October 18, 2018
WELLESLEY, Mass., October 18, 2018 – Due to the rapidly rising demand for self-healing coatings for automotive exterior applications, the global market for smart coatings is experiencing rapid growth, according to a new report from BCC Research.
In 2018, the global market for smart coatings was worth $2.9 billion. BCC Research estimates that it will reach a value of $8.6 billion by 2023, indicating a compound annual growth rate (CAGR) of 24.3%, according to Smart Coatings: Applications and Global Markets.
Based on function, the anticorrosion segment is expected to dominate the global smart coatings market due to the increasing damage corrosion causes to bridges, pipelines, vehicles, home appliances and ships.
“The self-healing segment is projected to grow at the highest CAGR during the forecast period,” the report noted. “This is owing to its increasing demand from the automotive, consumer electronics, and healthcare end-use industries. Other function such as self-dimming and super hydrophobic are also experiencing reasonably good growth as these are finding various applications in the automotive industry. For instance, self-dimming mirror automatically adjusts to ambient light conditions for user comfort and safety reasons.”
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Smart Coatings: Applications and Global Markets( CHM108A )
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