Nanocoatings Market Size, Share & Industry Analysis, By Type (Anti-Microbial, Self-Cleaning, Anti-Fingerprint, Anti-Corrosion, and Others), By Application (Building & Construction, Automotive, Aerospace, Electronics, Marine, and Others), and Regional Forecast, 2024-2032

The global nanocoatings market size was USD 14.32 billion in 2023 and is projected to grow from USD 17.54 billion in 2024 to USD 90.29 billion by 2032, exhibiting a CAGR of 22.7% during the forecast period.

Nanocoatings are ultra-thin layers of chemicals or materials built on various substrate surfaces to protect them from dirt, dust, corrosion, and damage from external environmental factors such as water, moisture, bacteria, friction, heat radiation, and others.

The increasing demand from the construction sector is one of the key factors driving market growth. Implementation of the product to support sustainability and conserve energy is significantly boosting the market growth. Additionally, the increasing adoption of abrasion-resistant products from the automotive sector shall fuel the market growth.

The COVID-19 pandemic has disrupted the global market, with lives and livelihoods under high threat. The government is undertaking various initiatives to deal with the pandemic such as the shutdown of factories and workplaces and halted trading and transportation activities. Several rules and codes of conduct were advised by the health commissions and regulatory authorities such as the World Health Organization to temporarily shut down all the services and manufacturing processes leading to major economic and financial losses, unemployment, disruption in the supply and demand chain, and financial insecurity. These activities impacted the day-to-day lives of people and the value chain analysis, trade, and manufacturing activities.

Moreover, the rapid spread of COVID-19 due to the air-borne nature has significantly multiplied the transmission risk, which further reduced workforce availability. The global demand was impacted by the coronavirus. The shutdown of automotive, marine, aerospace, and construction sectors negatively impacted the market's growth.

According to the research carried out by Crisil, the Indian construction sector is likely to witness a decline of about 12-16% in the current fiscal year. However, the International Labor Organization stated that the construction industry could stimulate the recovery of the economic conditions. The declining automotive sale is further affecting the market growth due to the pandemic. According to the European Automobile Manufacturers’ Association (ACEA), in January and February 2020, the total sales of new vehicles in the European Union were 7.4% lower than that during 2019. These factors are likely to impact the global market.

Nanocoatings Market Trends

Increasing Adoption of Green Buildings & Infrastructures

Since the last decade, there have been significant changes in building technologies that are sustainable and sensible towards the environment. Green building is one of the recent technologies that practice sustainability and support environmental sensitivity. The nanotechnological application in green buildings emphasizes energy conservation, waterproofing, corrosion resistance, and VOC eating nanocoatings. Companies like Saflex and 3M provide nanofilms employed in the windows and glass of green buildings. These films absorb thermal energy and reduce the amount of heat entering the building.

The coatings are key materials that can revolutionize insulation methods as they are structures at the molecular level. Nanocoatings offer resistance to temperature deviations and hence demand for these coatings is rapidly growing in products and structures including glass windows, ceramic tile, cryogenic storage vessels, and others that are exposed to temperature drops and extreme climate. Nanocoatings offer protection from ultraviolet light (UV) and abrasion resistance. This property considerably increases the service life of the products and makes them ideal for preserving paint surfaces. Nanoparticles of silica dioxide (SiO2), aluminium oxide (Al2O3), titanium dioxide (TiO2), and zirconium oxide (ZrO2) are widely used to increase rigidity and mechanical characteristics of coatings, which results in improved wear-resistance and resistance to scratches. One of the application areas for them is the maintenance of surface appearance and durability of parquet floors or window glasses. They are far better and more efficient than traditional insulating materials that work on macro levels such as fiberglass and polystyrene. Even if applied with a few thousandths of an inch thickness, the molecular structure's air-trapping can exhibit an intense effect.

Therefore, the increasing adoption of green infrastructure is expected to contribute to the global nanocoatings market growth during the forecast period.

Nanocoatings Market Growth Factors

Rising Demand from Building & Construction Industry to Propel Market Growth

Nanocoatings are one of the most favorable high-performance materials that are employed in the construction industry. Owing to their self-assembly effect, they exhibit exceptional characteristics compared to conventional coatings. They are particularly used for protecting various surfaces such as glass, concrete, and marble or sand limestone from staining, corrosion, abrasion, and other external factors.

