The specialty coatings have many properties like antireflection, compatibility, excellent adhesive properties, enhanced corrosion protection, fire or temperature resistance, substrate, sealing, and temporary protection. Thus specialty coatings can be defined as a type of coating that provides performance as required by the applications, i.e., it meets the definition of a primer, topcoat, and self-priming. Specialty coatings have high performance, solids solvent-based or low-VOC water-based coatings.
The global specialty coating market is segmented on the basis of geography, end-use application, and base material. On the basis of base material, the global market is segmented as epoxy, acrylic urethane, alkyd, and polyamide. Based on the end-use, the global specialty coating market is segmented as pulp and paper, refineries, petrochemical, OEM paints, oil and gas, power, marine, aerospace and defense, pipeline, fireproofing, railway, water, and wastewater, and architectural. Increasing demand from coatings and paint industry has positively impacted the global market growth. Geographically, the global market is segmented as Latin America, Europe, Asia-Pacific, North America, and the Middle East and Africa.
The majority of the consumption is in the construction and architectural applications. Increasing construction spending and improving infrastructure especially in developed countries such as the US, Western Europe, and Japan is estimated to drive specialty coatings market growth. The global specialty coating market is anticipated to develop rapidly in future owing to their growing consumption in various industries, especially in the paints and coatings industry.
In the coming years, Asia Pacific will have a dominant position in the global market as many of the end-use industries present in this region. North America is in the second position. This trend is followed by Europe. Strict environmental regulations coupled with testing standards may hinder the growth of the global specialty coating market in the near future.
The global specialty coating market is highly fragmented and competitive. By the entry of new companies, the global specialty coating market is anticipated to experience high competition in the near future for the niche and leading players.
Some of the leading companies in the global specialty coating market are Ashland, Axalta, Specialty Coating Systems, Nicoat, Specialty Polymer Coatings Inc., PPG industries, Evonik, U.S. Specialty Coatings, Inc., and NV Specialty Coatings Srl. Companies such as Bio Specialty Coatings, Axalta, Evonik and Croda Coatings & Polymers have introduced bio-based specialty coatings in their product portfolios.
Specialty Coating Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa