Sol-Gel Coating Market Analysis, Key Growth Drivers, Challenges, Leading Key Players Review, Demand and Upcoming Trend by Forecast to 2023
Sol-Gel Coating Market Overview:
Market Research Future (MRFR) reveals in its latest study that the global sol-gel coatings market is poised to thrive at a robust CAGR of 11.22% during the forecast period 2018 to 2023. MRFR further reveals that the market is estimated to reach a value over USD 3853.5 Mn by 2023 up from USD 2,047.4 Mn in 2017.
The tremendous growth witnessed in the transportation sector has boosted the demand for sol-gel coatings as it caters to the need for multi-functional coatings. Furthermore, the adoption of sol-gel coatings for protecting surfaces of aircraft from harsh environmental damage is projected to fuel demand in the market across the projection period. Sol-gel coatings alleviate the maintenance costs of aircrafts, which is likely to have a positive impact on the market expansion.
The increasing penetration of electronics and gadgets is expected to catapult the global sol-gel market on an upward trajectory. The touchscreen segment has captured 15% share of the electronics market, and the trend is anticipated to continue in the foreseeable future. The increasing demand for sol-gel coatings by the touchscreen industry is expected to complement the sol-gel market proliferation across the review period.
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A paradigm shift to bio-based products has opened up avenues for product portfolio expansion and innovation in the sol-gel coatings industry. Market operators are investing in research and development activities for upgrading existing technologies and keeping themselves ahead of the curve. The growth strategies implemented by the existing players are projected to aid market growth over the review period.
The organic and inorganic precursors used in the manufacturing of sol-gel coatings are derived from downstream products of crude oil. The price volatility of crude oil is one of the major restraints poised to hold the sol-gel coatings market expansion throughout the projection period. However, stable families of chemical precursors are being developed for making sol-gel technology more pervasive across the assessment period.
Global Market for Sol-Gel Coating-Segmental Analysis:
MRFR’s report offers a detailed segmental analysis of the market based on application. By application, the sol-gel coatings market is segmented into automotive glass, healthcare, construction, mobile device screens, marine, solar panels, and others. Among these, the automotive glass segment is projected to exhibit the steepest rise at 12.92% CAGR. The healthcare segment currently accounts for the second largest share in the global sol-gel coating market, and it is likely to continue its dominance over the assessment period.
Global Market for Sol-Gel Coating-Competitive Dashboard:
Some of the key players profiled by MRFR in its report include PPG Industries, Inc., Akzo Nobel N.V., 3M, Axalta Coatings, and the Sherwin-Williams Company, Ferro Corporation, Premium Coatings and Chemicals Pvt Ltd, Euroglas Gmbh, NanoTech Coatings, Warren Paints & Color Company, OPTICOTE, INC, Henkel AG & Co., KGaA, Covestro AG, Arkema SA, CCM GmbH, and Nano Care Deutschland AG.
By region, the global sol-gel coating market has been segmented into Asia Pacific, Latin America, North America, Europe, and the Middle East & Africa. North America presently holds the maximum share of the global market. It is likely to retain its dominance over the next couple of years. The growth in North America market is attributable to the strong value maintained by end-user industries, such as transportation, electric and electronics, and marine among others. The North America market was valued at USD 675.2 Mn in 2017 and is estimated to register 11.08% CAGR during the forecast period.
Europe accounts for the second largest share of the global market. The trend is likely to continue through the assessment period. The developed transportation and healthcare sectors in the region are expected to accelerate the revenue creation for market participants. Germany and the U.K. are the primary revenue generators in Europe sol-gel coating market.
Asia Pacific holds immense potential for market growth and is one of the emerging sol-gel coatings markets globally. The market in Asia Pacific is estimated to reach a valuation of USD 893.2 Mn by 2023 striking a CAGR of 13.57%. The factors responsible for encouraging growth in the global sol-gel coatings market are increased government expenditure on the development of the electric and electronics sector, and, thriving transportation sector among others. China accounts for the most substantial share in the Asia Pacific market, trailed by Japan and India.
About Market Research Future:
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