Nanocoatings Market Expected to Reach $20.1 Billion by 2030
May 29, 2024, 11:58 AM
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According to an AMR Research report, the global nanocoatings market is worth $10.7 billion in 2020 and is expected to reach $20.1 billion by 2030, growing at a CAGR of 6.7% from 2021 to 2030.
According to an AMR Research report, the global nanocoatings market is worth $10.7 billion in 2020 and is expected to reach $20.1 billion by 2030, growing at a CAGR of 6.7% from 2021 to 2030.
Improve the functionality of materials
Nanocoatings are applied to surfaces to create or improve the functionality of materials, including water and ice protection, corrosion protection, friction reduction, self-cleaning, antifouling and antimicrobial properties, heat and radiation resistance, and thermal management.
These coatings offer advantages for applications in the medical, defense, aerospace, marine and petroleum industries, prompting manufacturers to incorporate multifunctional coatings into their products.
Rapidly increasing world population; surging income levels; and growing demand for nanocoatings from the automotive, electronics, medical, and healthcare industries are the key factors driving the global nanocoatings market.
Nanotechnology for sustainable construction
Furthermore, the growth in construction activities and the massive adoption of green buildings and infrastructure provide growth opportunities for market players. As a result, many major players in the construction industry are adopting nanotechnology to design sustainable buildings.
Based on application, the electronics segment generated the highest revenue in 2020 and is expected to maintain its dominance throughout the forecast period. This is attributed to the growth in the adoption of nanocoatings in electronic devices and optical applications.
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