Global Specialty Coatings Market Trends, Applications, Analysis, Growth, and Forecast to 2028

“Global Specialty Coatings Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global specialty coatings market report has been segmented on the basis of formulation, substrate, end user industry, and region.

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Global Specialty Coatings Market: Overview

Specialty coatings provide performance as required by the applications and used to improve the overall appearance and durability of the surface. It also helps in protecting from extreme temperatures.

Global Specialty Coatings Market: Dynamics

The increase in global automotive production and improved or enhanced corrosion protection offered by such coatings are expected to impact positively. Increasing usage of paints and coating products in automotive, construction, and marine industries, coupled with need for high performance, improved durability, and extended service life of the product are estimated to propel growth of the target market during the forecast period. Moreover, increasing construction spending and improving infrastructure activities especially in emerging economies are estimated to drive specialty coatings market growth. In addition, increasing demand for environment-friendly coatings such as waterborne, powder, and UV-cured coatings are also projected to fuel growth of the coatings in automobile sector. Companies such as Axalta, Bio Specialty Coatings, Croda Coatings & Polymers, and Evonik have introduced bio-based specialty coatings in their product portfolios.

Increasing research & development activities associated with differentiation and controlling cost and innovation or advancements in products in order to enhance aesthetics and long-lasting coating of buildings and automobiles is estimated to fuel demand for specialty coatings. Increasing awareness regarding VOC emissions, growing environment regulations, along with initiatives taken by the governments such as REACH to improve human health and to reduce environment concerns from the risks that can be constituted by chemicals, are some factors driving growth of the target market.

Whereas, stringent environmental regulations and testing standards may hamper growth of the global specialty coating market.

Global Specialty Coatings Market: Segment Analysis

Among the formulation segments, the water-based coating segment is expected to register substantial growth rate in the target market over the forecast period.

Among the substrate segments, the metal coating segment accounts for leading market share and is anticipated to dominate the global market.

Among the end user industry segments, the automotive refinishing segment is projected to expand significantly in upcoming period.

Global Specialty Coatings Market: Region Analysis

The market in Asia Pacific is expected to dominate the global specialty coating market owing to being hub for several end-use industries. In addition, increasing demand for automotive coatings from OEM in the region, which is projected to result in increasing demand for automobiles and its coatings globally. Major players operating in the target market such as Daimler, Chevrolet, Audi, and Volvo is setting up their automotive manufacturing facilities and expected to start new facilities in the Asia Pacific in upcoming period.

The markets in Europe and North America accounts for significant share in terms of revenue in the global market. Stringent environmental regulations related to the reduction of carbon dioxide emissions, giving a new way for growth of the market.

Global Specialty Coatings Market Segmentation:

Segmentation by Formulation:

• Solvent-borne
• Water-borne
• Powder-borne

Segmentation by Substrates:

• Metal
• Wood
• Concrete
• Others (Composites material and Glass)

Segmentation by End user industry:

• Automotive Refinishing
• Industrial Maintenance
• Marine Equipment
• Aerospace & Defense
• Others (Bridges & Roads and Interior Architecture)

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa