Specialty Paints and Coatings Market: Growth Analysis and Forecast (CAGR 4.5%) for [2023]

Global Industry Analysis

Specialty paints and coatings are a type of coating materials that are specifically designed to cater to particular applications. They are highly engineered and offer enhanced features such as corrosion resistance, anti-graffiti, anti-microbial, and anti-fouling properties, among others. The global specialty paints and coatings market has witnessed significant growth in recent years, primarily driven by the rise in demand from various end-use industries such as automotive, aerospace, marine, and construction, among others.

Market Size and Forecast:

According to the latest report published by Persistence Market Research, the global specialty paints and coatings market size was valued at USD 38.2 billion in 2015 and is projected to reach USD 52.5 billion by 2023, registering a CAGR of 4.5% from 2015 to 2023. 

Click on the link for sample report: https://www.persistencemarketresearch.com/samples/4537

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.

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.

Click on the link for customized report: https://www.persistencemarketresearch.com/request-customization/4537

This report covers a thorough analysis of:

• Market segment
• Market dynamics
• Market size
• Supply demand
• Current Trends/Issues/Challenges
• Competition and related companies
• Technology
• Value chain

Regional analysis includes:

• North America (USA, Canada)
• Latin America (Mexico, Brazil)
• Western Europe (Germany, Italy, France, UK, Spain)
• Eastern Europe (Poland, Russia)
• Asia Pacific (China, India, ASEAN, Australia and New Zealand)
• Japan
• Middle East and Africa (GCC countries, South Africa, North Africa)

Report highlights:

• Detailed overview of the top markets
• Changing market dynamics of the industry
• In-depth market segmentation
• Historical, current and projected market size in terms of volume and value
• Recent industry trends and developments
• competitive landscape
• Strategies of major players and products provided
• Potential and niche segments, areas showing promising growth
• A neutral view of market performance
• Essential information for market participants to maintain and strengthen their market footprint

Click on the link to pre-book the report: https://www.persistencemarketresearch.com/checkout/4537

Contact us:
Persistence Market Research
Address - 305 Broadway, 7th Floor, New York City,
NY 10007 United States
U.S. Ph. - +1-646-568-7751
USA-Canada Toll-free - +1 800-961-0353
Sales - sales@persistencemarketresearch.com

About us:
The Chemicals and Materials division of Persistence Market Research offers distinct and pin-point analysis about chemicals and materials industry. Chemical coverage extends from commodity, bulk, specialty and petrochemicals to advanced materials, composites and nanotechnology in particular with special emphasis on 'green alternatives', recycling and renewable technology developments, supply-demand-trade assessment. Our research studies are widely referred by chemical manufacturers, research institutions, channel partners and government bodies for developing - 'The Way Forward'.

This release was published on openPR.