Nano Paints & Coatings Market Size Forecast to Reach $13.2 Billion by 2026

(I-BusinessNews.Com, July 25, 2021 ) 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.

COVID-19 Impact

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.

Nano Paints & Coatings Market Segment Analysis – By Resin Type

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.

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Nano Paints & Coatings Market Segment Analysis – By Method

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.

Nano Paints & Coatings Market Segment Analysis – By End-Use Industry

The aerospace segment held the largest share in the nano paints & coatings market in 2020 and is growing at a CAGR of 6.5% during 2021-2026, owing to the increasing usage of nano paints & coatings in the aerospace industry. Durability, reliability, resistance to erosion and sliding, surface quality, UV resistance, and thermal insulation are improved by nanoparticles used in nano paints & coatings. Nano paints & coatings offer low VOC emissions and add features to aircraft frames, interiors, exteriors, turbine blades, component surfaces, and components of the engine. Nano paints & coatings help shield the structure and surface of an aircraft from adverse environments, changing temperature conditions, high pressure, and drag reduction. This helps to save fuel and to stop thermal shocks. Nano paints & coatings also provide crack healing, enhanced resistance to high temperatures, increased strength, reduced carbon footprint, lower costs of cleaning and maintenance, corrosion and erosion protection, and reduced ice accretion, owing to which the demand for nano paints & coatings in the aerospace industry is growing during the forecast period.

Nano Paints & Coatings Market Segment Analysis – By Geography

Asia-Pacific region held the largest share in the nano paints & coatings market in 2020 up to 32%, owing to the increasing demand for nano paints & coatings from the aerospace industry in the region. In 2019, China was the second-largest civil aerospace and aviation services market in the world and one of the fastest-growing markets, according to the International Trade Administration (ITA). China will need 7,690 new aircraft over the next 20 years, valued at US$1.2 trillion, according to Boeing (Commercial Market Outlook 2018-2037). During this period, around 74 percent of the demand for single-aisle aircraft will be, while for wide-body, the demand will be 21 percent. China also currently accounts for 15 percent of the world’s commercial aircraft fleet, and it will be almost 20 percent by 2037. According to the International Trade Administration (ITA), in 2018 the Indian government spent a total of $645 in the civil aviation sector. According to Boeing, demand for 2,300 aircraft, worth US$320 billion, is also expected to increase over the next 20 years in India. Thus, with the expanding aerospace industry in the region, the demand for nano paints & coatings will also subsequently increase, which is anticipated to drive the nano paints & coatings market in the APAC region during the forecast period.

Nano Paints & Coatings Market Drivers

Increasing Automotive Production

Nanomaterials incorporated into nano paints & coatings have been adopted in the automotive industry for increasing hardness and durability. In the performance of internal mechanical components of a vehicle, such as an engine, coatings containing nanoscale carbides, nitrides, metals, or ceramics play a key role. The nano paints & coatings reduce wear and friction, which then increase the lifetime of the working material, while reducing the dissipation of energy as heat, thus increasing the efficiency of the vehicle. There is an upsurge in the demand for commercial vehicles in the country, according to the Korea Trade & Investment Promotion Agency (KOTRA). In 2018, sales of Saudi Arabian commercial vehicles (CVs) reached 82,027 units and are expected to reach 97,188 by 2023. According to OICA, the production of light commercial vehicles has increased from 495,123 in 2018 to 527,262 in 2019, an increase of 6.5% in France. Thus, increasing automation production will require more nano paints & coatings, which will act as a driver for the nano paints & coatings market during the forecast period.

Expanding Building and Construction Sector

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.

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Nano Paints & Coatings Market Challenges

High Cost of Raw Material

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.

Nano Paints & Coatings Market Landscape

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.

Acquisitions/Technology Launches

In October 2020, by investing in Actnano, USA, Henkel Adhesive Technologies boosted its market offerings for functional coatings. The advanced materials start-up provides a unique customized conformal coating technology for the protection of printed circuit boards.

Key Takeaways

Asia-Pacific dominates the nano paints & coatings market, owing to the increasing aerospace industry in the region. China is estimated to require around 6,810 new commercial aircraft, valued at USD 1 trillion, in 2016, according to Boeing, over the next two decades.

Nano paints and coatings such as superhydrophobic coating and hydrophilic coatings provide complete protection against heat, UV rays, corrosion, and weight due to the presence of a very high volume ratio among the nanoparticles. This property of nano paints & coatings is projected to increase the market growth.

Increasing technological advances, such as in military and defense, will increase the use of nanotechnology-based paint and coatings. These variables tend to drive the market’s growth.

Due to the Covid-19 pandemic, most of the countries have gone under lockdown, due to which the projects and operations of various industries such as construction and automotive are disruptively stopped, which is hampering the nano paints & coatings market growth.

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