Specialty Coatings Market

Specialty Coatings Market Size Analysis

According to a recent survey conducted by ChemView Consulting, the Global Specialty Coatings Market grew at a CAGR of 6.4% between 2017-2021 and is estimated to be US$ 8,236.5Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 7.2% and is expected to reach a valuation of US$ 16,507.9Mn by 2032 end.

The need for paints and coatings is expected to increase in the automotive, construction, and general industries. Due to the increased demand for personal transportation and the high rate of automobile production in the Asia Pacific area in recent years, the market for paints and coatings is expected to grow over the coming years.

Furthermore, it is predicted that the need for paints and coatings across various applications will be fueled by rising urbanization and industrialization, particularly in developing nations like China, India, and Southeast Asia.

Market Dynamic

POSITIVE OUTLOOK TOWARDS THE GLOBAL PAINTS & COATINGS MARKET COUPLED WITH GROWING END-USE SPECIFIC COATING MATERIALS DEMAND IS EXPECTED TO DRIVE SPECIALTY COATINGS GROWTH

Over the projected period, growth in the specialized coatings market is anticipated. The expansion of specialty coatings is expected to be fueled by a favorable prognosis for the global paints and coatings market and rising end-use specific coating materials demand. Over the projection period, it is anticipated that growing consumer demands for high performance, increased durability, and extended service life will boost demand for specialized coatings.

Because of their increased resistance to chemicals, heat, and abrasion, these coatings are predicted to increase in market share in both the residential and commercial sectors. Strong OEM demand growth is anticipated, particularly in the chemical and automotive sectors. It is projected that the end-use industries in industrialized nations will recover, and capacity increases in rising economies, including China, India, Mexico, Brazil, and Malaysia, will fuel market growth.

Market Segments Covered in Report

By Product Type:

• Solvent-borne Coatings
• Waterborne Coatings
• Powder Coatings
• High Solids/Radiation Curing
• Others (Specialty Coatings)

By Material Type:

• Polyester
• Acrylic
• Alkyd
• Epoxy
• Polyurethane
• Others

By Application:

• Non-Architectural
• Wood
• Automotive & Transportation
• General Industrial
• Protective
• Marine
• Others
• Architectural & Decorative

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

What is the significance of the acrylic coating segment?

Today, one of the most often utilised conformal coatings is made of acrylic resin (AR). To apply the coatings to surfaces, pre-formed acrylic polymers that are single-component materials are dissolved in a solvent.

Due to their great moisture and humidity and superior fungal resistance, acrylics are commonly used as coatings on electrical circuits. Acrylics can be molded to the shape of electronic equipment and shield the entire surface from liquid, gas, dampness, humidity, UV light, and electrical problems. Additionally, the coatings emit little to no heat when curing, which is advantageous for heat-sensitive devices.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• With a 45.1% share, the Asia Pacific region accounted for the most worldwide revenue. Expanding building activity and rising automobile sector demand, particularly in emerging nations like India, China, Korea, and Southeast Asia, are expected to drive market expansion in the future years.
• The second-largest market is in Europe, contributing over 28% of the revenue value share worldwide. Growing building activity is predicted to increase demand for paints and coatings in several years in several nations, including the Netherlands, the United Kingdom, Hungary, Germany, Sweden, Poland, and Ireland.

Competition Analysis

The specialty coatings business is extremely competitive and fragmented worldwide. The worldwide specialty coating market is anticipated to get more competitive for the top players in the next years due to the entry of new competitors. However, it is expected that the top players will continue to hold a strong position over the next few years, thanks to mergers and acquisitions.

A list of some of the key suppliers present in the market are:

• Akzo Nobel N.V.
• PPG Industries, Inc.
• The Sherwin-Williams Company
• Jotun
• Axalta Coating Systems, LLC
• RPM International Inc.
• Henkel AG & Company, KGaA
• BASF SE
• Kansai Paint Co., Ltd.
• Hempel A/S
• Nippon Paint Holdings Co., Ltd.
• Sika AG
• Beckers Group
• 3M
• The Chemours Company

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.