Global Nanocoatings Market Projected To Reach $39 Billion By 2028 Fueling Additional Research & Development Activities
FinancialNewsMedia.com News Commentary
PALM BEACH, FLa., Oct. 3, 2023 /PRNewswire/ — The Global nanocoatings market has been growing steadily in recent years and it appears to continue through this decade. Nanocoatings are ultra-thin layers of chemicals or materials built on various substrate surfaces to protect them from dirt, dust, corrosion, and damage from external environmental factors such as water, moisture, bacteria, friction, heat radiation, and others. The increasing demand from the construction sector is one of the key factors driving market growth. Implementation of the product to support sustainability and conserve energy is significantly boosting the market growth. Additionally, the increasing adoption of abrasion-resistant products from the automotive sector shall fuel the market growth. A report from Fortune Business Insights projected that the global nanocoatings market size, which was USD 7,825.3 million in 2020 is projected to reach USD $39,869.2 million by 2028, exhibiting a CAGR of 22.7% during the forecast period. The report said: “Since the last decade, there have been significant changes in building technologies that are sustainable and sensible towards the environment. Green building is one of the recent technologies that practice sustainability and support environmental sensitivity. The nanotechnological application in green buildings emphasizes energy conservation, waterproofing, corrosion resistance, and VOC eating nanocoatings… The coatings are key materials that can revolutionize insulation methods as they are structures at the molecular level. They are far better and more efficient than traditional insulating materials that work on macro levels such as fiberglass and polystyrene. Even if applied with a few thousandths of an inch thickness, the molecular structure’s air-trapping can exhibit an intense effect. Therefore, the increasing adoption of green infrastructure is expected to contribute to the global nanocoatings market growth during the forecast period.” Active Companies from around the market with current developments this week include: FendX Technologies Inc. (OTCQB: FDXTF) (CSE: FNDX), DuPont (NYSE:DD), Dow (NYSE: DOW), 3M Company (NYSE: MMM), Zentek Ltd. (NASDAQ: ZTEK) (TSX-V:ZEN).