The global nano-coating market is set to grow from USD 8.4 billion in 2016 to USD 21.5 billion by 2022, at a CAGR of 17.8%. Advances in nanotechnology have led to the development of coatings with novel properties that address the challenges faced by industries such as construction, electronics, and automotive sectors.
The key drivers of the market are growing need for corrosion and wear resistance, rising adoption in automotive industry, and a shift from conventional coatings. The major factor driving the growth of the nano-coating market is the growing demand from end-use industries such as food & beverage, construction, electronics, and healthcare. Moreover, enhanced performance and durability offered by nano-coated products is expected to fuel the growth of this market during the forecast period. However, high cost associated with nano-coatings is anticipated to restraint the growth of this market over the next eight years.
The global nano-coating market has been segmented on basis of type into anti-fingerprint coatings, anti-microbial coatings, scratch resistant coatings (SR), UV curable coatings (UVC), water repellent/hydrophobic coatings (WR/HF), superhydrophobic & oleophobic coatings (SH&O) and other types. Among these segments, anti-fingerprint segment dominated the overall nano-coating market in 2015 with a share of over 35% of overall revenue generated in that year. Also, among all applications for which nano-coatings are used mobiles & laptops accounted for more than 25% revenue share
The primary advantages of the Nano-coating Market are its anti-corrosive and anti-fouling properties. Nano-coating Market also provides protection against ultra violet rays and other electromagnetic radiations. Moreover, it improves the energy efficiency of electronic devices, by safeguarding them from extreme weather conditions. The market is expected to grow at a rapid pace due to the growing demand for industrial applications such as marine coatings, medical coatings and construction materials. In addition, it offers an alternative to traditional methods of coating, thus providing significant cost savings.
Market Value and CAGR of Nano-coating Market
The current value of the market and CAGR is expected to grow up to $24,656.1 million and 14.8%.
The market growth is expected to be due to the increase in demand for advanced paint and coatings in various end-use industries such as construction & architecture, automotive, aerospace & defines, electronics & electrical, healthcare, and others.
The automotive industry has witnessed a significant increase in the demand for nano-coatings owing to the increase in fuel efficiency and performance of vehicles with this technology while reducing both weight and emissions. Nano-coating technology is also used extensively in several applications such as self-cleaning surfaces (hydrophobic or oleophobic), optically brightened surfaces, enhanced thermal conductivity surfaces, abrasion resistance surfaces (hard coatings), stain resistance surfaces (antimicrobial) among others
Restrains of the Nano-coating Market
Some of the drawbacks of the Nano-coating market are mentioned below:
• High cost of the Nano-coating products
• Lack of awareness among consumers about the benefits of using Nano-coating
• Low R&D investment in the Asia Pacific and LAMEA regions are restraining the growth of the market.
Key Players in the Nano-coating Market
Some of the key players in the market are:
• BASF SE (Germany) Altair Nanotechnologies, Inc. (US) PPG Industries, Inc. (US) The 3M Company (US) Nanometric, Inc. (US) Axapta Coating Systems Ltd. (US)
• The most revenue generating product type is “Dry Type” which is expected to grow at the highest CAGR of 6.06% in the forecast period followed by “Oil Immersed” with a CAGR of 5.67% over the forecast period.
• The applications segment is categorized into high voltage, medium voltage, low voltage and distribution transformer. High-voltage transformers have attracted significant interest across industries due to its booming market and huge customer base which has acted as a benefit for many companies to enter this market segment.
• With respect to end user segments, industrial & commercial sector is anticipated to grow at the highest CAGR of 6.09% in the global power transformer market during 2020–2025. Industrial-use power transformer requires lower noise level and compact design, as compared with other power transformers used in residential areas or buildings. The increased investments from electric utility companies and private enterprises towards improving the efficiency and capacity of their business operations has been one of primary factors driving growth for this industry application segment over our forecast period.
• North America dominates the market share with 39%, followed by Asia Pacific (31%) and Europe (18%)
Impact of Covid-19 on Nano-coating Market
• The outbreak of the Covid-19 pandemic has had a significant impact on the global nano-coating market. The automotive industry is one of the major end users of nano-coatings and the outbreak of the Covid-19 pandemic has led to a slowdown in production as well as a decline in demand for vehicles. This has had a negative impact on the nano-coating market.
• The electronics industry is another major end user of nano-coatings and there has been a slowdown in production due to the closure of factories in China, which is a major hub for electronics manufacturing. This has led to a decline in demand for nano-coatings.
• The medical devices industry is another important application area for nano-coatings. However, due to the outbreak of Covid-19, there has been a decrease in demand for medical devices, which has impacted the market for nano-coatings.
• Construction is another important application area for nano-coatings. However, due to the lockdown imposed across various countries due to Covid-19, construction activity has declined significantly, impacting the market for nano-coatings.
Recent development in the market of Nano-coating Market from 2019-2022
• In January 2019, Fujifilm North America Corporation has launched its new FUJINON XF8-16mm f/2.8 R LM WR Ultra-Wide-Angle Lens and FUJIFILM X-T3 Mirrorless Digital Camera that feature ultra-fast AF speed, seamless design, high durability and weather resistance.
• In May 2019, the Company named Henkel Adhesive Technologies as an official partner of the 2019 National Association of Halloween Party Stores (NAHBS). The partnership between the two companies will enable Henkel to create a unique nanocoating solution for bicycle frames and components that are manufactured by NAHBS members in the United States.
• In June 2019, PPG Industries Inc., announced to expand its investment in innovative paint and coatings technology with a new $30 million nano-coating research centre at the company’s Strongsville, Ohio, campus. The new R&D facility will be developed within an existing building on site and is expected to open in early 2020. The research centre will focus on developing innovative products for the global transportation market including automotive OEMs (original equipment manufacturers), commercial transportation fleets and refinish customers
Nano-coating Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||USD 21.5 billion|
|Growth Rate||CAGR of 17.8 % during 2021-2030|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||BASF SE (Germany) Altair Nanotechnologies, Inc. (US) PPG Industries, Inc. (US) The 3M Company (US) Nanometric, Inc. (US) Axapta Coating Systems Ltd. (US)|
Key Segments of the Nano-coating Market
Type Overview, 2021-2031 (USD Billion)
• Nano Silver
Application Overview, 2021-2031 (USD Billion)
• Medical Devices
Regional Overview, 2021-2031 (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
• Middle East and South Africa