Nanocoatings Market to Grow at over 18.6% CAGR until 2024
As per the latest report by IMARC Group, titled “Nanocoatings Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global Nanocoatings market size reached US$ 5.2 Billion in 2018. A nanocoating refers to a thin film that acts as a barrier between a substrate material and the environment for improving its aesthetics as well as functionality. The process of nanocoating is performed via a precise procedure wherein atoms are employed for creating a layer that uniformly covers every feature on the surface. It is generally applied on materials like glass, metals, plastics, textiles and ceramics for altering their hydrophobic and oleophobic properties. As it offers numerous advantages including scratch, chemical and abrasion resistance, its demand is increasing around the world.
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Market Trends:
Nanocoatings provide clear and colorless protection, are anti-adhesive in nature and relatively more hygienic as compared to conventional coatings. Moreover, they do not accumulate dust and assist in averting the growth of bacteria and microorganisms. As a result, they are widely used in various end use industries ranging from manufacturing to medical and healthcare. Additionally, as they offer resistance against temperature fluctuations, they are extensively used in products like automobiles, aircraft, ceramic tiles and glass windows which are impacted by temperature alterations as well as harsh climatic conditions. Apart from protecting against ultraviolet (UV) rays, nanocoatings are corrosion resistant which aids in increasing the lifespan and durability of metals products. This has resulted in the increasing demand for nanocoatings in the automobile industry for safeguarding paint surfaces. Looking forward, the Nanocoatings market is projected to reach a value of US$ 14.5 Billion by 2024, expanding at a CAGR of around 18.6% during 2019-2024.
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