Sol-Gel Coatings Market

Sol-Gel Coatings Market Growth Outlook (2023 to 2033)

The global sol-gel coatings market is estimated to be valued at US$ 2.9 billion in 2023 and to grow at a CAGR of 4.9% to reach a valuation of US$ 4.7 billion by the end of 2033.

Sol-gel coatings technology is used across different sectors such as energy, metallurgy, biomedical, luxury industries, and others. Sol-gel coatings can be used to target products that require scratch and wear resistance, anticorrosion, aesthetic, anti-fingerprints, hydrophobic, aesthetic, and dielectric properties.

Report Attributes	Details
Sol-Gel Coatings Market Size (2022A)	US$ 2.8 Billion
Estimated Market Value (2023E)	US$ 2.9 Billion
Forecasted Market Value (2033F)	US$ 4.7 Billion
Global Market Growth Rate (2023–2033)	4.9% CAGR
North America Market Share (2023)	28.9%
US Market Growth Rate (2023–2033)	6.0% CAGR
Key Companies Profiled	3M Akzo Nobel NV Ferro Corp. Henkel AG and Co. KGaA Mitsubishi Materials Corp. SCHOTT AG SOCOMORE SASU Solvay SA

Sol-Gel Coatings Market Buoyancy Analysis

Sol-gel coatings can be tailored by adding different functional groups, and inorganic and organic additives such as anti-fingerprint agents, colored pigments, conductive particles, ceramic hard particles, and others.

Sol-gel coatings are applied as thinner layers and show higher thermal resistance and excellent adhesion on a large number of substrate materials as compared to classical organic varnishes.

• Short Term (2023–2026): Biomedical application of sol-gel coatings is set to offer a plethora of opportunities for the sol-gel coatings manufacturers during the forecast period.
• Medium-Term (2026–2029): Thriving automotive industry in both developed as well as developing economies to pave the way for the growth of the sol-gel coatings market during the projection period.
• Long Term (2029–2033): Efforts led by market players to curb the demand pool and gain high-profit margins are likely to drive the sol-gel coatings market in the long run.

According to the Fact.MR analysis, the historic growth rate for the sol-gel coatings market was 4.0% and is estimated to grow at a CAGR of 4.9% during the forecast period from 2023–2033, According to the Fact.MR, a market research and competitive intelligence provider.

Market Dynamics Overview

“Growing Automotive Industry to Supplement Sol-Gel Coatings Market”

The growing automotive industry is likely to drive the demand for sol-gel coatings as they are widely used to protect the vehicular body from corrosion and enhance vehicles' durability. Hence, the growing automotive industry will pave the way for the sol-gel coatings market growth.

• For instance, sales of electric vehicles skyrocketed in the year 2021 and have continued to grow in 2022. More electric cars are now sold each week as compared to those that were sold in 2012 as sales of electric vehicles (including plug-in hybrids and fully electric) multiplied in 2021 to a new height of 6.6 million globally.
• Sales of electric vehicles witness rapid growth in the year 2022, with 2 million electric cars sold globally in the first quarter, up by 75.0% from the same period a year earlier, despite supply chain strains.
• By the end of 2021, there were approximately 16.5 million electric vehicles on the road worldwide which has tripled from the number of EVs in 2018.

Thus, the growing automotive industry creates demand for corrosion-resistant solutions to increase vehicular wear and tear resistance, and enhance overall performance, on the back of this sol-gel coatings are gaining traction across the globe.

“Factors Affecting Sol-Gel Coatings Market Growth”

Sol-gel coatings are widely used for magnesium alloy substrates coatings, however, low adoption of magnesium alloy due to the availability of more efficient alternatives such as aluminum and steel is likely to affect magnesium alloy consumption which leads to the reduced demand for sol-gel coatings as well.

Further, the process of sol-gel coatings is time-consuming and requires numerous steps coupled with the process being limited to certain materials, such as silicates. Hence, limited applications and the supply-demand gap hamper the growth of the sol-gel coatings market.

