According to Transparency Market Research, the global paints and coatings market, which had an estimated valuation of US$100.3 bn as of 2012, is projected to report a CAGR of 5.4% between 2013 and 2019 to rise to US$143.9 bn by 2019. In order to sustain this projected growth rate, companies will need to focus resolutely on innovation, especially in areas such as self-healing paints and coatings and nano coatings.
TMR’s analysts state that the use of paints and coatings was the highest in the residential sector in 2012, surpassing demand from other end-users such as the automotive, medical devices, and aviation industries.
What’s Driving Demand for Self-healing Paints and Coatings?
Any damage to painted or coated surfaces translates to additional expense by means of maintenance. In many instances, it also means time spent on undertaking repair and maintenance activities. Both industrial and individual customers are constantly seeking ways to reduce the time and money that scratches to a painted surface demand.
This in the first place was what laid the foundation for the development of self-healing paints and coatings. These essentially refer to coatings made using materials that can fill and seal gaps and cracks when exposed to specific temperatures.
Identifying and Filling Gaps in Self-healing Paints and Coatings Market
Although there has been some progress in the development of self-healing paints and coatings, it has been limited in nature. For instance, the majority of self-mending coatings available on the market until now have been able to self-repair only fine cracks and scratches, and only once.
The need for paints and coatings that can self-repair repeated scratches or cracks on the surface had remained unaddressed on the commercial market for the most part. That’s reassuringly being changed now with the launch of a range of self-healing paints and coatings that can be used in a myriad of industries even in the event of repeated damage to the surface. An example would be the LK Polymer Admix from Oceanit – a new product that carries self-repair attributes even in the case of repeated damage. Likewise, Nissan launched self-healing paint for automobiles in 2014, clearing the ground for fresh competition in the self-healing paints and coatings sector.
That smart paints and coatings have stirred a great degree of interest among automotive companies can be deduced from the fact that the number of patents granted for such technology are rising dramatically, with some estimates pegging this number at over 300,000 as of 2015 end. Although for the time self-healing paints and coatings continue to remain somewhat of a luxury product, continued research will bring them into the mainstream soon.
Browse Industry Research Press release on Paints and Coatings: http://www.transparencymarketresearch.com/pressrelease/global-Paints-coatings-market.htm