The increasing demand from the construction industry to protect the infrastructure from UV radiation, corrosion, moisture, acid rain, and pollutants is expected to boost the market growth. Photocatalytic and hydrophobic coatings are widely used in buildings & exteriors to protect the substrate from UV radiations and moisture. The growing demand for the self-cleaning type of coatings that help prolong the maintenance cycles of the infrastructure is anticipated to accelerate the market growth. Moreover, coated substrates are less prone to external damage.

The rising concerns related to VOC emissions from conventional coatings are one of the key reasons for boosting market demand. Polymeric coatings involve emissions of VOCs that degrade the air quality, whereas nanocoatings are environmentally safe and sustainable. They are often used to insulate new and existing materials, wood, metals, and masonry while preventing the off-gassing of other types of coatings. The shifting consumer preference towards green and sustainable options is projected to drive the market.

Increasing Demand from Automotive Sector to Favor Growth

Nanomaterials are often incorporated in the hybrid product that is widely used in the automotive industry. They are majorly employed for greater durability, hardness, self-healing, and self-cleaning applications. These coatings offer thermal barrier, insulation, anti-fingerprint, conductive, and other desirable functional properties. Additionally, the increasing adoption of automotive displays and human-machine interfaces in luxury cars by auto manufacturers such as Hyundai, Ford, Tesla, Mercedes, and others will boost the market growth.

Luxury vehicles and cars are key market areas as they require enhanced surface protecting technologies. For instance, in January 2020, P2i Ltd, a leading Australian manufacturer, launched a new range of halogen-free products to protect vehicles from corrosion.

The coatings contain nanoscale materials such as carbides, nitrides, ceramics, and metals that play an important role in the performance and protection of the internal mechanical modules and gears of vehicles and engines. Various automotive applications prefer anti-scratch, anti-fingerprint, self-cleaning, and abrasion-resistant types of coatings. They offer improved solvent, fuel, and gas barriers, flame resistance, reduction in heat dissipation energy, reduction in friction and wear, and enhancement in the working condition of engines and vehicles.

RESTRAINING FACTORS

High Cost of Raw Materials to Hamper Market Growth

Manufacturing processes of the coatings involve the incorporation of nanomaterials such as carbides, nitrides, and ceramics. Additionally, it requires advanced machinery & equipment which are slightly expensive. Different product types have different raw material requirements, and fluctuating raw material prices further lead to high end-product prices. The cost of raw materials, along with the maintenance cost for the production technologies and machines, is comparatively higher than conventional coatings, resulting in the rise in the final product price. This is expected to hamper the growth of this market in the forthcoming years.

Nanocoatings Market Segmentation Analysis

By Type Analysis

Self-Cleaning Segment to Hold the Largest Market Share

On the basis of type, the market is segmented into antimicrobial, self-cleaning, anti-fingerprint, anti-corrosion, and others. The others segment includes photocatalytic coatings, hydrophobic coatings, superhydrophobic coatings, anti-fouling coatings, abrasion-resistant, thermal barrier, and anti-icing coatings.

The self-cleaning segment held the major share in the market, followed by the anti-microbial segment. The self-cleaning coatings repel the contaminants such as dust, foreign objects, and other materials. They are used for glass coating, which further reduces maintenance efforts and cost.

Antimicrobial coatings find application in the healthcare and medical sector. These coatings inhibit the growth of bacteria and microbes on surfaces. Therefore, it is widely used in coating surgical instruments and medical devices prone to bacterial and microbial build-up. This is expected to boost the growth of the segment in the forthcoming years.

By Application Analysis

Buildings & Construction Segment to Lead the Market

On the basis of the application, the market is segmented into building & construction, automotive, aerospace, electronics, marine, and others. The other segment includes medical, healthcare, food packaging, and energy.

The building & construction segment accounts for the major market share due to the increasing development and urbanization. The growing adoption of newer and enhanced technological solutions shall further contribute to the segment’s demand. Along with thermal insulation, protective coating for glass, hydrophilic and hydrophobic coatings, they are also employed to avoid bacterial and fungal build-up that can damage the infrastructure and materials that are highly valuable and significant. Moisture and other various external factors can also affect the condition of construction and infrastructure.

