The market for smart coatings is expected to grow at a CAGR of more than 5.8% during the forecast period. The major factors driving the market studied is increasing construction activities.
- On the flip side, the high cost of smart coatings is likely to hinder the market. - Asia-Pacific dominated the market across the globe with the largest consumption in a country such as India, China, etc.
Key Market Trends Increasing Demand from Building and Construction Industry
- Smart coatings are used in the construction industry due to properties such as sense and respond to the environmental situation such as temperature, pressure, light, etc. and react with a suitable response. - The Asia-Pacific region has become an attractive market for the investors, owing to the presence of a number of emerging economies, such as India, China, Indonesia, Vietnam, and others in the region. Owing to strong economic growth, domestic companies have been expanding their business. Along with this, foreign companies have been entering these markets to take advantage of the prevailing opportunities. This has created demand for commercial construction, such as offices, production houses, buildings, warehouses, etc., leading to an increase in the construction activities in these countries. - In India, the demand for offices and residential spaces has been driving the growth of the construction sector. “The Smart City Project” is one of the noticeable examples, under which, 100 smart cities are planned to be developed across the country. - In Japan, housing construction, along with increasing governmental spending on developmental projects, has been driving the construction sector in the country. The 2020 Olympics has also been boosting the new commercial construction in the country. - Hence, such robust growth in construction activities is fuelling the demand for the market.
China to Dominate the Asia-Pacific Region
- China is the largest manufacturer of automobiles in the world. The country’s automotive sector has been shaping up for product evolution, with the country focusing on manufacturing products, to ensure fuel economy and to minimize emissions (owing to growing environmental concerns due to mounting pollution in the country). - However, the market witnessed a shrink in 2018, as the production decreased by 4.2%. It was also the first time that the market witnessed a drop in sales after nearly 20 years of growth. The lack of domestic demand and an increase in labor prices has led to a decrease in production. Moreover, the trade war between China and the United States has also affected exports from China. - However, the production is expected to reach 30 million units by 2020, owing to the ‘Made in China 2025’ initiative support in upgrading the existing low-cost mass production to higher value-added advanced manufacturing. ‘Automobile Mid and Long-Term Development Plan’ was released in April 2017, with an objective to make China a strong auto power in the next ten years. - Furthermore, building and construction is another key end-user industry for the market in the country. C - hina has massive construction plans underway, including making provision for the movement of 250 million people to its megacities in the next ten years, despite efforts to rebalance its economy to a more service-oriented base. - For instance, in April 2019, the government of China invested around USD 72 billion for construction in the country. - All the aforementioned factors are likely to augment the market over the forecast period.
Competitive Landscape The global smart coatings market is consolidated. Some of the key players are 3M, Akzo Nobel NV, Jotun, PPG Industries Inc, and The Sherwin-Williams Company, among others.
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