Global Sol-Gel Coatings Market: Information by Application (Automotive Glass, Healthcare, Construction, Mobile Device Screens, Marine, Solar Panels, and Others), Region—Forecast till 2023
Global Sol-Gel Coatings Market was valued at USD 2,263.9 million in 2018 and is projected to reach USD 3,853.5 million by 2023 at a CAGR of 11.22%
Sol-gel coatings are a combination of hybrid, inorganic, and organic compounds prepared by converting monomers into colloidal solutions. These coatings are easy to use and inexpensive, thereby are used in the production of protective surfaces. These coatings exhibit properties such as anti-bacterial, anti-fouling, UV and IR protection, wear resistance, and anti-static. The versatility of sol-gel coatings has enabled their use in major end-use industries such as automotive, medical devices electronics, solar panel, construction, and marine.
The global sol-gel coatings market was valued at USD 2,263.9 million in 2018 and is projected to reach USD 3,853.5 million by 2023 at a CAGR of 11.22%. The growth of the global sol-gel coatings market is primarily driven by the increasing demand for protective coatings in the transportation industry. The demand for protective coatings is increasing owing to the benefits associated with them such as scratch resistance, anti-microbial, durability, gloss retention, water repellency, and UV and infra radiation stability. Furthermore, these coatings enhance the self-cleaning, wear resistance, fuel efficiency, and thermal performance, which helps in reducing carbon footprint, maintenance costs, and ice accretion. The other factor fueling the demand for these coatings is the use of sol-gel in display screens of electronic devices. The increasing production and sale of electronic devices such as smartphones, laptops, gaming devices, and others are expected to fuel the demand for sol-gel coatings in the electronics industry. The increasing production and sale of automobiles across the globe with the increasing disposable income are also projected to fuel the demand and drive the global market growth. Moreover, the implementation of “Net Zero Imports” target in developing countries, e.g., India, is expected to increase the manufacturing of electronics, which consequently is expected to boost the demand for sol-gel coatings.
The manufacturers in the global market are focusing on strategic growth initiatives such as mergers and acquisitions, new product launches and agreements to strengthen their market position and meet the growing demand in the automotive glass, healthcare, construction, and marine applications, among others. For instance, in June 2017, The Sherwin Williams Company acquired Valspar Corporation, an American manufacturer of paints and coatings based in Minneapolis, US. This acquisition was in line with the company’s growth strategy of becoming the global leader in the paints and coatings market.
The global sol-gel coatings market, by region, is spanned across five regions, namely Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. North America accounted for around 32.95% of the global market share and was valued at USD 746 million in 2018 and is expected to reach USD 1261.5 million at a CAGR of 11.08% during the assessment period. The growth of the regional market is attributed to the increasing demand for wireless electronic devices and fuel-efficient automobiles.
Asia-Pacific emerged as the fastest growing regional market in 2018, registering the highest CAGR of 13.57%.
The global market has been segmented on the basis of application and region. Sol-gel coatings have a wide range of applications, including automotive glass, healthcare, construction, mobile device screens, marine, solar panels, and others. Among these, the automotive glass segment accounted for the largest market share of 31.97% in 2018, with a market value of USD 723.7 million and is projected to register the highest CAGR of 12.92% during the forecast period. This is due to the extensive use of sol-gel coatings in the manufacturing of metal parts, lamps, mirrors, and plastic hoods, among others. These coatings not only protect the automotive glass from scratches and dust but also provide all-around protection from ultraviolet and infrared radiation.
Some of the key players operating in the global sol-gel coatings market are Ferro Corporation (US), Premium Coatings and Chemicals Pvt Ltd (India), Euroglas Gmbh (Germany), NanoTech Coatings (US), Warren Paint & Color Co. (US), OPTICOTE, INC (US), 3M (US), PPG Industries, Inc (US), The Sherwin-Williams Company (US),Henkel AG & Co., KGaA (Germany), Covestro AG (Germany), AkzoNobel NV (Netherlands), Arkema SA (France), Axalta Coatings Systems Ltd (US), CCM GmbH (Germany), and Nano Care Deutschland AG (Germany).
The report covers a brief analysis of geographies including:
• North America
o The Netherlands
o Rest of Europe
• Asia Pacific
o South Korea
o Australia & New Zealand
o Rest of Asia-Pacific
• Latin America
o Rest of Latin America
• Middle East & Africa
o Saudi Arabia
o Rest of Middle East and Africa
The global sol-gel coatings market was valued at USD 2,263.9 million in 2018 and is projected to reach USD 3,853.5 million by the end of the forecast period at a CAGR of 11.22%. The automotive glass segment accounted for the largest market share in 2018 and is projected to reach USD 1,328.7 million by the end of the review period.
Asia-Pacific emerged as the fastest growing regional market with a CAGR of 13.57% and was valued at USD 472.7 million in 2018.
• Sol-Gel Coatings Manufacturers
• Traders and Distributors of Sol-Gel Coatings
• Potential Investors
• Raw Material Suppliers
DC – Description
• coating films
• coating procedures
• hybrid coatings
• green materials