The global sol-gel coatings market is expected to grow by USD 2.63 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Sol-gel Coatings Market 2020-2024 (Graphic: Business Wire)
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An ever-growing demand from the technologically advanced automotive and aerospace industry is increasing the use of sol-gel coatings in various applications, ranging from corrosion-resistant to self-cleaning and IR and UV energy-resistant coatings. In the automotive industry, fluorine functionalized alkoxy silane-based sol-gel coatings are used in windshield mirror and side mirror to get a clear view of the rear. Low refractive index material-based sol-gel coating is used in rear-view mirrors. The growing safety concerns and the ban on plastic film coatings are the major factors that will drive the growth of the global sol-gel coatings market in the automotive sector during the forecast period. In addition, the aerospace industry is increasingly adopting water-based eco-friendly chromate-free sol-gel coatings, due to benefits such as simple treatment process, quick annealing, and low cost. Thus, the growing demand for sol-gel coatings from automotive and aerospace industries for various applications will drive the growth of the market.
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As per Technavio, the growing demand from building and construction applications will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Sol-gel Coatings Market: Growing Demand from Building And Construction Applications
The demand for anti-reflective, photocatalytic self-cleaning, and energy-resistant sol-gel based coatings is increasing from the building and construction industry. Titanium dioxide, a photocatalyst, is available commercially and is considered as a stable and eco-friendly coating, which helps in the purification of air and provides comfort. Many commercial buildings in advanced countries like Japan, the US, Germany, and the UK make extensive use of self-cleaning window glass with a micrometer sol-gel coating of titanium dioxide. On being exposed to UV light, titanium dioxide photocatalyst actively decomposes bad odors, toxins, chemical and biological pollutants, and microorganisms such as bacteria and fungi. Additionally, titanium dioxide amplifies the washing mechanism of natural rainfall by acting as a wetting agent.
"Factors such as the improved performance properties and superior characteristics, and the growth of glass industry will have a significant impact on the growth of the SoI-gel coatings market value during the forecast period," says a senior analyst at Technavio.
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Sol-gel Coatings Market: Segmentation Analysis
This market research report segments the sol-gel coatings market by product (wear resistant, corrosion resistant, water resistant, photo catalytic self-cleaning, and others), application (automotive, building and construction, aerospace, electrical and electronics, and others), and geography (North America, Europe, APAC, MEA, and South America).
The North American region led the sol-gel coatings market in 2019, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to the growth of end-user industries such as automotive, construction, and consumer electronics.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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