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The total value of the global functional coatings market in 2022 was $468 million, and it is expected to increase to $721.39 million by 2030, a CAGR of 6% between 2023 and 2030.
Functional coatings are a subset of specialty coatings with the goal of improving a substrate's performance and functionality. They provide a number of benefits, including protection from corrosion and wear as well as anti-fouling, anti-icing, and thermal management, and can be applied to a wide variety of substrates. Many different types of materials, such as polymers, ceramics, metals, and nanoparticles, go into the creation of functional coatings. Application methods range from spraying and dipping to electroplating, and they can be tailored to meet unique performance needs. The automotive, aerospace, construction, electronics, and marine sectors are just some of the many that benefit from functional coatings. Their contributions to product performance, longevity, low maintenance costs, and efficient energy use cannot be overstated. New technologies, such as smart coatings and nanocoatings, are being developed with an increasing reliance on functional coatings because of the benefits they provide in terms of functionality and performance.
The global market for functional coatings is expanding rapidly and is anticipated to expand at a high clip in the years ahead. Strong demand from end-use sectors like transportation, construction, aerospace, electronics, and the marine sector drives the global market. The desire to increase product performance, durability, and functionality while decreasing maintenance costs and enhancing energy efficiency has led to the widespread adoption of functional coatings in various sectors. Increased spending on research and development has led to rapid innovation in the functional coatings sector. Nanocoatings, smart coatings, and self-healing coatings are just a few examples of the cutting-edge technologies being developed to improve functionality and performance. The need for functional coatings that provide superior protection and durability for lightweight materials like composites, plastics, and alloys is being fueled by their widespread adoption across a wide range of sectors. There is growing demand from governments throughout the world to limit the use of harmful chemicals and boost environmental sustainability in the worldwide functional coatings industry. This is prompting researchers to create new, eco-friendlier coatings.
Market Segmentation of Functional Coatings
Strong demand from end-use sectors including automotive, aerospace, and marine is projected to propel corrosion-resistant coatings to the forefront of the market. Coatings that resist corrosion are developed to shield metals from the corrosive impacts of the elements, specifically water, salt, and chemicals. The automotive, maritime, and oil & gas sectors are only some of the many users of these coatings. Demand for durable, high-performance coatings that can endure severe environments is projected to propel the corrosion-resistant coatings market forward at a rapid clip in the coming years.
Protecting surfaces from the wear and tear produced by friction, abrasion, and impact is the goal of wear-resistant coatings. The aerospace, automotive, and industrial equipment production sectors are just some of the many end-users of these coatings. Demand for high-performance coatings that can increase the durability and longevity of items is projected to lead the wear-resistant coatings market to expand at a rapid clip in the coming years.
Analysis of the Market for Functional Coatings by Application
As functional coatings are increasingly used to increase the performance, durability, and functionality of automotive parts and components, the automotive industry is likely to be the largest segment of the market. The rising demand for coatings that can improve the longevity, performance, and functionality of automotive parts and components has made the automobile sector a key end-user of functional coatings. Engine parts, brakes, and external and interior surfaces are just some of the places you'll find functional coatings in automobiles. Demand for lightweight materials and cutting-edge technologies that increase fuel efficiency and decrease emissions are projected to propel the automotive sector to the forefront of the market.
To improve the longevity, functionality, and safety of aircraft components, functional coatings are also widely used in the aerospace industry. Aerospace uses functional coatings in many places, including on engine parts, turbine blades, and structural elements. Investments in R&D of innovative coatings that can increase aircraft performance and lower maintenance costs point to the aerospace industry as a key driver of market growth. Increasing demand for coatings that can improve the longevity, performance, and aesthetics of building materials and structures has made the construction industry a significant consumer of functional coatings. Roofing, flooring, and insulation are just a few examples of the many places you'll find functional coatings in a construction project. Growth in the construction sector is anticipated on the back of rising spending on new infrastructure and the rising need for environmentally friendly and efficient building supplies.
Trends in the Market for Functional Coatings
Use of Lighter Materials Grows
A major factor propelling growth in the global functional coatings market is the widespread adoption of lightweight materials across a variety of end-use applications. The automotive, aerospace, construction, and electronics industries are just a few that can benefit from using lightweight materials, which are increasingly in demand due to their many advantages. While traditional materials like steel are extremely durable, lightweight materials are frequently more prone to breakage and corrosion. For instance, metal has a low density and high strength but can corrode in moist conditions. Composites are light and tough, yet they can be broken by abrasion or a collision. Plastics' lightweight portability and adaptability is offset by their vulnerability to degradation from exposure to sunlight and chemicals. Protecting lightweight materials against damage and corrosion with a functional coating can also improve their performance. Coatings, for instance, can be applied to aluminum to increase its resistance to corrosion or to composites to increase their resistance to scratching. Coatings can also increase the longevity of plastic by facilitating the adhesion of paint and other coatings.
