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.
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:
By Material Type:
By Region and Country:
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.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
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:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Product Type, Material Type, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 7.2%.
Positive outlook towards the global paints & coatings market coupled with growing end-use specific coating materials demand is expected to drive specialty coatings growth.
Major global Specialty Coatings Market players 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.
Asia Pacific Region is expected to account for the largest market revenue share in the Global Specialty Coatings market.
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