Sol-Gel Coatings Market Overview
Sol-Gel Coatings Market is projected to be worth USD 5 Billion by 2030, registering a CAGR of 10% during the forecast period (2021 - 2030).
The increasing demand from the transportation industry is one of the primary factors responsible for aiding the proliferation of the global market.
Sol-gel coatings have developed an application in the aviation industry. This, in turn, is expected to propel the market expansion in the foreseeable future. The initiatives undertaken by the governments for uplifting and encouraging electronics industry is projected to accelerate the revenue creation for sol-gel coatings market players.
The shift towards eco-friendly coatings and developed technologies in the market has opened new avenues of growth opportunities for the manufacturers. Additionally, market trends such as the increased investments in product innovation, research & development, etc. are being witnessed over the last few years. It is prognosticated to perpetuate over the next few years complementing the growth of the sol-gel coatings market.
Market segmentation:
By application, the sol-gel coatings market is segmented into automotive glass, healthcare, construction, mobile device screens, marine, solar panels, and others. The automotive glass segment is estimated to thrive at the highest CAGR of 12.92% during the forecast period. The healthcare segment is projected to capture the second largest share of the market through the assessment period registering a CAGR od 10.81%.
Regional Analysis:
By region, the sol-gel coatings market is segmented into Asia Pacific, Latin America, North America, Europe, and the Middle East & Africa. North America currently accounts for the most significant share of the global market and is likely to retain its dominance towards the end of the assessment period. The growth is attributable to the increasing demand from booming end-user industries such as electronics, marine, aerospace, automotive, etc. The presence of key players and their growth strategies are anticipated to favor the proliferation of the sol-gel coatings market in the region. Europe is likely to retain the second position globally. The U.K. and Germany are poised to lead the regional market across the review period.
Asia Pacific is estimated to remain a significant growth pocket thriving at a CAGR of 13.57% over the projection period. The market valuation is forecasted to reach USD 893.2 Mn by 2023-end. The growth of the transportation and electronics industries is set to drive the growth of the Asia Pacific sol-gel coatings market over 2023.
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Competitive Dashboard:
Some of the key players profiled by MRFR are PPG Industries, Inc., Sherwin-Williams Company, Ferro Corporation, Premium Coatings and Chemicals Pvt Ltd, Akzo Nobel N.V., 3M, Axalta Coatings, Euroglas Gmbh, NanoTech Coatings, Henkel AG & Co., KGaA, Covestro AG, Arkema SA, CCM GmbH, Warren Paints & Color Company, OPTICOTE, INC, and Nano Care Deutschland AG.
Industry Developments:
In January 2018, PPG Industries, a global leader in sol-gel coatings market, acquired ProCoatings BV, a paints and coatings wholesaler in the Netherlands.
In July 2018, Axalta, a leading coatings industry, announced the expansion of its Jacksonville, Texas production facility.
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