Smart Coatings MarketSize and Trends

Smart Coatings Market Outlook – Requisite for Robust Materials for Artificial Intelligence Expected to Boost Demand

Increasing demand for improved products in the automotive, military, and aerospace industry is one of the major factors boosting growth of the smart coatings market. Asia Pacific is one of the major contributors in the smart coatings market globally. This is mainly attributed to the booming automotive industry and increasing investments in defense activities in emerging economies such as India and China. The total defense budget of India was US$ 34.53 billion, and government initiatives such as ‘Make in India’ is expected to fuel growth of manufacturing units in the country. The defense manufacturing unit of make in India has numerous foreign investors such as Airbus, Pilatus, BAE India Systems, Raytheon, Lockheed Martin, Boeing India, Israel Aerospace Industries, Rafael Advanced Defense Systems Ltd., and Dassault Aviation SA.

Market- Trends

Increasing demand for customization in sensing and repair abilities has led to the growth of smart coatings market in military and automotive industry. Smart coatings can improve a system’s efficiency by reducing inspection time, equipment downtime and maintenance costs. The outcomes of using smart coating also include a reduced necessity for maintenance of corroded areas coupled with prolonging the life of components and assemblies prepared from corrosive materials.