The growing demand for smart coatings from end-use industries, such as automotive & transportation, aerospace & defense, marine, and building & construction, is driving the smart coatings market. This factor has encouraged many companies to adopt various developmental strategies in the smart coatings industry. New product launch accounted for the largest share of all the strategies adopted by the market players between 2015 and 2017. This growth strategy was adopted by the players to increase their foothold and maintain sustained growth in the smart coatings market. AkzoNobel (Netherlands), PPG Industries (US), Axalta Coatings Systems (US), The Sherwin-Williams Company (US), Jotun A/S (Norway), RPM International (US), Hempel A/S (Denmark), and NEI Corporation (US) are some of the leading smart coatings manufacturers who have adopted this strategy to develop their businesses, globally.
Besides new product launch, companies have also adopted expansion and acquisition strategies to expand their market share and distribution network. These strategies accounted for a significant share of the overall growth strategies adopted by the players in the smart coatings market between 2015 and 2017.
AkzoNobel (Netherlands), PPG Industries (US), and Axalta Coatings Systems (US) are the most prominent players in the smart coatings market. These companies have mainly adopted new product launch and expansion strategies in the past two years to achieve growth in the smart coatings market.
PPG Industries manufactures and distributes coatings and glass products. The company operates in five segments, namely, performance coatings, industrial coatings, architectural coatings, optical & specialty materials, and glass. The company also provides industrial and automotive coatings to manufacturing companies; adhesives & sealants to the automotive industry; metal pretreatments & related chemicals for industrial and automotive applications; and packaging coatings to aerosol, food, and beverage container manufacturers. PPG Industries manufactures anti-fouling coatings, such as SIGMAGLIDE 1290, SIGMA ECOFLEET 690, SIGMA NEXEON 710, SIGMA ECOFLEET 530, and SIGMA NEXEON 710, which can be used in coastal ship operation for anti-fouling functions. In July 2017, PPG Industries (US) launched KWIKSPAR 600 and 600SG polyaspartic coatings, a line of corrosion-resistant, direct-to-metal (DTM) coatings that provide an ultrafast-drying alternative to traditional three-coat corrosion protection systems.
AkzoNobel is a diversified chemical company operating in three segments, namely, decorative paints, performance coatings, and specialty chemicals. Smart coatings are manufactured under the performance coatings segment. The company has a strong customer base and operates in many countries of Europe, North America, APAC, South America, and the Middle East. The company manufactures anti-fouling coatings under brands such as Intercept, Intersmooth, Interspeed, and Interswift. In September 2015, AkzoNobel partnered with BioCote to expand their world-class Interpon brand to create Interpon AM, which is an antimicrobial powder coating used to protect the surface from microbial growth and degradation.
Smart Coatings Market by Function (Anti-Corrosion, Anti-Icing, Anti-Microbial, Anti-Fouling, Self-Healing, Self-Cleaning), Layer (Single, Multi), End-Use (Automotive & Transportation, Aerospace & Defense, Marine), and Region - Global Forecast to 2022
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