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.

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.

Additionally, the surge in awareness of surrounding object infections and hospital-acquired infections (HAIs), and the rapid shift in demand for nanocoatings rather than polymer coatings are positively impacting the growth of the 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.

In addition, companies are exploiting the new properties of nanomaterials to develop cleaner, more energy-efficient buildings. Nanocoatings prevent condensation and fogging, keep glass and other surfaces clean, and help break down pollutants including nitrogen oxides. Additionally, they can enhance a building's energy footprint.

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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Nanocoatings Market Expected to Reach $20.1 Billion by 2030