REGIONAL INSIGHTS

North America stood at USD 5.96 billion in 2023. The region is expected to dominate the global market during the forecast period, strongly influenced by government subsidies, interest rates, construction activities, and consumer expenditure, all of which are important components of GDP. The rising expenditure on infrastructure, coupled with the government's increasing investment to support sustainable development, shall support the market growth.

The growing aerospace and electronics industry is likely to drive the market. The U.S. is a major producer of nanocoatings and nanomaterials. High-end technologies and continuous R&D in nanotechnology are key factors driving regional growth. North America is expected to showcase substantial growth attributed to green building technologies and sustainable development. The growth of end-use industries in the region is expected to drive the market further. For instance, the United States Green Building Council (USGBC) initiated the LEED program to support green buildings and communities worldwide.

Asia Pacific is expected to hold a significant nanocoatings market share in the global market. The increasing building & construction activities and development of the industrial sector shall positively impact the market. China contributes a major share due to the presence of a large manufacturing base. Additionally, low labor cost and easy availability of raw materials are anticipated to fuel the region's market growth.

Europe is one of the regions that have an established automotive industry. Countries like Germany, Italy, France, and the U.K. are major producers of automobiles. The increasing demand from these countries for passenger vehicles and luxury vehicles is expected to bolster the market demand.  Additionally, the highly developed medical sector is expected to raise the demand for anti-microbial nanocoatings in the region.

The market in Latin America is considerably developing for the past few years. With the increasing government initiatives to develop industrial & social position and economic conditions, Mexico's key infrastructure projects were specifically directed to be continued during the national COVID-19 shutdown. Moreover, supportive government initiatives that focus on constructional and infrastructural development are anticipated to boost the growth of the market in the region.

The Middle East & Africa is expected to show moderate growth in the market. The significant number of trade operations and imports & exports carried out through waterways have significantly increased the demand for ships and cruises. Furthermore, considerable demand from the marine sector for hydrophobic and anti-corrosion products is likely to drive the regional market.

List of Key Companies in Nanocoatings Market

Strategic Planning Adopted by Companies to Strengthen Their Market Shares

The global market is fragmented in nature with the presence of various major players and global and regional small-and-medium-sized players worldwide. The competitive landscape of companies depends on product offerings, technological advancements, manufacturing processes, and other factors. Major players such as P2i Ltd, BioGate AG, Tesla Nanocoatings, Cleancorp, Inframat Corporation, Admat Innovations, and others are involved in mergers and acquisitions, developing infrastructure, expanding their manufacturing facilities, and investing in research and development facilities. Moreover, they are looking for opportunities to integrate vertically across the value chain.

LIST OF KEY COMPANIES PROFILED:

• P2i Ltd (U.K.)


• Nanovere Technologies LLC (U.S)


• Nanofilm Ltd. (U.S)


• ACTnano (U.S)


• Nanophase Technologies Corporation (U.S)


• Tesla Nanocoatings Inc (U.S)


• Cleancorp (Australia)

KEY INDUSTRY DEVELOPMENTS:

• December 2023 – NANOFILM Technologies International started its venture into the European market with a USD 9.9 million with a German company called AxynTeC Dunnschichttechnik. AxynTeC provides coating solutions to industrial and medical industries using its own patented thin-film technologies, according to Nanofilm, which also provides coating services and thin-film coating equipment solutions among its core services.


• January 2020 – P2i launched a new halogen-free barrier range of coatings for PCB-enabled OEMs. The new coating is a reworkable and sustainable solution for the automotive to the consumer electronics sector. The product aids in reducing the environmental impact of OEM activities by eliminating hazardous chemicals and increasing product lifespan.


• March 2019 – Xiaomi unveils Redmi Note 7 Pro smartphone that features P2i nano hydrophobic coating. P2i is a company that works with manufacturers to produce a liquid-repellent product for the protection of products like electronics and devices.

REPORT COVERAGE

The global nanocoatings market research report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, products, and applications. The market includes insights into the latest trends and highlights vital industry developments. It includes historical data & forecasts revenue growth at global, regional, and country levels, and analyzes the industry's latest market dynamics and opportunities. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the growth of the market over recent years.

Report Scope & Segmentation