The nanocoatings market is growing at a rate of 24.7 per cent CAGR, according to a new report from Transparency Market Research (TMR).
TMR estimates that, globally, it will be worth US$6.75 billion by 2019, up from US$1.45 billion in 2012. The 24.7 per cent CAGR growth between 2013 and 2019, says the report, will come from coatings used in the automotive and medical and pharmaceutical industries.
TMR analysts say anti-microbial nanocoatings registered the highest demand and accounted for 29.6 per cent of global demand in 2012. This product type finds application in the healthcare, food production, and water treatment sectors.
However, the fastest growth will be exhibited by anti-fingerprint nanocoatings, where the electronics, automotive, packaging, and healthcare sectors will make the largest contribution to demand.
In 2012, medical and healthcare sector accounted for the highest demand for nanocoatings, which represented 14 per cent of that year’s global demand. TMR suggests several types of medical equipment and implants are accented with nanocoatings. TMR anticipates that the use of nanocoatings in the healthcare sector is likely to continue in the coming years, driving the nanocoatings market significantly.
Growth drivers include an increasing geriatric population, coupled with spreading prevalence of target diseases pertaining to cardiovascular, audiology, and urology systems. Rising usage rates of insulin and infusion pumps due to pervasive levels of diabetes is predicted to further boost market growth.