Specialty Coating market was valued at US $ XX Mn and expected to grow at XX% Compound Annual Growth Rate (CAGR) from 2019 to 2025.
Market Outline: Specialty Coating Market
Specialty coatings are a kind of coating that delivers performance as per the needs of particular applications. Specialty coatings meet the basic definition of a topcoat, primer, and a self-priming. 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. The main reasons of using specialty can be attributed to its factors which helps in improving resistance to rain erosion, promoting a stronger bond or adhesion between two materials, helping to meet stringent hermeticity and sealing requirements.
Market Dynamics: Specialty Coating Market
The demand for automotive specialty coatings market is driven by the increasing demand for vehicles, whereas technologies and R&D investments are influenced by government regulations. Increasing customer needs including high performance, improved durability and extended service life is estimated to augment specialty coatings demand over the forecast period. These coatings are expected to gain market share in both residential and commercial segments on account of improved resistance towards chemicals, heat and abrasion. It is expected to witness strong demand growth from OEM especially in automotive and chemical industries. However, the market is expected to witness restricted growth on account of increasing environment concerns regarding VOC emissions.
Market Scope: Specialty Coating Market
Specialty coating market is segmented based on product type, application, and end user
Based on application, market is segmented into the following:
- Engine & exhaust
- Wheel rims
Based on the technology type, market is segmented into the following:
- Powder Coating
Based on the resin type, the market is segmented into the following:
Based on substrate type, the market is segmented into the following:
Based on vehicle type, the market is segmented into the following:
- Passenger Car
Regional Analysis: Specialty Coating Market
Geographically, specialty coating market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Asia Pacific Specialty Coating Market dominated the global specialty coating market. Asia Pacific, being the hub for several end-use industries including electrical and electronics, construction, and automotive, is expected to maintain its dominant position in the coming few years. North America Specialty Coating market is expected to register a significant CAGR during the forecast period followed by Europe. Europe Specialty Coating market is driving by the adoption of REACH, a government initiative in Europe to improve human health and the environment from the risks that can be constituted by chemicals, while enhancing the competition in European chemicals industry. Also, promoting alternative methods for hazard assessment of substances to reduce tests on animals is increasing the demand for coatings with low VOC content, such as water-borne coatings.
Competition Assessment: Specialty Coating Market
Some of the players in the specialty coating market include:
- Akzo Nobel N.V.
- Axalta Coating Systems Ltd, LLC
- BASF SE
- Covestro AG
- Kansai Paint Co.,Ltd.
- Nippon Paint Holdings Co., Ltd.
- PPG Industries, Inc.
- Solvay SA
- The Sherwin-Williams Company
- The Dow Chemical Company
Notable Market Developments: Specialty Coating Market
- November 2017: AkzoNobel announced plans to separate its specialty chemicals business from paints and coatings and sell it to an affiliate of the AkzoNobel Group for INR 320 crore.