In a recent market study offering from Transparency Market Research (TMR), a market intelligence company based in the U.S., the global nanocoatings market is estimated to be worth US$6.75 billion by 2019. The recent publication "Nanocoatings Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019" is available online for sale. The TMR report states that the global nanocoatings market stood at US$1.45 billion in 2012. If the estimated figures hold true, the market will demonstrate an impressive 24.7% CAGR from 2013 and 2019.
The growing demand for coatings from the automotive and medical and pharmaceuticals industries is inducing positive growth of the global nanocoatings market. This is further boosted by low volatile organic compound (VOC) content of nanocoatings, which is more beneficial as far as the environmental impact of nanocoatings is concerned than conventional coatings. Economic growth and development of the coatings industry in BRIC countries will give an impetus to the overall nanocoatings market.
In Europe, due to stringent environmental regulations put in place by the ruling authorities, high VOC content has hampered the conventional coatings industry. Since nanocoatings are known to be low in VOCs and do not cause adverse effects on the environment, such restraints do not impact the nanocoatings market as much. However, certain health and environmental concerns associated with nanocoatings will be detrimental to the nanocoatings sector in the years to come. The burgeoning automotive and electronics industries in China and India, combined with increasing interest in smart coatings, will propel the overall nanocoatings market considerably in next few years. According to TMR analysts, anti-microbial nanocoatings registered the highest demand and accounted for 29.6% of global demand in 2012. This product type finds extensive application in the healthcare, food production, and water treatment sectors.
However, the fastest growth will be exhibited by anti-fingerprint nanocoatings, as stated in the report. The electronics, automotive, packaging, and healthcare sectors will make the largest contribution to demand for anti-fingerprint nanocoatings. In 2012, the medical and healthcare sector accounted for the highest demand for nanocoatings, which was 14% of the global demand that year. Several types of medical equipment and implants are accented with nanocoatings. The use of nanocoatings in the healthcare sector is likely to continue in the coming years, hence driving the nanocoatings market significantly. The energy and electronics sectors are anticipated to be fastest growing end users of nanocoatings. The automotive sector stands as the second largest end user of nanocoatings and will continue in the coming years as one of the dominant end user segments of the global nanocoatings market. From a geographical standpoint, North America represented the largest market in the global nanocoatings market, followed by Europe.
The advanced medical and healthcare industries in these regions are regarded as the key contributors to the growth of the nanocoatings market. However, major growth in the global market for nanocoatings in the coming years will occur in Asia Pacific, due to the flourishing electronics and automotive sectors. Asia Pacific is estimated to register a 25.8% CAGR in the global nanocoatings market between 2013 and 2019.
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