The global sol-gel coatings market is anticipated to exhibit impressive growth, surpassing valuation of US$ 5 Bn through 2031 in comparison with US$ 2.5 billion registered in 2020, finds Fact.MR. Due to the increasing application in biomedical, automotive, construction, and electronics domains, the market for sol-gel coatings is expected to expand at a robust CARG of over 10% across the forecast period 2021-2031.
Owing to the rise in manufacturing of biomedical devices, the demand for sol-gel coatings is skyrocketing. Sol-gel coating is identified as one of the most preferred choices for covering metal implants due to its convenience of operating at room temperature and high anti-corrosive nature.
Sol-gel carriers are also utilized in various other biomedical applications such as in long-term medication delivery and as bone grafting medium. Thus, with increasing demand for metal implants and ongoing technological developments in the biomedical domain, biomedical industries are expected to account for more than 40% of the sol-gel coating sales over the assessment period.
North America is dominating the global sol-gel coating market, accounting for nearly 30% of the overall market share. On account of increasing demand for sol-gel products for electronics and biomedical applications in countries like the U.S. and Canada, the North America market is expected to reach a valuation of US$ 1.3 billion by 2031.
"With increasing applications of sol-gel such as thin films and fibers, nano-scale powders, protective, optomechanical, and anti-corrosive coating, across automotive, electronics, biomedical and construction domains, the market is expected to witness exponential growth opportunities," says the Fact.MR analyst.
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Key Takeaways from Sol-Gel Coating Market Study
- The market in the U.S. is expected to surpass a valuation of over US$ 700 million by 2021, growing at a CAGR of around 6% during the forecast period.
- Owing to increasing applications of sol-gel coatings in the automobile and construction domain, the market in China is likely to expand at a CAGR of 9%.
- The market in Japan and South Korea are projected to expand at a CAGR of 3% each, collectively accounting for more than 1/3rd in the East Asian market share.
- Based on application, the building & construction segment is estimated to surge at a CAGR of above 7% through 2031.
- The Asia Pacific market for sol-gel coating is anticipated to reach a valuation of over US$ 550 million by 2031.
Key Drivers
- Increasing demand for anti-corrosive coating in the automobile and construction segment is spurring the sales of sol-gel coatings.
- Rising application of sol-gel coatings in the biomedical segment is driving the growth of the market.
- Increasing adoption of sol-gel coatings in the electronic domain, due to its conducting and non-corrosive nature, is bolstering the product demand.
Key Restraints
- The constraints such as delamination, thickness limit, and crackability of sol-gel coating are impeding the market growth.
- Availability of substitutes is a factor hampering the demand for sol-gel coating.
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Competitive Landscape
The market for sol-gel coating is moderately fragmented. The prominent players are investing in research and development (R&D) for launching new products. Besides this, some of the market players are focusing on forging strategic collaboration and acquisition to strengthen their market presence. For instance,
- EPG AG announced launch of a new sol-gel coating method named, 'Saphiral,' for aluminium surfaces in the kitchen in 2019. This coating is anticipated to offer outstanding protection to surfaces against chemical attacks and scratches by alkalis and acids.
- In June 2017, the Sherwin Williams Company announced acquisition of an American based paints and coatings manufacturer, Valspar Corporation. The acquisition will assist in the company's growth strategy of becoming a global leader in the industry.
Leading market players operating in the sol-gel coating market profiled by Fact.MR are:
- 3M
- Akzo Nobel NV
- Ferro Corp.
- Henkel AG and Co. KGaA
- Mitsubishi Materials Corp.
- SCHOTT AG
- SOCOMORE SASU
- Solvay SA
- Axalta Coatings Systems Ltd.
- CCM GmbH
- Nanovations Pvt Ltd.
- DowDuPont
- Chase Corporation
- KISCO
- MG Chemicals
More Valuable Insights on Sol-Gel Coating Market
Fact.MR, in its new report, offers an unbiased analysis of the global sol-gel coating market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in sol-gel coating market with detailed segmentation:
- Product
- Wear-resistant Sol-Gel Coatings
- Corrosion-resistant Sol-Gel Coatings
- Water-resistant Sol-Gel Coatings
- Photocatalytic Self-cleaning Sol-Gel Coatings
- Application
- Automotive Sol-Gel Coatings
- Aerospace Sol-Gel Coatings
- Biomedical Sol-Gel Coatings
- Building & Construction Sol-Gel Coatings
- Electronics Sol-Gel Coatings
Key Questions Covered in the Sol-Gel Coatings Market Report
- The market survey also highlights projected sales growth for sol-gel coatings market between 2021 and 2031
- The report offers insight into sol-gel coatings demand outlook for the forecast period 2021-2031
- Sol-gel coatings market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
- Sol-gel coatings market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
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