Global Statistics Representing Sol-Gel Coatings Market Scenario
Sol-gel is a method used to produce solid materials from small molecules. Sol-gel coatings are typically formed from the reaction of a colloidal solution that forms an integrated gel of particles or polymers. With strong demand from emerging sectors, the sol-gel coating market is growing at a tremendous rate around the globe. Sol-gel coatings are used in an array of industries such as automotive, aerospace, construction, electrical, and healthcare. Increasing demand for various coatings such as IR and UV energy resistant, corrosion resistant, and self-cleaning coatings from automotive and aerospace industries drives the growth of the sol-gel coatings market.
Sol-gel coatings are widely adopted in the aviation industry to protect the aircraft surface and reduce maintenance cost and in automotive industry to increase optical appearance and clearcoat. According to the International Organization of Motor Vehicle Manufacturers, over 97.3 million vehicles were produced in 2017 and this number is expected to increase in the near future. Moreover, the prolific consumption of consumer electronics such as laptops, tablets, and mobile phones is stimulating the demand for sol-gel coatings.
With the increasing adoption of eco-friendly coatings and innovation, the global sol-gel coatings market is slated to witness significant growth during the forecast period. The evolution from conventional technologies to eco-friendly coatings represents massive potential for market propagation.
The global sol-gel coating market was valued at USD 2102 million in 2018 and is expected to reach USD 4925 million by 2026, with an anticipated CAGR of 11.23% during the forecast period, 2019–2026.
The global sol-gel coating market can be segmented by product type, application, and end-user industry.
On the basis of product type, the market can be segmented into wear resistant, corrosion resistant, photocatalytic self-cleaning energy resistant, water resistant, and others. The corrosion resistant segment is expected to account for a prominent market share, owing to the increasing demand for these coatings from automotive & aerospace industries.
On the basis of application, the market can be segmented into automotive glass, mobile device screens, healthcare, marine, construction, metallic coatings, solar panels, and others. The automotive glass segment is expected to exhibit the steepest growth, owing to the application of these coatings in the automotive sector.
On the basis of end-use industry, the market can be segmented into aerospace, automotive, electrical and electronics, building and construction, medical and healthcare and others. The automotive industry is expected to hold a significant market share, owing to the application of these coatings on parts, metal structures, plastics hoods, mirrors, and lamps and in paint surface treatments.
Geographically, the global sol-gel coating market has been segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa.
North America is expected to dominate the sol-gel coating market during the forecast period, owing to accelerated revenue creation from end-use industries such as automotive and aerospace and a stringent regulatory scenario that is fostering the growth of environment-friendly coatings.
Europe is projected to account for a prominent market share with key players focusing on expansion and the implementation of new technologies. Furthermore, healthcare and transportation sectors are also creating opportunities for market growth.
Asia Pacific is expected to grow at an exponential rate in the sol-gel coating market, backed by fast-developing economies, growing transportation sector, and increasing government spending on the expansion of the electrical and electronics sector.
With technological advancements in end-use industries such as automotive and aerospace, Latin America represents a potential market for sol-gel coatings.
Infrastructure development, where there is a significant need for corrosion protection, support market growth in the Middle East. Growth of Africa’s automotive industry is also contributing to the growth of the LAMEA region.
Some of the key players in the global sol-gel coating market include PPG Industries, Inc. (U.S.), The Sherwin-Williams Company (U.S.), Ferro Corporation (U.S.), Premium Coatings and Chemicals Pvt Ltd (India), Akzo Nobel N.V. (Netherlands), 3M (U.S.), Axalta Coatings Systems, LLC (U.S.), Euroglas Gmbh (Germany), NanoTech Coatings (U.S.), Henkel AG & Co. (Germany), Covestro AGO (Germany), Arkema SA (France), CCM GmbH (Germany), OPTICOTE, Inc. (U.S.), and Nano Care Deutschland AG (Germany).
Sol-Gel Coating Market: Segmentation Analysis
By Product Type
By End-Use Industry