Limitations of the Functional Coatings Industry
Raw material price swings
The quality and qualities of functional coatings are determined by the raw ingredients used to create them. Raw material price volatility presents a number of challenges for the worldwide functional coatings industry. In the case of functional coatings, the cost of raw materials can be quite high. Price swings can have a negative effect on manufacturers' bottom lines and make it difficult to offer stable pricing. Supply chain disruptions can occur when manufacturers have trouble sourcing raw materials at an acceptable cost and in sufficient quantities due to fluctuations in raw material pricing. Delays in production and shipping as a result of this can have a negative effect on customer satisfaction. Manufacturers may need to decrease prices in a highly competitive market. Raw material price variations, however, might make it difficult to maintain stable pricing, resulting in price wars that cut into producers' profits. Availability can be affected by price fluctuations in raw materials since manufacturers may have to switch to using alternate sources or substitute materials. Reduced demand and consumer discontent may result if the final product's quality or attributes suffer as a result. The demand for conventional raw materials may be affected by the introduction of novel materials, which may in turn cause price changes. Raw material prices in the functional coatings market may be affected by factors such as the increasing popularity of coatings made from biodegradable materials rather than standard plastics.
Report Coverage
Global Functional Coatings research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Functional Coatings report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Functional Coatings competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Functional Coatings market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Functional Coatings market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Functional Coatings market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
PPG Industries, AkzoNobel, Axalta Coating Systems, BASF SE, Kansai Paint Co., Ltd., Jotun A/S, Nippon Paint Holdings Co., Ltd., Sherwin-Williams Company, RPM International Inc., Hempel A/S, The Valspar Corporation, Berger Paints India Ltd., Tikkurila Oyj, DAW SE, Sika AG, KCC Corporation, Teknos Group, Wacker Chemie AG, DSM Coating Resins, The Chemours Company
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Functional Coatings market based on the below-mentioned segments:
Global Functional Coatings Market, By Product Type
Corrosion-resistant coatings
wear-resistant coatings
thermal barrier coatings
anti-fouling coatings
self-cleaning coatings
others
Global Functional Coatings Market, By End User
Automotive
aerospace
construction
electronics
marine
others
Global Functional Coatings market, Regional Analysis
Functional coatings are a subset of specialty coatings with the goal of improving a substrate's performance and functionality. They provide a number of benefits, including protection from corrosion and wear as well as anti-fouling, anti-icing, and thermal management, and can be applied to a wide variety of substrates. Many different types of materials, such as polymers, ceramics, metals, and nanoparticles, go into the creation of functional coatings. Application methods range from spraying and dipping to electroplating, and they can be tailored to meet unique performance needs. The automotive, aerospace, construction, electronics, and marine sectors are just some of the many that benefit from functional coatings. Their contributions to product performance, longevity, low maintenance costs, and efficient energy use cannot be overstated. New technologies, such as smart coatings and nanocoatings, are being developed with an increasing reliance on functional coatings because of the benefits they provide in terms of functionality and performance.
The global market for functional coatings is expanding rapidly and is anticipated to expand at a high clip in the years ahead. Strong demand from end-use sectors like transportation, construction, aerospace, electronics, and the marine sector drives the global market. The desire to increase product performance, durability, and functionality while decreasing maintenance costs and enhancing energy efficiency has led to the widespread adoption of functional coatings in various sectors. Increased spending on research and development has led to rapid innovation in the functional coatings sector. Nanocoatings, smart coatings, and self-healing coatings are just a few examples of the cutting-edge technologies being developed to improve functionality and performance. The need for functional coatings that provide superior protection and durability for lightweight materials like composites, plastics, and alloys is being fueled by their widespread adoption across a wide range of sectors. There is growing demand from governments throughout the world to limit the use of harmful chemicals and boost environmental sustainability in the worldwide functional coatings industry. This is prompting researchers to create new, eco-friendlier coatings.
Market Segmentation of Functional Coatings
Strong demand from end-use sectors including automotive, aerospace, and marine is projected to propel corrosion-resistant coatings to the forefront of the market. Coatings that resist corrosion are developed to shield metals from the corrosive impacts of the elements, specifically water, salt, and chemicals. The automotive, maritime, and oil & gas sectors are only some of the many users of these coatings. Demand for durable, high-performance coatings that can endure severe environments is projected to propel the corrosion-resistant coatings market forward at a rapid clip in the coming years.
Protecting surfaces from the wear and tear produced by friction, abrasion, and impact is the goal of wear-resistant coatings. The aerospace, automotive, and industrial equipment production sectors are just some of the many end-users of these coatings. Demand for high-performance coatings that can increase the durability and longevity of items is projected to lead the wear-resistant coatings market to expand at a rapid clip in the coming years.
