Growing demand for eco-premium coatings will help drive "considerable growth" in the global nanocoatings market for the next five years, according to new market research.
The global nanocoatings market will reach $11.72 billion by 2015, according to a new report by Global Industry Analysts Inc.
"Although tempered by the recent economic recession, the market is expected to regain poise and register considerable growth in its revenue in the short- to medium-term period, driven by growing demand for eco-premium coating solutions, and the industry's unfazed focus on innovation and product differentiation," GIA reported.
Nanotechnology in conjunction with material science helps manipulate/modify/alter material characteristics at the molecular level and develop materials that meet unique, exclusive and critical needs of end-users.
Nanotechnology-supported innovations in coatings include development of antimicrobial effects, thermal insulation, dirt repellency, corrosion-resistance, anti-graffiti, moisture-absorbing coatings, and self-cleaning coated surfaces.
"Against a backdrop where every industrial sector is being made to buckle under the pressure of environmental regulations and conformance to ecologically safe practices, the green benefits proffered by nanocoatings is gradually coming to the fore and driving the nanocoatings market," GIA said.
"Nanocoatings help reduce the energy and material consumption typically required for coating surfaces. Additionally, nano-based coatings also reduce the time and complexity of the coating process, thus resulting in cost efficiencies.
"Nanotechnology-based anticorrosion coatings with self-healing characteristics represents another illustrative example of the real-world environmental benefits offered. This technology currently ranks as the only feasible alternative to toxic chromium coatings."
The ongoing economic crisis has positioned nanocoatings to strengthen their market stance, given their numerous cost, performance, and energy efficiency advantages. Neither research nor innovation in the nanocoatings sector have flagged during the recession, GIA says.
Eco-premium coating solutions are forecast to rise in demand among all end-user sectors in the upcoming years, echoing opportunities downstream into the nanocoatings market.
More information about "Nanocoatings: A Global Market Report" is available at http://www.strategyr.com/Nanocoatings_Market_Report.asp.