Global nanocoatings market is estimated to witness high growth, owing to growing end-use adoption and increasing demand for anti-corrosion coatings
Global nanocoatings market is estimated to be valued at USD 14.56 Bn in 2024, exhibiting a CAGR of 6.3% over the forecast period (2024-2031). Nanocoatings witness increased utilization across various end-use industries such as healthcare, automotive and construction due to their properties such as self-cleaning, anti-bacterial and scratch resistance. Furthermore, rapid urbanization and growing construction activities across developing nations can boost demand for nanocoatings with anti-corrosion and self-cleaning properties.
Market Dynamics-
Global nanocoatings market growth is driven by factors like increasing demand from the healthcare industry for applications such as medical devices, implants and anti-microbial coatings. Growing automotive industry worldwide and need for lightweight and fuel-efficient vehicles can boost utilization of nanocoatings. Nanocoatings provide properties such as scratch resistance, chemical resistance and improved visual appearance, which makes them suitable for use in automotive applications
Increasing demand from construction industry can drive the nanocoatings market growth
The construction industry is a major end user of nanocoatings globally. Nanocoatings help improve the durability and self-cleaning properties of construction materials. These protect buildings from environmental degradation by reducing dirt accumulation, preventing microorganism growth, and increasing the lifespan of structures. Increasing construction of commercial and residential buildings in developing nations can boost demand for nanocoatings in applications such as concrete, glass, and ceramic coatings. Various governments are also focusing on infrastructure development projects, and this can drive the nanocoatings market growth during the forecast period.
Growing automotive industry adoption aids market expansion
Nanocoatings find widespread applications in automotive industry for exterior and interior automotive parts and components. These improve the durability, scratch resistance, and aesthetics of vehicles. Rising automobile sales, especially in Asia Pacific, boosts incorporation of nanocoatings. Moreover, nanocoatings aid in reducing the weight of vehicles and improving their fuel efficiency. This prompt automakers to increasingly adopt nanocoatings, thus, driving the market growth. Stringent government regulations regarding vehicle emission can also boost demand for lightweight vehicles, and this can create new opportunities for nanocoatings.
High production costs hamper market penetration
Global nanocoatings market growth can be hampered due to high production costs. Processing of nanocoatings involves complex chemical reactions and equipment. This makes nanocoatings more expensive than conventional coatings. High costs associated with R&D activities for the development of newer and innovative nanocoatings increases their prices. The high costs challenge wide market adoption, especially in cost-sensitive applications. To increase their affordability, manufacturers strive to reduce production costs through technological advancements, economy of scale, and new production techniques. However, costs still remain higher than traditional coatings, thus, limiting nanocoatings market potential.
Lack of standardization poses challenge
The absence of standard protocols for testing, measurement, and certification of nanocoatings poses challenges regarding their quality assurance. Unlike conventional coatings, the characterization and testing of nanomaterials requires advanced instrumentation and infrastructure. Varied characterization techniques also lead to inconsistent data. This lack of standardization brings quality-related issues and compliance problems. It discourages wider commercialization of the technology.
Growing medical devices industry spells opportunities
Rising healthcare expenditure and growing global elderly population boosts medical devices industry growth. Nanocoatings find increasing usage in medical devices and equipment to prevent microbial adhesion and corrosion. These helps improve biocompatibility, reduce product rejection, and support longer implant lifetimes. Rising demand for invasive and non-invasive medical devices creates high potential for antimicrobial nanocoatings. The incorporation of nanomaterials also enables advanced features like controlled drug release in devices. These advantages can boost adoption of nanocoatings in varied medical applications like surgical tools, dental materials, and prosthetics during the forecast period.
Rising user demand for self-cleaning applications
Nanocoatings that render superhydrophobic and self-cleaning properties witness huge demand. These coatings minimize dirt accumulation, facilitate easier cleaning, and enhance aesthetics. Their growing uptake is witnessed in applications like facade claddings, solar panels, automotive exteriors, household appliances, and medical equipment. The user inclination towards user-friendly and low-maintenance products boosts innovations and new product launches catering to rising demand for self-cleaning functionalities. This growing user preference can open new avenues for nanocoatings in the future.
Link: https://www.coherentmarketinsights.com/market-insight/nanocoatings-market-483
Key Developments-
- In April 2024, Actnano, Inc. secured a US$ 40 million investment from Anthelion Capital aimed at enhancing its technical sales and services, boosting production capacity, and addressing the rising demand for its cutting-edge nanocoating technology, which provides superior protection for electronic devices. Actnano, Inc. is a pioneering nanotechnology company based in Malden, Massachusetts, specializing in advanced coating solutions that protect electronic devices from water damage and harsh environmental conditions.
- In November 2023, Nanofilm Technologies International partnered with NTU to establish a corporate lab with an investment of US$ 66 million. This collaboration focuses on advancing modern nanotechnology solutions applicable across various industries. Nanofilm Technologies International Limited is a prominent provider of nanotechnology solutions headquartered in Singapore. Established in 1999, the company specializes in advanced materials, industrial equipment, nanofabrication, and hydrogen energy solutions.
Key Players-
Bio-Gate AG, Buhler PARTEC GmbH, Cima NanoTech Inc., Eikos Inc., Inframat Corporation, Integran Technologies Inc., Nanofilm Ltd., Nanogate AG, Nanophase Technologies Corporation, Nanovere Technologies LLC
