The global specialty coating market is anticipated to witness growth over the forecast period. Positive outlook towards global paints & coatings market coupled with growing end-use specific coating materials demand is expected to drive specialty coatings growth. Increasing customer needs including high performance, improved durability, and extended service life are 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 the automotive and chemical industries. Recovery of these end-use industries in developed countries and capacity expansions in emerging economies such as China, India, Mexico, Brazil, and Malaysia is anticipated to fuel market growth.
Specialty coatings find application in various end-use industries which comprise automotive, consumer electronics, construction, and lifestyle products. The majority of the consumption is currently centered on construction and architectural applications. Increasing construction spending and improving infrastructure especially in developed countries such as the U.S., Western Europe, and Japan is estimated to drive the specialty coatings market. The market is expected to witness restricted growth on account of increasing environmental concerns regarding VOC emissions. Companies such as Bio Specialty Coatings, Axalta, Evonik, and Croda Coatings & Polymers have introduced bio-based specialty coatings in their product portfolios. Other companies operating in the market are also investing heavily in R&D for developing eco-friendly products. Global specialty coating market participants have also developed water-based coating solutions with reduced VOC content.
Asia Pacific is expected to remain the largest and fastest-growing market. Automobile manufacturing growth coupled with increasing construction spending in China, India, Indonesia, and Vietnam is estimated to have a positive impact on market demand. North America and Europe are relatively mature markets and are estimated to grow at below-average CAGR. The specialty coatings market in these regions is characterized by growing environmental and government regulations coupled with recovering automotive and housing sectors. The global specialty coating market is characterized by new product developments and increasing R&D investments among major market players. Major players operating in the market include AkzoNobel, US Coatings, Dow Chemicals, Evonik, and Axalta Coating Systems.
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Halted manufacturing activities across various end-use industries has led to weakened demand for specialty polymers. The prevailing macroenvironment due to the pandemic shall register indications of recovery depending on the course of COVID-19's prevalence and subsequent resuming of manufacturing activities. The report will account for Covid19 as a key market contributor.