Advances in materials science and nanotechnology have created several new functionalities in coatings, going beyond their original basic protective and decorative attributes. However, mismatched perceptions among coating developers and potential customers still remain, slowing rapid market adoption, according to Lux Research.
Functional coatings – offering benefits such as antimicrobial in medicine, self-healing in infrastructure, hydrophobic in electronics, and photocatalytic in construction – deliver value over and above the basic decorative and protective functions.
“Functional coatings can significantly enhance the value proposition of the end product but qualification time, cost and durability requirements often temper these benefits,” said Aditya Ranade, Senior Analyst, Lux Research, and the lead author of the report titled, ‘Beyond protection: Scouting for hot spots in the emerging functional coatings market’.
Lux Research analysts examined four coating functionalities – hydrophobic, antimicrobial, photocatalytic, and self-healing – for their applicability and disruptive potential, and assessed 53 innovative small- to medium-sized developers. According to the report, self-healing is the most disruptive, but under-appreciated. Elastic clearcoats can repair scratches to automotive components, and mechano-responsive polymers offer game-changing functionality with their ability to anticipate cracks before they appear. However, most industries rate self-healing coatings as only moderately disruptive, pointing to missed opportunities.
The report added that strong market pull exists for antimicrobial coatings. Hospitals, food processing facilities, animal housing and children’s centers have a clear motivation to reduce spread of diseases. Hence, antimicrobial coatings are seen as highly disruptive in the medical industry.