Analysis of the Market for Functional Coatings by Application
As functional coatings are increasingly used to increase the performance, durability, and functionality of automotive parts and components, the automotive industry is likely to be the largest segment of the market. The rising demand for coatings that can improve the longevity, performance, and functionality of automotive parts and components has made the automobile sector a key end-user of functional coatings. Engine parts, brakes, and external and interior surfaces are just some of the places you'll find functional coatings in automobiles. Demand for lightweight materials and cutting-edge technologies that increase fuel efficiency and decrease emissions are projected to propel the automotive sector to the forefront of the market.
To improve the longevity, functionality, and safety of aircraft components, functional coatings are also widely used in the aerospace industry. Aerospace uses functional coatings in many places, including on engine parts, turbine blades, and structural elements. Investments in R&D of innovative coatings that can increase aircraft performance and lower maintenance costs point to the aerospace industry as a key driver of market growth. Increasing demand for coatings that can improve the longevity, performance, and aesthetics of building materials and structures has made the construction industry a significant consumer of functional coatings. Roofing, flooring, and insulation are just a few examples of the many places you'll find functional coatings in a construction project. Growth in the construction sector is anticipated on the back of rising spending on new infrastructure and the rising need for environmentally friendly and efficient building supplies.
Trends in the Market for Functional Coatings
Use of Lighter Materials Grows
A major factor propelling growth in the global functional coatings market is the widespread adoption of lightweight materials across a variety of end-use applications. The automotive, aerospace, construction, and electronics industries are just a few that can benefit from using lightweight materials, which are increasingly in demand due to their many advantages. While traditional materials like steel are extremely durable, lightweight materials are frequently more prone to breakage and corrosion. For instance, metal has a low density and high strength but can corrode in moist conditions. Composites are light and tough, yet they can be broken by abrasion or a collision. Plastics' lightweight portability and adaptability is offset by their vulnerability to degradation from exposure to sunlight and chemicals. Protecting lightweight materials against damage and corrosion with a functional coating can also improve their performance. Coatings, for instance, can be applied to aluminum to increase its resistance to corrosion or to composites to increase their resistance to scratching. Coatings can also increase the longevity of plastic by facilitating the adhesion of paint and other coatings.
Limitations of the Functional Coatings Industry
Raw material price swings
The quality and qualities of functional coatings are determined by the raw ingredients used to create them. Raw material price volatility presents a number of challenges for the worldwide functional coatings industry. In the case of functional coatings, the cost of raw materials can be quite high. Price swings can have a negative effect on manufacturers' bottom lines and make it difficult to offer stable pricing. Supply chain disruptions can occur when manufacturers have trouble sourcing raw materials at an acceptable cost and in sufficient quantities due to fluctuations in raw material pricing. Delays in production and shipping as a result of this can have a negative effect on customer satisfaction. Manufacturers may need to decrease prices in a highly competitive market. Raw material price variations, however, might make it difficult to maintain stable pricing, resulting in price wars that cut into producers' profits. Availability can be affected by price fluctuations in raw materials since manufacturers may have to switch to using alternate sources or substitute materials. Reduced demand and consumer discontent may result if the final product's quality or attributes suffer as a result. The demand for conventional raw materials may be affected by the introduction of novel materials, which may in turn cause price changes. Raw material prices in the functional coatings market may be affected by factors such as the increasing popularity of coatings made from biodegradable materials rather than standard plastics.
Report Coverage
Global Functional Coatings research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Functional Coatings report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Functional Coatings competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Functional Coatings market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | PPG Industries, AkzoNobel, Axalta Coating Systems, BASF SE, Kansai Paint Co., Ltd., Jotun A/S, Nippon Paint Holdings Co., Ltd., Sherwin-Williams Company, RPM International Inc., Hempel A/S, The Valspar Corporation, Berger Paints India Ltd., Tikkurila Oyj, DAW SE, Sika AG, KCC Corporation, Teknos Group, Wacker Chemie AG, DSM Coating Resins, The Chemours Company |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Functional Coatings Market from 2021 to 2030.
- Market Forecast for Functional Coatings Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Functional Coatings competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Functional Coatings
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Functional Coatings market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Functional Coatings market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
PPG Industries, AkzoNobel, Axalta Coating Systems, BASF SE, Kansai Paint Co., Ltd., Jotun A/S, Nippon Paint Holdings Co., Ltd., Sherwin-Williams Company, RPM International Inc., Hempel A/S, The Valspar Corporation, Berger Paints India Ltd., Tikkurila Oyj, DAW SE, Sika AG, KCC Corporation, Teknos Group, Wacker Chemie AG, DSM Coating Resins, The Chemours Company
Primary Target Market
- Market Players of Functional Coatings
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Functional Coatings market based on the below-mentioned segments:
Global Functional Coatings Market, By Product Type
Corrosion-resistant coatings
wear-resistant coatings
thermal barrier coatings
anti-fouling coatings
self-cleaning coatings
others
Global Functional Coatings Market, By End User
Automotive
aerospace
construction
electronics
marine
others
Global Functional Coatings market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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