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The global smart coatings market was valued at US$ 1.88 Billion in 2021.
We expect the global smart coatings market to exhibit a CAGR of 21.60% during 2022-2027.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary closure of numerous end use industries for smart coatings.
The growing construction industry, along with the rising demand for smart coatings in improving the efficiency of a system by reducing inspection times, maintenance costs, and equipment downtime, is primarily driving the global smart coatings market.
Based on the layer type, the global smart coatings market can be divided into single-layer and multi-layer. Currently, multi-layer exhibits a clear dominance in the market.
Based on the function, the global smart coatings market has been categorized into anti-microbial, anti-corrosion, anti-fouling, anti-icing, self-cleaning, self-healing, and others. Among these, anti-corrosion currently holds the majority of the total market share.
Based on the end use industry, the global smart coatings market can be segmented into building and construction, automotive, marine, aerospace and defense, and others. Currently, the building and construction industry accounts for the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global smart coatings market include 3M Company, A&K Painting Company, Ancatt Inc, BASF SE, Dupont De Nemours Inc., Jotun A/S, NEI Corporation, PPG Industries, RPM International Inc., Tesla NanoCoatings Inc., The Lubrizol Corporation (Berkshire Hathaway Inc), and The Sherwin-Williams Company.
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