The demand for smart coatings in the automotive & transportation, aerospace & defense, marine, and building & construction end-use industries is high, especially in China, India, and Brazil. New emerging technologies and innovations drive the demand for smart coatings in these industries. The APAC smart coatings market is expected to witness strong growth in the next five years.
Smart coatings have distinct properties, and different types of smart coatings are used in various industries based on the requirements. Therefore, the smart coatings market growth is dependent on its various end-use industries, such as automotive & transportation, aerospace & defense, marine, and building & construction. There is a growing demand for smart coatings for anti-corrosion, anti-fouling, self-cleaning applications from the end-use industries. On the other hand, government regulations and economic slowdown negatively affect the market growth.
Price and availability of raw materials are key factors for the manufacturers of smart coatings in determining the cost structure of their products. Raw materials used by the smart coatings industry include methylamines and inorganic chemicals.
Key players operating in the smart coatings market include AkzoNobel N.V. (Netherlands), PPG Industries (U.S.), Axalta Coatings Systems (U.S)., The Sherwin-Williams Company (U.S.), Jotun A/S (Norway), RPM International (U.S.), Hempel A/S (Denmark), and NEI Corporation (U.S). Diverse product portfolios, strategically positioned R&D centers, continuous adoption of developmental strategies, and technological advancements are factors strengthening the market position of these companies. These companies have adopted various organic and inorganic growth strategies to enhance their current market share in the smart coatings market.
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