Specialty coatings delivers application specific performance. From temperature resistant to energy savings, these coatings has wide range of features. Specialty coatings improve the overall appearance and durability of the surface and helps in protecting it from extreme temperatures, scratches, UV radiation, etc., while meeting environmental regulations.
By formulation, Specialty coatings is categorized into solvent-based, water-based, powder-based, and others. Owing to strict environmental regulations against the product with high volatile organic compounds (VOCs) emission the demand for water-borne coatings will grow at the fastest CAGR. Although, solvent-based coatings accounted for largest market share in terms of volume in 2023 owing to high demand from automotive refinishing market, water-based refinish coatings is expected to surpass solvent-based by the end of forecast period as it is gaining high traction due to less curing time, color matching properties, and its environment friendly feature.
Based on substrates, the specialty coatings market is divided into metal, wood, concrete, and others (composites materials, glass, etc.). In 2023, metal accounted for the largest share in terms of value and volume. Coatings for metal and wood substrate is expected to witness steady growth throughout the forecast period.
Specialty coatings segment includes a wide array of divergent coatings and are applied in the field rather than in a factory settings. By End-use industry, specialty coatings are categorized into automotive refinishing, industrial maintenance, marine equipment’s, aerospace & defense, and others (bridges & roads, interior architecture, etc.) Automotive refinishing held the largest market share of global specialty coatings in 2023, and expected to maintain its dominance. Specialty coatings enhances the look and feel of the vehicles by changing its overall appearance. Apart for accidents and wear & tear damages, it is also effective in protecting the vehicle surface from stones, debris, UV exposure, pebbles, and extreme temperatures. Industrial Maintenance owing to rising construction activities is projected to witness the robust growth in coming years
In 2023, in terms of consumption, Asia Pacific dominated the global specialty coating market. Asia Pacific, being the hub for several end-use industries expected to maintain its dominant position in the coming years. North America is expected to be the second largest market in the global specialty coating market, followed by Europe. Stringent environmental regulations related to the reduction of carbon dioxide emissions are expected to drive Europe and North America specialty coatings market.
Stringent environmental regulations, coupled with testing standards, are expected to restrict the growth of the global specialty coating market in the years to come.
Growth Factors:
Key players across the Specialty Coatings Market value chain are:
Axalta Coating Systems, PPG Industries, Kansai Paint, Nippon Paint, Sherwin-Williams Company, AkzoNobel, RPM International, KCC Paint, Arkema SA And Others.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Specialty Coatings market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
ATTRIBUTE | DETAILS |
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Research Period | 2022-2032 |
Base Year | 2023 |
Forecast Period | 2024-2032 |
Historical Year | 2022 |
Unit | USD Million |
Segmentation | |
Formulation
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Substrates
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End-use Industry
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report