The global nano paints & coatings market stood at USD 7.0 billion in 2018, and is expected to reach USD 23.5 billion by 2031, while growing at a CAGR of 19.1% over the forecast period. The growth can be primarily attributed to the increasing demand for nano paints & coatings across a wide range of applications. Also, the growing focus towards eco-friendly products across the globe is expected to fuel the market growth.
Nano paints & coatings refer to the molecular modification in the product manufacturing process that makes the surface hydrophobic and easy to clean. These coatings are primarily used to modify the properties of a substance or surface. Nano paints & coatings may be in liquid or solid form, and help protect the surface from molds and bacteria.
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While nano coating technology has been around since the mid-1970s, it was used by pottery makers back in the 9th century in the form of a metallic glaze in order to create a shimmering luster. Today, nanotech coatings are indentified as polymers, and are used in all types of products owing to their excellent durability. However, high raw material costs coupled with stringent regulations are anticipated to hinder the market growth over the coming years.
Moreover, growing technological advancements in the military and defense sector have increased the application of nanotechnology based paints & coatings. Nano paints & coatings are designed to enable smooth, glass-like surfaces to have lesser contact with dirt particles as they are elastomeric and anti-sticking in nature. These coatings emit low VOC and are emerging as an effective alternative for certain metals used in the development of aircraft airplanes.
Aerospace industry is set to offer significant opportunities during the forecast period
Nano paints & coatings offer protection from wear, scratch, heat, corrosion, UV rays and other damaging elements, which make them highly durable and improve their performance. Resultantly, these paints & coatings are widely applied in key industries such as warships, aerospace, marine, automotive, electronics, oil & gas, and biomedical, among others. The aerospace segment is likely to grow at a significant CAGR over the next seven years as nano paints & coatings protect the structure and surface of the aircraft from high pressure and adverse environments. These coatings are highly useful in the reduction of drag, saving fuel, and preventing thermal shocks.
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Nano paints & coatings market – Regional insight
Asia-Pacific is expected to emerge as the fastest growing region over the next seven years. The aforementioned growth can be primarily attributed to the increasing investments in research & development along with considerable growth in technology. Further, growing electronics industry in the key markets of China, South Korea, and Japan is projected to propel the market growth over the forecast period.
The research and analysis are based on data and information obtained from various primary and secondary sources. The data obtained is validated by interacting with the companies of the concerned domain. The steps involved in the research methodology are;
Obtaining historical data of the market based on news, articles, publications, annual reports, white papers, surveys and other secondary sources
Interacting with key opinion leaders of the market and developing data points based on interaction with them
Study of past trends in the market and their year on year impact on the market size and share
Analyzing the collected data points
Bridging the data points to calculate the nano paints & coatings market and its various segments
Anticipating potential risks
Analyzing market forces such as drivers, restraints, and opportunities to assess new growth areas for the market
Finalizing the overall size and share for the global market
The years used for the assessment are as follows;
Historical year : 2015, 2016 and 2017
Base year : 2018
Forecast period: 2022-2031
To classify global nano paints & coatings market into segments on the basis of resin type, method, end-use, and region to analyze their growth prospects individually
To analyze market trends, opportunities, drivers and restraints associated with nano paints & coatings
Profiling key companies operating in the global market
To study market response with respect to the mergers and acquisitions in the industry
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