Reliable Data You Can Trust
Reliable Data You Can Trust
A recent report published by
Infinium Global Research on the sol-gel coatings market provides in-depth analysis
of segments and sub-segments in the global as well as regional sol-gel coatings
market. The study also highlights the impact of drivers, restraints, and macro
indicators on the global and regional sol-gel coatings market over the short
term as well as long term. The report is a comprehensive presentation of
trends, forecast and dollar values of the global sol-gel coatings market. According
to the report, the global sol-gel coatings market is projected to grow at a
CAGR of over 5% over the forecast period of 2022-2028.
The global sol-gel coatings market
was valued at about USD 11 billion in 2022 and is expected to reach more than
USD 14 billion in 2028, with a CAGR of over 5% during the forecast period. Sol-gel
coatings combine organic and inorganic compounds prepared by sol-gel
technology. The sol-gel process is utilized to convert small molecules to solid
materials and involves converting monomers into the sol, which acts as a
precursor for a network of particles. The market is predicted to witness
significant growth because of rising applications in construction, electronics,
communications, optical devices, automotive, and biomedical. Growing
infrastructure, which needs corrosion protection, increasing technological
advancements, and modernization within the production techniques of sol-gel
coatings are key factors expected to drive market growth. Moreover, the sol-gel
technique is an environment-friendly method for the protection of surfaces and
may be accustomed to replacing toxic pre-treatments and coatings like chromate
conversion coatings, which successively has augmented the expansion of this
market.
Rising growth in the demand
for the product because of the introduction of water-based coatings in various industries is the vital factor escalating the market growth, also
increasing demand in various end-use industries for its numerous properties
like self-cleaning, corrosion resistance, and IR & UV energy resistant
coatings, rising concern regarding the VOCs in paints and coatings, increasing
construction sector, and also the rising presence of a growing oil and gas
sector, together with chemical industries are the foremost factors among others
driving the sol-gel coatings market. Moreover, growing infrastructure, which
needs corrosion protection, increasing technological advancements, and rising
modernization in production techniques will further create new opportunities
for the sol-gel coatings market in the forecast period. However, increased costs
and fluctuations in the cost of raw materials and a rising halt in the growth
of the various industrial segments of the world are the main factors among
others acting as restraints, while and can further challenge the expansion of
the sol-gel coatings market in the forecast period.
The outbreak of SARS-CoV-2
infection in 2020 has had a severe impact on the expansion scale of the sol-gel
coatings market. This can be attributed to the significant decline in
construction, aviation, and oil and gas industries in the wake of the movement
restrictions and the introduction of stringent lockdown norms. Moreover,
COVID-19 brutally hit the APAC economies, causing major disruptions in the raw
material supply chain and the paints and coatings business. However, earlier in
2020, as COVID-19 cases increased globally, the production activities of
several industries were stopped which hampered the expansion of the market.
However, unpredictability in the cost of the raw material and increasing delays
in production and supply of various industrial sectors globally have retained
the market growth during covid-19 within the forecast period.
North America is the largest marketplace
for sol-gel coatings, because of the stringent U.S. Environment Protection
Agency (EPA) and US Food and Drug Administration (FDA) regulations like 183(e)
of the Clean Air Act (Act), which is increasing the demand for
environment-friendly coating like sol-gel coatings. Also, the increasing demand
from the automotive and aerospace industry is further driving the expansion of
the sol-gel coatings market within this region. Europe could be a lucrative sol-gel
coatings market because of the rising demand for environment-friendly coating
materials because of stringent environmental regulations. as an example,
Directive 2004/42/EC of the European Parliament limits the emissions of
volatile organic compounds (VOC) in vehicle refinishing products, paints, and
others thereby driving the marketplace for coatings low or freed from VOCs such
as sol-gel coatings.
The report on the global sol-gel
coatings market covers segments such as product type, and end-user industry. On
the basis of product type, the sub-markets include corrosion and wear
resistant, water resistant, and others. On the basis of end-user industry, the
sub-markets include automotive, architecture, protective coatings, and others.
The report provides profiles of
the companies in the market such as 3M, Akzo Nobel NV, SOCOMORE, SCHOTT, PPG
Industries Inc., CMR Coatings, Gaema Tech, Solvay SA, Arkema Group, and Henkel
AG & Co. KGaA.
The report provides deep insights
into demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of sol-gel coatings market. Moreover, the study highlights current
market trends and provides forecast from 2022-2028. We also have highlighted
future trends in the market that will affect the demand during the forecast
period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players.
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