According to latest research by Future Market Insights, the market is set to witness steady growth during forecast period 2021 – 2031, progressing at a CAGR of more than 6% during the period. Demand will witness significant growth owing to the growing awareness towards ecological balance.
Growing demand for eco – friendly products is increasing and also expected to rise during the assessment period. Such factors are in turn anticipated to boost demand for these coatings.
What is Driving Demand for Anti Soiling Coating?
Anti-Soiling Coating is used as preventive coating applied on solar panels to prevent solar panels from dirt accumulation. Growing demand for decentralized power generation in emerging countries is propelling the demand for solar panels. Growth in solar panel market is likely to boost the sales during the forecast period.
In order to decrease carbon footprint, reduce CO2 emissions, and alleviating pollution the demand is shifting towards solar photovoltaic panels which is boosting the sales of the product.
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Reliability, overall production capacity, are key factors which hinders the solar power market, which in turn hampers the demand for Anti Soiling Coating. However, development of battery storage technologies has helped overcome these challenges, which is a highly beneficial factor in demand development for the market.
Growing Demand for Energy is Likely Augment Anti Soiling Coatings Sales
Use of conventional sources of energy is being discouraged due to excess growth in pollution and declining fossil fuel reserves across the globe. These factors are promoting use of renewable and cost effective sources of energy for power generation in order to cater the ever increasing demand for un-interrupted energy supply.
In addition, declining raw materials prices coupled with growing prices of electricity across the globe and decreased cost of installation for solar photovoltaic panels is propelling the use of solar power across the globe which is projected to elevate the Anti Soiling Coatings sales during the forecast period.
Additionally, the Anti Soiling Coatings also finds its applications in Oil & Gas Industry and V-shaped Recovery of Oil and Gas industry after COVID-19 Impact will increase the demand of Anti Soiling Coatings.
US Market Outlook
US is one of the largest markets for Anti Soiling Coatings globally. The US solar industry has witnessed spectacular growth in various states owing to positive policy actions and tax breaks. Demand will be driven due to increase in sales of solar panels in the country.
Solar panels market is experiencing a significant growth owing to increased applications of solar panels to fulfil residential power requirements
China and India Demand Scenario
China has the largest global installed capacity for solar power in the world, both on a utility scale and for roof top solar. The country is witnessing huge solar power project developments to replace old coal based plants that would be shut down in few years, thus driving demand for these special coatings.
India is a lucrative market. In order to fulfil the vast demand of energy country needs high power generation capacity and new infrastructure. Growing initiatives and investments in clean energy sector over conventional sources of energy from government is boosting the use the solar panels in the country which in turn promoting the sales of Anti Soiling Coatings across the country.
Europe Demand Outlook for Anti Soiling Coatings
Many countries in EU have been severely impacted by the COVID-19 crisis, which has led to a decline in economic activities. However, due to growing government initiatives towards economy redevelopment causing market to to recover at significant rate.
Europe is a significant market for solar panels owing to the model of decentralized energy generation across the region. Increased Government action and investment in some European countries such as Germany and UK has boosted the renewable power generation capacity in the region. Owing to occurrences of dispersed solar assets in the region Anti Soiling Coatings Market is expected to grow at significant rate during the forecast period.
Manufacturers in the region are targeting and innovating special coatings for solar panels to fulfil demand of solar energy sector.
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Who are the Key Manufacturers and Suppliers of Anti Soiling Coatings?
Some of leading manufacturers and suppliers of Anti Soiling Coatings are
- BASF SE
- PPG Industries Inc.
- Nippon Paint Marine coatings Co. Ltd
- Chigoku Marine Paints, Ltd.
- Kop Coat Inc.
- Akzo Nobel N.V.
Many manufacturers and suppliers are investing in research and development of low cost coating for increasingly cost efficient solar panels in order to overcome the longstanding challenge of solar power generation.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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