Overview:
Specialty coatings delivers application specific performance. From temperature resistant to energy savings, these coatings has wide range of features. Specialty coatings improve the overall appearance and durability of the surface and helps in protecting it from extreme temperatures, scratches, UV radiation, etc., while meeting environmental regulations.
By formulation, Specialty coatings is categorized into solvent-based, water-based, powder-based, and others. Owing to strict environmental regulations against the product with high volatile organic compounds (VOCs) emission the demand for water-borne coatings will grow at the fastest CAGR from 2018 to 2026. Although, solvent-based coatings accounted for largest market share in terms of volume in 2017 owing to high demand from automotive refinishing market, water-based refinish coatings is expected to surpass solvent-based by the end of forecast period as it is gaining high traction due to less curing time, color matching properties, and its environment friendly feature.
Based on substrates, the specialty coatings market is divided into metal, wood, concrete, and others (composites materials, glass, etc.). In 2017, metal accounted for the largest share in terms of value and volume. Coatings for metal and wood substrate is expected to witness steady growth throughout the forecast period.
Specialty coatings segment includes a wide array of divergent coatings and are applied in the field rather than in a factory settings. By End-use industry, specialty coatings are categorized into automotive refinishing, industrial maintenance, marine equipment’s, aerospace & defense, and others (bridges & roads, interior architecture, etc.) Automotive refinishing held the largest market share of global specialty coatings in 2017, and expected to maintain its dominance between 2018 and 2026. Specialty coatings enhances the look and feel of the vehicles by changing its overall appearance. Apart for accidents and wear & tear damages, it is also effective in protecting the vehicle surface from stones, debris, UV exposure, pebbles, and extreme temperatures. Industrial Maintenance owing to rising construction activities is projected to witness the robust growth in coming years
In 2017, in terms of consumption, Asia Pacific dominated the global specialty coating market. Asia Pacific, being the hub for several end-use industries expected to maintain its dominant position in the coming years. North America is expected to be the second largest market in the global specialty coating market, followed by Europe. Stringent environmental regulations related to the reduction of carbon dioxide emissions are expected to drive Europe and North America specialty coatings market.
Stringent environmental regulations, coupled with testing standards, are expected to restrict the growth of the global specialty coating market in the years to come.
Global Specialty Coatings Market is segmented as below:
Key players across the Specialty Coatings Market value chain are:
Axalta Coating Systems, PPG Industries, Axalta Coating Systems, Kansai Paint, Nippon Paint, Sherwin-Williams Company, AkzoNobel, RPM International, KCC Paint and Arkema SA among other notable players.
This report offers:
