With the rising concern for environment across the globe, the paint and coatings industry is also coming up with green solutions such as nanocoatings. These coatings are biodegradable, eco-friendly and are more efficient as compared to the conventional coatings, which contain harmful chemicals such as toxic hexavalent chromium. According to the market intelligence report by BIS Research titled, ‘Global Nanocoatings Market-Analysis and Forecast (2017-2026)’, the revenue generated by the market was $3.6 billion in 2016 and is expected to grow at a CAGR of 23% during the forecast period. This significant growth is attributed to the increasing demand in the various end-user industries, industrialization in the Asia-Pacific, and switch from conventional coatings to eco-friendly nanocoatings.
Nanocoating is heavily used in industries such as electronics, aerospace, food and packaging, automotive, medical and healthcare, building and construction, and marine, among others. At the global scale, medical and healthcare segment was the largest end-user industry in 2016, accounting for 19.1% of share in the market. This growth can be attributed to its multiple applications in the healthcare sector, some of which include microorganism growth prevention, implant coatings, and anti-bacterial textile. Moreover, based on the nanocoating types, the market is segmented into self-cleaning (bionic and Photocatalytic), anti-fingerprint, anti-microbial, anti-fouling, and easy to clean, anti-icing, flame retardant, abrasion and wear resistant, anti-corrosion, and conductive nanocoatings. Further, the self-cleaning photocatalytic segment is expected to grow at a CAGR of 23% during the forecast period of 2017-2026 owing to its extensive usage in the construction market across the globe.
This market enjoys a pool of opportunities in various countries of Asia-Pacific, North America, South America, Middle East, and Africa. This is primarily due to the presence of a large number of companies in these regions, such as Optitune, Tesla Nanocoatings, Dry Wired, and Sambalant, among others. These companies are actively aiming to widen their customer base by opting various business strategies such as partnership & collaborations, new product launch to expand their respective businesses.
Despite the increasing growth of nanocoatings at the global level, certain factors are hampering it, such as stringent environmental regulations, harmful effects of nanocoatings on human health, and their non-uniform pricing. The need for more research & development and appropriate regulatory environments are a prerequisite for a sustainable growth of the market. Various private research institutes, regulatory bodies, and associations are putting in substantial efforts to identify the use of nanocoatings in emerging applications such as food & packaging, without harming humans and the environment. This technology has a huge potential to become an integral part of a large number of end-user industries.
BIS Research has conducted an extensive research on the global nanocoatings market and compiled the observation and insight in this report. The market intelligence report aims at providing an in -depth analysis of the key development strategies, marketing strategies and market trend dynamics which include drivers, restraints, and opportunities prevailing in the industry.
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