Sales Revenue of Specialty Paints Coatings Market to Surge in the Near Future Owing to Rapid Adoption Across Key Industries
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The main driver for the global specialty paints and coatings market is huge aerospace and automotive industry. Specialty paints and coatings are used in order to provide special coatings which offer higher resistance to wear and tear. Specialty paints and coatings offer characteristics such as UV protection, anti-corrosion, anti-abrasion and chemical resistance among others. Specialty paints and coatings also offers higher performance and durability compared to traditional paints and coatings such as solvent borne and UV cured. In addition, specialty paints and coatings find applications in military and defense applications where resistance to harsh environmental conditions is required. Moreover, specialty paints and coatings are used in industrial applications such as plant equipment, boilers and heat exchangers which are subject to higher temperatures. In marine industry, specialty paints and coatings offer characteristics to the boats and yacht such as anti-fouling, anti-microbial and fire-proof coatings among others. Albeit, fluctuating prices associated with the use of raw materials can act as a major restraint for the specialty paints and coatings market in next few years to come.
In terms of demand, Asia Pacific was the leading region for the specialty paints and coatings market and accounted for more than half the global demand for specialty paints and coatings. The demand in this region was mainly driven by buildings & construction and automotive industry. Growing urbanization and increasing per capita incomes of the consumers is anticipated to be major factor for driving the specialty paints and coatings market in this region. China was the major consumer for specialty paints and coatings in this region due to huge demand from marine and aerospace sector. Countries such as India, Korea and Japan are likely to exhibit higher demand for specialty paints and coatings over the forecast period. Asia Pacific was followed by Europe. Increasing demand of specialty paints and coatings from automotive, wood furniture and marine industry were the major drivers for the growth in this region. Western European countries had the highest demand for specialty paints and coatings market. Europe was closely followed by North America in terms of demand. Buildings & construction along with aerospace industry was driving the specialty paints and coatings market in this region. U.S. dominated the specialty paints and coatings market in this region. Rest of the World is anticipated to show potential growth for the specialty paints and coatings market in upcoming years.
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Some of the major manufacturers in the specialty paints and coatings market are Akzo Nobel N.V., Axalta Coatings Systems, BASFSE, RPM Inc., PPG Industries, Sherwin-Williams Company and Valspar Corporation among others.
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