The global sol-gel coatings market is expected to witness considerable growth over the span of 2021-2027 driven primarily by the expanding automotive industry across various regions and growing interest in sol-gel coatings.
Furthermore, rising infrastructure structures, which need corrosion protection, surging technological advancements, and modernization in the production techniques of sol-gel coatings would propel the growth curve of the market in the coming years.
Sol-gel films or coatings are generally used for corrosion protection in automobiles. They depict a high potential as alternatives for environmentally unfriendly chromate metal-surface pre-treatment methods. Sol-gel coatings boast advantages of high thermal stability, robust flexibility, and porous structure.
However, volatility in raw material prices and increasing halt in the growth of various industrial sectors worldwide would challenge the growth of sol-gel coatings market throughout the analysis timeframe.
Based on the product type, water based sol-gel coatings are projected to gain significant ground worldwide. Water based coatings have lower VOC allowing them to be an ideal product to be used in aerospace and military sectors. In the aerospace industry, water sol-gel coatings are being increasingly adopted owing to ample benefits associated with these like quick annealing, lower cost, and simple treatment process.
The novel water based sol-gel coatings, when clubbed with nano-particles, have been deemed to offer optimum corrosion protection. This environment friendly nature of the coatings would thus push the growth of water based sol-gel coatings market in the years to come.
In terms of the application, sol-gel coatings market would record notable gains from the aerospace industry. Use of these coatings as a surface pretreatment for the exterior of commercial aircraft has prompted health, environmental, and safety benefits due to elimination of hexavalent chromium and flight test.
Ongoing R&D activities in the field are further likely to push the growth of the aerospace segment across the overall market. For instance, researchers from Sheffield Hallam University’s Materials and Engineering Research Institute announced developing an extensive range of advanced sol-gel coatings to be used in environmentally friendly anticorrosion coatings for aerospace light alloys and functional coatings for aerospace.
Regionally, Asia Pacific sol-gel coatings market is predicted to record substantial gains through 2027. This can be ascribed to the thriving construction sector in the region, along with the booming O&G and chemical industries across diverse Asian economies. The regional market, led by China and India, is estimated to witness robust expansion in the demand for sol-gel coatings owing to the growing number of oil and gas pipelines.
Recently, GE Aviation was offered the deal to develop China’s milestone west-to-east pipeline project under a transaction worth $300 million. The project has been claimed to be one of the world’s largest gas transmission projects. In addition, a prolific surge in the building and construction industry across different nations would as well provide an impetus to the sol-gel coatings market demand in the region.
Eminent players operating in the global sol-gel coatings industry are Sherwin-Williams Company, Akzo Nobel N.V., 3M, Henkel AG & Co., Nano Care Deutschland AG, PPG Industries, Inc., Premium Coatings and Chemicals Pvt Ltd, and Arkema SA, amongst others.
These companies are going nine yards for taking up significant efforts like mergers and acquisitions, product launches, and partnerships, to consolidate their position in the overall marketplace.
The outbreak of SARS-CoV-2 infection during 2020 has had a severe impact on the growth scale of sol-gel coatings market. This can be attributed to the significant decline in construction, aviation, and oil and gas industries in wake of the movement restrictions and introduction to 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.