The global size is expected to experience exponential growth by reaching USD 39,869.2 million by 2028. Fortune Business Insights published this information in its latest report, titled, "Nanocoatings Market, 2021-2028." The report further mentions that the market stood at USD 7,825.3 million in 2020 and is likely to exhibit a CAGR of 22.7% between 2021 and 2028.
Increasing Demand for Nanocoatings from Electronics Sector to Favor Growth
In March 2020, P2i announced the signing of a deal with Samsung to provide protection for the Galaxy smartphone series. The company is anticipated to adopt its advanced nanotechnology to improve the reliability and liquid protection of smartphones. The growing demand for smartphones is expected to boost the demand for the product that will bode well for the market growth in the forthcoming years.
Reduced Workforce amid COVID-19 to Hamper Growth
The imposition of lockdown has led to sluggish growth of several industries globally. In addition to this, decreased sales revenue and reduced workforce has led to a drastic economic downturn that has affected the demand for coatings across several industries such as automotive, and construction & buildings, among others. According to the data by the European Automobile Manufacturers' Association (ACEA), the total sales of new vehicles in the European Union was 7.4% lower around January-February 2020 compared to the same period in 2019. This is likely to affect the market in the short run.
Key Market Segmentation:
We have segmented the global market for nanocoatings on the basis of type, application, and region. On the basis of type, the market is segregated into antimicrobial, self-cleaning, anti-fingerprint, anti-corrosion, and others. Based on application, the market is bifurcated into building & construction, automotive, aerospace, electronics, marine, and others. Moreover, on the basis of application, the building & construction segment is expected to hold significant market share owing to the growing demand for these coatings across green buildings to conserve energy globally.
Lastly, based on region, the market is divided into North America, Asia-Pacific, Latin America, the Middle East and Africa, and Europe.
What does the Report Include?
The global market for coconut derivatives report includes detailed analysis obtained by the research analyst using several research methodologies on several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaborate that will further contribute to the market growth between 2021 and 2028.
Browse Detailed Summary of Research Report with TOC:
Increasing Demand from Construction Industry to Augment Growth
Polymeric coatings result in an increased level of emissions through volatile organic compounds (VOC) that degrade the air quality. The growing demand from the construction sector to protect infrastructure from corrosion, UV radiations, and other pollutants is expected to boost the adoption of advanced nanocoatings over conventional coatings. Additionally, the increasing focus on developing green infrastructure is anticipated to boost the global nanocoatings market growth during the forecast period.
List of the Companies Profiled in the Global Market:
P2i Ltd (Oxfordshire, UK)Nanovere Technologies LLC (Michigan, U.S)Nanofilm Ltd. (Ohio, U.S)ACTnano (Massachusetts, U.S)Nanophase Technologies Corporation (Illinois, U.S)Tesla NanocoatingsInc (Ohio, U.S)Cleancorp (NSW, Australia)Other Key Players
North America – The region stood at USD 3,188.6 million in 2020 and is expected to hold the highest nanocoatings market share in the forthcoming years. This is attributable to the increasing government expenditure to support sustainable infrastructure development that is expected to propel the demand for advanced nanocoatings in the region between 2021 and 2028.
Asia-Pacific – The market in the region is likely to showcase considerable growth backed by the abundant availability of raw materials and low cost labor in countries such as India and China.
Europe – The region is expected to experience significant growth owing to the presence of the established automotive sector in the region.
Major Companies Focus on Facility Expansion to Strengthen Their Market Positions
The global market is consolidated by the presence of major companies that are focusing on expanding their facilities to cater to the growing demand from other industrial applications. Other key players are adopting organic and inorganic strategies to gain a major chunk of the market share and maintain their dominance during the forecast period.