Nano Paints & Coatings Market - Forecast(2023 - 2028)

Nano paints & coatings market size is forecast to reach $13.2 billion by 2026, after growing at a CAGR of 4.8% during 2021-2026, owing to the increasing demand for nanotechnology in paints & coatings. Graphene, carbon nanotubes, and nano silver are the mostly employed nanotechnology resin in the paints and coatings industry. Nano paints and coatings demand is increasing as they are extensively employed in various end-use industries to improve product properties such as abrasion and wear resistance, chemical and corrosion resistance, the stealth/IR shielding effect in defense applications, anti-reflection (AR) properties, and flame retardancy. The rapid growth of the automotive and marine industry has increased the demand for superhydrophobic coating nano paints & coatings; thereby, fueling the market growth. Furthermore, the flourishing aerospace industry is also expected to drive the nano paints & coatings industry substantially during the forecast period.

However, due to coronavirus, the manufacturing of new aircraft has seen a downward trend in various regions, which is hampering the nano paints & coatings materials market growth. The impact on the Middle East aviation industry and economies caused by the shutdown of air traffic due to the COVID-19 pandemic has worsened, according to the International Air Transport Association (IATA). In addition, full-year 2020 traffic is expected to plummet by 51% compared to 2019. According to the Welsh Government services and information, globally (over all manufacturers) demand for production of short haul sized aircraft is likely to drop by 15% (around 1,500 fewer aircraft out of 10,000) and by 30 - 65% for long haul sized craft, by the end of 2025, (around 600 - 1,300 fewer aircraft out of 2,000). This drop in the aerospace manufacturing is projected to hinder the nano paints & coatings market growth in various regions.

The report: “Nano Paints & Coatings Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the nano paints & coatings Industry.

The graphene segment held the largest share in the nano paints & coatings market in 2020 and is growing at a CAGR of 5.3% during 2021-2026, owing to the various advantages that it offers such as high thermal and electrical conductivity, stability, increased stiffness and strength, surface hardness, and more. By replacing carbon fiber, nano-clays, nano silver, carbon nanotubes, and other composite materials in different applications, graphene's higher efficiency has supported its increasing use. Moreover, it is flame-retardant and also reduces the component mass and improves the appearance of the surface due which its demand in a wide range of applications, such as aerospace, electronics, transportation, paints and coatings, sports equipment, and biomedical & healthcare, in increasing. All these extensive characteristics of graphene are the key factor anticipated to boost the demand for graphene-based nano paints & coatings during the forecast period.

The chemical vapor deposition (CVD) segment held the largest share in the nano paints & coatings market in 2020. CVD has become the major method of film deposition for the paints & coatings industry due to its high throughput, high purity, and low cost of operation. In optoelectronics applications, optical coatings, and wear-resistant parts coatings, CVD is also commonly used, often using carbon nanomaterials. CVD has many advantages over the methodologies of physical vapor deposition (PVD), such as better molecular beam evaporation and sputtering. CVD utilizes source materials that flow into the route chamber from external reservoirs that can be refilled without the contamination of the growth environment. Furthermore, CVD does not require very high levels of vacuum and can process substrates in larger batches in general. Furthermore, during the manufacture of nano paint and coatings, the CVD method is more forgiving in terms of its tolerance for precision in the process conditions. Thus, during the forecast period, these are the major drivers of the growth of chemical vapor deposition.

The building and construction sector is expanding in various regions owing to the increasing population, and per capita income of individuals. The UK government's strategic plan 2018/19 – 2022/23, the government aims to deliver 300 homes, begin construction on 1,000 town center apartments, and launch phase three at Northstowe by 2022/23. In addition, the objective of the European Construction 2020 Action Plan was to stimulate favorable investment conditions. Due to various government initiatives, such as Foreign Direct Investments, construction and construction activities are also increasing (FDI). The superhydrophobic coating based nano paints & coatings are regarded as the most promising high-performance materials for construction applications. Due to their self-assembly effect when compared with conventional coating materials, they represent remarkable characteristics against environmental agents in the building and construction industry. Such investments by the governments are driving the construction sector in various regions. Thus, the expanding building and construction sector acts as a driver for market growth during the forecast period.

The prices of nano paints & coatings largely depend on the cost of raw material. The main raw materials are titanium dioxide, graphene, and carbon nanotubes. The temperatures required for this process are extremely high because titanium has such a high melting point, and it is believed that the conversion of the metal to ingots accounts for around 30 percent of the entire process's cost. There is a need for a lot of energy and the process is labor-intensive. The strength of titanium implies that the process is slow and around 90 percent of the original material has been lost once the finished product is finished. Thus, nano paints & coatings prices are very much dependent on raw materials. Thus, any rise in the price of raw materials would lead to a shift in the price of paints and coatings.

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the nano paints & coatings market. Major players in the nano paints & coatings market are Dura Coat Products, I-CanNano, Henkel Corporation, DuPont, Evonik, Wacker Chemie, Beckers Group, Akzo Nobel, PPG Industries, Valspar, Nanovere Technologies LLC., Yung Chi Paint & Varnish Mfg., and BASF SE.

Report Code: CMR 0185

Report Code: CMR 0227