Global Specialty Coating Market: Steady Growth of Paints and Coatings Industry to Encourage Production Unit Expansion.
The growth of the global specialty coatings market can be attributed to the positive outlook of consumers towards the adoption of advanced paints and coatings. The report is titled “Specialty Coating Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015–2023.” The study presents an in-depth analysis of the growth trajectory of the market along with the prominent trends. An analysis of the competitive landscape of the specialty coating market has also been presented in the report utilizing Porter’s five forces analysis. The market intelligence report further highlights the shares, strategies, and product of the key market players.
Specialty coatings deliver performance according to the needs of the respective application. Specialty coatings can be a self-primer, primer, and topcoat, and can be used effectively in their respective applications. Some of the key benefits that specialty coatings offer are enhanced corrosion protection, excellent adhesive properties, substrate compatibility, sealing, antireflection, and temperature or fire resistance.
The primary driver for the global specialty coatings market is the rising need of consumers for extended service and enhanced durability, which has led to a rising demand for high-performance paints and coatings. This trend is expected to benefit the market over the forecast period. Owing to characteristics such as resistance to abrasion, chemicals, and heat, the consumption of specialty coatings is expected to rise in both commercial and residential sectors. In the chemical and automotive sectors, the demand for specialty coatings is expected to gain momentum from original equipment manufacturers (OEM).
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Specialty coatings are employed in several end-use industries such as lifestyle, construction, consumer electronics, and automotive. However, at present, specialty coatings are most prominently used in construction and architectural projects. The global specialty coatings market is further expected to be driven by the rise in construction expenditure and improvement of infrastructure in Japan, Western Europe, and the U.S.
In terms of base material, the market has been classified into polyamide, acrylic urethane, epoxy, and alkyd. On the basis of end-use application, the market is categorized into architectural, marine, water and wastewater, fireproofing, railway, pipeline, petrochemical, paper and pulp, power, aerospace and defense, oil and gas, refineries, and OEM paints. The growth of the specialty coatings market is directly proportional to the progress of the paints and coatings industry. Thus, the rising demand for paints and coatings bodes well for the market for specialty coatings.
Geographically, the market has been segmented into Latin America, the Middle East and Africa, Europe, Asia Pacific, and North America. Among these, Asia Pacific emerged dominant in 2014 and is likely to retain a significant lead in the coming years, as it is the hub for numerous industries such as automotive, construction, and electrical and electronics. Asia Pacific is expected to be trailed by North America and Europe.
The global market for specialty coatings is highly competitive and fragmented due to the presence of several leading companies. Some of these companies are NV Specialty Coatings Srl., Specialty Coatings Inc., Evonik U.S., PPG Industries, Specialty Polymer Coatings Inc., Nicoat, Specialty Coating Systems, Axalta, and Ashland.
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