Country-wise Insights

What are the Factors Driving Sol-Gel Coatings Demand Across the USA?

The growing use of metals in construction to provide strength to the structure and also offer aesthetic ambiance is likely to drive the demand for sol-gel coatings. Hence, the growing construction industry is likely to create a high demand for sol-gel coatings as they provide resistance to metals, especially magnesium alloys from corrosion. The flourishing construction sector is likely to drive the sol-gel coatings market.

For instance, the total value of construction in the USA raised to USD 1.8 trillion in 2022 from USD 1.6 trillion in 2021. Among these, total residential construction stood at USD 793.7 billion in 2021 and raised to USD 899.1 billion in 2022, a 13.3% change

Why is the Turkiye Sol-Gel Coatings Market Expected to Be Highly Lucrative?

The growing electric vehicle market across Turkiye is likely to pave the way for the growth of the sol-gel coatings market across Turkiye. As driving has become more expensive due to rising gas prices, more Turkish drivers are switching to electric cars.

• Turkiye's gasoline costs nearly doubled over the past few years, forcing car owners to devote a larger portion of their income to commuting. For instance, the average monthly cost of gasoline for a car that drives 500 kilometers on city streets is around US$ 247.0, while an electric car owner must pay US$ 40.2 to cover the cost of the vehicle's energy.
• Hence, owing to this the demand for electric vehicles got amplified. For reference, a total of 6,124 electric vehicles were sold in Turkiye from January to November 2022, a 157.0% increase from the same period in 2021.

Hence, the flourishing electric vehicle market across Turkiye creates a high demand for sol-gel coatings to provide an aesthetic look to the vehicles, enhance vehicle durability, and others.

Category-wise Insights

Why Wear-Resistant Sol-Gel is Gaining Traction?

The wear-resistant sol-gel technique is appealing because it is simple to use and inexpensive, resulting in multi-functional, protective surfaces. This is because silica-based coatings, particularly hybrid inorganic-organic silica have unique structures and characteristics.

Ever-increasing demand coupled with advancements in technology in the automotive and aerospace industry is likely to drive demand for wear-resistant sol-gel coatings. Sol-gel coating vendors should focus on grabbing business opportunities from the wear-resistant segment, as it accounted for the largest market share in the base year. Wear-resistant sol-gel coatings are expected to be the leading segment based on the product type by 2033.

Why Does Biomedical Application of Sol-Gel Coatings Drives Products Growth?

Sol-gel is used in biomedical applications to cover metal implants and as a significant bone grafting medium. Sol-gel carriers are also used in biomedical applications for long-term medication delivery that results in faster wound healing.

Over 40.0% of sol-gel coating sales are driven by biomedical industries. For most materials, sol-gel processing is more convenient than alternative processes which can be difficult to operate at room temperature. As a result of the increased manufacturing of biomedical devices, demand for sol-gel coatings for biomedical applications is expected to rise significantly throughout the forecast period.

Eminent Player’s Key Stratagems

Eminent players include 3M, Akzo Nobel NV, Ferro Corp., Henkel AG and Co. KGaA, and Mitsubishi Materials Corp.

Market players operating in the sol-gel coatings market are adopting various ground-breaking strategies to curb the demand pool and gain high-profit margins. The investment in research and development to enable market players to explore new brackets of revenue generation from sol-gel coatings coupled with the business expansion to increase the catchment area. Such steps are likely to contribute to the revenue growth of the players operating in the sol-gel coatings market.

Fact.MR has provided detailed information about the price points of key manufacturers of sol-gel coatings positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Sol-Gel Coatings Industry Research

• By Product Type:

  • Wear-Resistant
  • Corrosion-Resistant
  • Water-Resistant
  • Photocatalytic Self-Cleaning

• By Application:

  • Automotive
  • Aerospace
  • Biomedical
  • Building & Construction
  • Electronics
  • Others

• By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA