VOC emissions as compared to other commercially used coatings in the market.
Medical and healthcare was the largest application market for nanocoatings, with demand estimated at 43.7 kilo tons in 2013 owing to increased use of anti-fingerprint and anti-microbial coatings for maintaining clean and hygienic environment in patient care facilities. The segment is also expected to be the fastest growing application, at an estimated CAGR of 22.7% from 2014 to 2020. Nanocoatings are used in automotive applications in order to retain color and gloss, with estimated demand of 39.8 kilo tons in 2013.
Further key findings from the study suggest:
- Global nanocoatings market volume was 309.5 kilo tons in 2013 and is expected to reach 1,262.9 kilo tons by 2020, growing at a CAGR of 22.3% from 2014 to 2020.
- Anti-microbial nanocoatings were used widely in applications including medical & healthcare and building & construction to avoid infestation of disease spreading microbes. The segment demand was estimated at 90.9 kilo tons with revenue of USD 541.6 million in 2013 and is expected to grow at a CAGR of 22.9% from 2014 to 2020.
- Anti-fingerprint nanocoatings are expected to be the fastest growing product segment at an estimated CAGR of 23.2% from 2014 to 2020. The segment is expected to witness growth on account of its usage in electronics and automotive application.
- North America was the dominant regional nanocoatings market with an estimated demand of 128.7 kilo tons in 2013. Increased infrastructural spending in the current fiscal budget coupled with high demand for automobiles and advanced healthcare facilities in the region are expected to be major factors responsible for nanocoatings market development.
- Product innovation plays a key role as the fragmented nature of market results in companies developing new products to gain competitive advantage. The nanocoatings market is expected to gradually move towards consolidation over the next six years, with raw material supply being a focal point which may trigger a trend of mergers, acquisitions and strategic alliances.