The global nanocoatings market size was USD 7,825.3 million in 2020 and is projected to reach USD 39,869.2 million by 2028, exhibiting a CAGR of 22.7% during the forecast period.
This information is published by Fortune Business Insights, in its report, titled, “Nanocoatings Market, 2021-2028.”
The growing demand from the construction sector for this material is among the prime aspects fueling the market growth. Adoption of the product to encourage sustainability and preserve energy is considerably increasing the market growth. Furthermore, the surging implementation of abrasion-resistant products from the automotive sector is likely to foster market growth.
Information Source - https://www.fortunebusinessinsights.com/nanocoatings-market-105023
Report Coverage:
The report offers valuable insights obtained from a thorough study done by our researchers. Extensive research was conducted to provide the estimated size of the nanocoatings market. The data used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders. Furthermore, we have gained access to several global and regional paid databases to deliver precise information to make business investment decisions easy for you.
Segmentation:
Self-Cleaning Segment to Hold Highest Market Share
On the basis of type, the market is segmented into antimicrobial, self-cleaning, anti-fingerprint, anti-corrosion, and others. The other segment involves photocatalytic coatings, hydrophobic coatings, superhydrophobic coatings, anti-fouling coatings, abrasion-resistant, thermal barrier, and anti-icing coatings.
Buildings Construction Segment to Dominate Market
On the basis of the application, the market is segmented into building construction, automotive, aerospace, electronics, marine, and others. The other segment involves medical, healthcare, food packaging, and energy.
Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East Africa.
Drivers and Restraints:
Growing Demand from Building Construction Industry to Thrust Market Growth
Nanocoatings are one of the most favorable high-performance materials that are employed in the construction industry. Due to their self-assembly impact, they display exceptional characteristics in comparison with conventional coatings. They are specifically utilized for safeguarding numerous surfaces such as glass, concrete, and marble or sand limestone from staining, corrosion, abrasion, and other external aspects.
However, it needs progressive machinery equipment that are marginally costly. Therefore, this is likely to impede the market growth.
Regional Insights:
North America to Dominate Backed by Subsidies Offered by Government Bodies
North American market size was worth USD 3,188.6 million in 2020. The region is anticipated to dominate the global nanocoatings market share during the forecast period, robustly affected by government subsidies, interest rates, building activities, and consumer spending, all of which are crucial factors of GDP.
Asia Pacific is predicted to hold a considerable nanocoatings market share in the global market. The surging building construction activities and advancement of the industrial sector is likely to affirmatively sway the market.
Europe is among the regions that have a well-settled automotive industry. Nations such as Germany, Italy, France, and the U.K. are prime manufacturers of automobiles.
Competitive Landscape:
Crucial Business-related Declarations by Prime Players to Impact Market Dynamics
Prime companies in the market often make vital announcements concerning some business moves, which in turn affect the market either affirmatively or adversely. Players procure companies, launch novel products, involve in collaborative deals, sign agreements with government establishments, and so on.
Key Industry Developments:
April 2021: Actnano declared the attainment of important milestones for the company. In 2020, the company’s protective coating, under the brand identity ‘nanoGAURD’ accomplished 1.2 million manufacturing vehicles coupled with a few autonomous automobiles on the road.
List of Key Players Mentioned in the Report:
- P2i Ltd (U.K.)
- Nanovere Technologies LLC (U.S.)
- Nanofilm Ltd. (U.S.)
- ACTnano (Massachusetts, U.S.)
- Nanophase Technologies Corporation (U.S.)
- Tesla Nanocoatings Inc. (U.S.)
- Cleancorp (Australia)
