The global specialty coatings market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Specialty coatings are used to protect building structures, machinery equipment and others. Specialty coatings are segmented based on type and application. Some of the common specialty coatings include alkyd, epoxy, acrylic urethane, polyamide and others. Some of the benefits of specialty coatings are fire or temperature resistance, antireflection, sealing, substrate compatibility, temporary protection, excellent adhesive properties, and enhanced corrosion protection. Specialty coatings use different technologies like waterborne coatings, high-solids coatings, two-component systems, powder coatings, and radiation-curable coatings.
Based on type, specialty coatings can be
- Corrosion resistant
- Wear Resistant
Based on end-use application specialty coatings market can be
- Electrical & Electronics
- Refineries & oil and gas
- Aerospace & Defense
- Pulp and Paper
- Water and Waste Water Treatment
As specialty coatings are the major products used in electrical/electronics, automotive, aerospace and other industries, demand from these industries is expected to increase the growth of specialty coatings market. Demand from electrical/electronics, automotive, aerospace and other industries is actually increasing because of growing population and extra income in developing countries.
Drivers and Restraints of Global Specialty Coatings Market
Growing investments in electrical/electronics, automotive, aerospace and other industries in regions like Asia and the Americas are likely to offer tremendous possibilities for specialty coatings market in the future. As a result of accessibility to raw material, multinational businesses are investing in resource-rich regions to be able to limit the overall production cost.
Specialty coatings have a probability of volatility in supply and prices. Feedstock chemicals affect the cost of production of specialty coatings. Health concerns on the usage of certain specialty coatings, especially VOCs are a growing trend in the market. Existing and future health regulations concerning the use of certain specialty coatings are likely to challenge the market growth.
Global Specialty Coatings Market by Region
Asia was the largest consumer of specialty coatings and this pattern is anticipated to continue to be identical over the following few years. Consumption in Asia is showing upward trend because of increase in population growth and economic activity. Growing demand from electrical/electronics, automotive, aerospace and other industries will drive specialty coatings market in Asia. With major production capacities in China, the region is likely to grow in terms of global supply capability. Demand from North America was relatively stable and is likely to stay same in the next few years. Consumption of specialty coatings in the Europe is likely to grow at a significant rate.
Top players in this market include Ashland, Axalta, Specialty Coating Systems, Nicoat, Specialty Polymer Coatings Inc., PPG industries, Evonik, U.S. Specialty Coatings, Inc., and NV Specialty Coatings among others.
The report covers exhaustive analysis on:
- Global Market Segments
- Global Market Size
- Supply & Demand
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
Regional analysis includes:
- Middle-East and Africa
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Strategies of key players and products available
- Potential and niche segments, regions showing promising growth