Biomedical Sol-Gel Coatings to Generate Over 40% Revenue in Global Market: Fact.MR Study
Published : 28 Jun 2021 Industry: Chemical & Materials
Fact.MR – a market research and competitive intelligence provider, projects the global sol-gel coatings market to have a positive outlook, expanding at a CAGR of above 10% across the 2021-2031 forecast period. The market is expected to develop significantly in future due to numerous qualities of sol-gel coatings such as self-cleaning, corrosion resistance, and IR & UV energy resistance.
The versatility of sol-gel coatings has enabled solutions in industries such as electronics, optics, solar energy harvesting, aerospace, automotive engineering, marine protection, and healthcare. Increasing global demand for renewable sources of energy is creating massive opportunities for solar energy-harnessing devices, which, in turn, use sol-gel coatings, thereby driving demand. Sol-gel processing applications are also being driven by growing demand for anti-reflective coatings in construction and infrastructure industries.
Key Takeaways from Market Study
- Sales of sol-gel coatings to reach over US$ 5 Bn by 2031
- The market in China forecast to expand at around 9% CAGR
- The building & construction segment, under application, is projected to record above 7% CAGR through 2031
- The market in Asia Pacific is forecast to reach a valuation of more than US$ 550 Mn by 2031
“As demand for anti-bacterial, anti-fouling, UV and IR protection, wear- resistant coatings increases, sol-gel coatings are gaining popularity across key regions,” says a Fact.MR analyst.
The sol-gel coatings industry is witnessing numerous mergers and acquisitions. Many new competitors have entered the business in addition to organizations that are already operating in this space. R&D spending is being done to introduce new technologies into the mainstream market. Presence of a multitude of players renders the landscape quite fragmented.
- In June 2017, the Sherwin Williams Company acquired Valspar Corporation, an American manufacturer of paints and coatings based in Minneapolis, U.S. This acquisition was in line with the company’s growth strategy of becoming a global leader in the paints and coatings market.
- In 2018, EPG AG announced that it has developed a colored sol-gel coating for aluminum parts used in the aerospace industry. This sol-gel coating is resistant to severe mechanical loads and has a consistent surface appearance.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the sol-gel coatings market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study divulges essential insights on the market on the basis of product (wear-resistant, corrosion-resistant, water-resistant, and photocatalytic self-cleaning) and application (automotive, building and construction, aerospace, electronics, and biomedical), across seven major regions of the world (North America, Europe, East Asia, Latin America, South Asia, Oceania, and the Middle East & Africa).
Fact.MR’s Domain Knowledge in Chemicals and Materials
Our chemical and material consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the chemical and material sector. Our expertise in recognizing the challenges and trends impacting the global chemical and material industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
For more information, refer to our market research report or contact the PR author.
Shambhu Nath Jha
Consultant – Chemicals and Materials