Sol-Gel Market Share 2022 Share Analysis, Business Strategies, Global Industry Challenges and Scope, Growth Drivers, Future Trends Forecast to 2030
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 Share 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.
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.
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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
share 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.
Regional Outlook:
By region, the global sol-gel coating market share
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.
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.
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