Sol-gel Coatings Market Size- Growth Drivers, Opportunities and Forecast Analysis to 2023
Market Snapshot
As reported by
Market Research Future (MRFR), the sol-gel coatings market, by the end of 2023,
will be reaching a valuation of more than USD 3,800 million. The market is
currently valued at USD 2,000 million and is set to surge at a double-digit
growth rate during the forecast period (2018-2023).
Growth Factors and Barriers
Sol-gel coatings
are made of inorganic and organic
compounds that have been prepared by the sol-gel technology. The sol-gel
process is used for the conversion of
small molecules to solid materials, which involves converting monomers into a colloidal solution that acts as a precursor for a network
of particles. The characteristics of sol-gel derived coatings are antifungal,
wear resistance, antibacterial, semiconducting or conducting, UV protection,
antistatic and others. Also, they show good oxidation control as well as chemical
stability. Sol-gel coatings are applied
on substrates like metals, ceramics, and plastics with the use of several
techniques like inkjet printing, dipping, and spin coating.
Few applications
of the sol-gel coatings include the production of interference mirrors for
optical systems, conductive films in electronics, anti-reflection treatment of
glass, and in a variety of protective coatings such as waterproof, anti-scratch
and corrosion resistant, among others. However, the high cost associated with
sol-gel coatings could work against the ongoing growth of the market.
That being said, the accelerated demand for various
sol-gel coatings like corrosion resistant, self-cleaning, and IR and UV energy
resistant, particularly from the automotive as well as the aerospace industry
will present the sol-gel coatings market with numerous opportunities to grow by
leaps and bounds. Furthermore, the sol-gel technique is an environment-friendly method, ideal for
protecting the surface, in addition to being used for the replacement of toxic
pretreatments and coatings like chromate conversion coatings, which in turn has
elevated the market position for sol-gel coatings. Apart from this, the
increasing demand for nanostructured thin films along with water-based coatings
is driving the development of the sol-gel coatings market.
Market Segmentation
The market for
sol-gel coatings is segmented on the basis of application.
Application-wise,
the sol-gel coatings market is fragmented
into automotive glass, healthcare, construction,
mobile device screens, marine, solar panels, and
others.
Among these, the
segment of automotive glass is presumed
to exhibit the steepest rise of 12.92% CAGR, whereas the healthcare segment is
presently holding the second largest share in the global sol-gel coating
market, and will continue its dominance over the assessment period.
Regional Outlook
Regionally, the
global sol-gel coating market is segmented
into Asia Pacific, Europe, Latin America, North America, and the Middle East
& Africa.
At present,
North America presently accounts for the maximum share of the global sol-gel
coatings market and will most likely retain its dominance over the next few
years. The North America market notes strong growth, with the reason being the
strong value maintained by the end-user industries, like electric and
electronics, transportation, and marine among others. The North America market
was valued at USD 675.2 Mn in 2017 and is estimated to register 11.08% CAGR
during the forecast period.
Europe secured the second position in the global market, with the second largest market share. The trend will
continue throughout the given timeframe on account of the developed
transportation and healthcare sectors in the region, elevating the revenue
creation for industry players. The United Kingdom (U.K) and Germany are the
prominent revenue generators in the Europe sol-gel coating market.
The Asia Pacific is rising
tremendously with a lot of potentials, and is one of the emerging sol-gel
coatings markets on a global platform. The regional market is forecasted to
reach a valuation of USD 893.2 Mn by 2023, represented by the striking CAGR of 13.57%. The factors backing
the positive performance of the market include the increased government
expenditure on the expansion of the electric and electronics sector, as well as
the thriving transportation sector among
others. In the region, China holds the most substantial share, followed by
India and Japan.
Market Players
The prominent
players stated in the report are OPTICOTE, INC, 3M, Axalta Coatings,
Sherwin-Williams Company, Henkel AG & Co., Nano
Care Deutschland AG., Euroglas Gmbh, Premium Coatings and Chemicals Pvt
Ltd, PPG Industries, Inc., NanoTech Coatings, Ferro Corporation, Akzo Nobel
N.V., KGaA, Covestro AG, Warren Paints & Color Company, CCM GmbH, Arkema
SA, among others.
Recent Developments
May 2018 – A
team of scientists has successfully
managed to enhance the anticorrosion protection ability via inhibitor-loaded
ZnAlCe-LDH nanocontainers which have been
embedded in sol-gel coatings.
Inhibitor-loaded ZnAlCe layered double hydroxide (LDH) nanocontainers were prepared through the co-precipitation
method. The sol-gel coating which was embedded
with ZnAlCe-V2O7-LDHs showcased enhanced anticorrosion abilities and offered more
effective protection after a long
immersion time.
Comments
Post a Comment