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I AgreeAnalysis of Sol-Gel Coatings Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
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 |
|
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.
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.
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“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.
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.
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
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.
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.
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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.
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 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.
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The global sol–gel coatings market is valued at US$ 2.8 billion in 2022.
The regions included in the sol–gel coatings market study include North America, Latin America, MEA, South Asia & Oceania, East Asia, and Europe.
Prominent players in the sol–gel coatings market are 3M, Akzo Nobel NV, Ferro Corp., Henkel AG and Co. KGaA, Mitsubishi Materials Corp., and SCHOTT AG.
From 2018–2022 the market witnessed a prominent growth rate of 4.0% and was valued at US$ 2.8 billion in 2022 from US$ 2.3 billion in 2018.
The market is anticipated to reach a valuation of US$ 4.7 billion in 2033.