The global nanocoatings industry is expected to showcase considerable growth by reaching USD 39,869.2 million by 2028 while exhibiting a CAGR of 22.7% between 2021 and 2028. This information was published by Fortune Business Insights in its latest report, titled, “Nanocoatings Industry, 2021-2028.”. The report further mentions that the industry stood at USD 7,825.3 million in 2020 and is projected to experience considerable growth during the forecast period. The increasing focus on reducing environmental impact and the growing demand from the automotive sector is expected to propel the demand for these coatings across the globe.
What does the Report Provide?
The industry report provides an in-depth analysis of several factors such as the key drivers and restraints that will impact growth by adopting several research methodologies. The report further provides insights into the regional analysis covering different regions, contributing to the industry growth. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to further contribute to the industry growth.
Increasing Demand from Automotive Sector to Favor Growth
Nanocoatings are a vital part of the automotive industry. These coatings aid in a significant reduction of wear and friction to increase the shelf life of the material. They further help to reduce the dissipation of energy such as heat leads to the improvement in the overall efficiency of the automotive. Additionally, they aid in providing protection from corrosion, water, ice, heat, etc. Owing to their several antibacterial and antimicrobial properties, the increasing demand for these types of coating from the automotive sector is expected to contribute to the global nanocoatings industry growth in the forthcoming years. Moreover, the increasing focus on reducing the environmental impact due to the use of traditional coatings is expected to favor the product’s demand globally.