The global sol-gel products market is expected to grow at with a CAGR greater than 10% during the forecast period. One of the major factors driving the market is the increasing demand for sol-gel coatings. However, lack of investments in R&D is hindering the growth of the market studied.
- Another major driving factors of the market studied is the growing demand from Biomedical Industry
- North America accounts for the highest market share and is expected to dominate the market during the forecast period.
- Among the applications, sol-gel coatings application is expected to dominate the market studied during the forecast period.
Key Market Trends
Sol-gel Coating Application to Dominate the Market
- Coatings deposition represents the oldest and largest commercial application of sol-gel technology.
- Silica based sol-gel coatings represents huge potential to be implemented in optical devices, like optical sensors and active coatings.
- The sol-gel process offers various advantages for the development of coatings owing to their relatively low temperatures involved.
- The ever-increasing demand coupled with the advancement in the technology in automotive and aerospace industry is likely to increase the demand for sol-gel coatings.
- Hence, owing to the above-mentioned factors, the sol-gel coatings application is likely to dominate the forecast period during the forecast period.
North America to Dominate the Market
- North America accounts for the largest market share in the global sol-gel products market currently with the major demand coming from the united states.
- In the United States, the growing demand for sol-gel coatings from the aerospace industry is driving the demand for sol-gel products.
- Additionally, The increasing focus on the miniaturization of electronic devices and strong growth in the biomedical sector is likely to drive the demand for sol-gel products in the region.
- Hence, owing to the above-mentioned factors,North America is likely to dominate the market studied during the forecast period.
The global sol-gel products market is moderately fragmented as the market share is divided between many players. Key players in the market include 3M, SCHOTT AG, Nanovations Pvt Ltd., CMR Coatings GmbH, and SOCOMORE, among others.
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