Specialty coating is a type of coating which meets the basic definition of a primer, topcoat, or self-priming coat.Besides, it also delivers additional performance as per specific applications. The added benefitsof specialty coatings include temperature or fire resistance, substrate compatibility, antireflection, temporary protection or marking, sealing, adhesively joining the products, or enhanced corrosion protection, and others.The specialty coating market can be segmented on the basis of base materials that they use such as: epoxy, alkyd, polyamide, acrylic urethane, and others. The market can also be segmented on the basis of its end-applications such as:OEM paint, oil & gas, refineries, aerospace& defense, petrochemical, pipeline, power, pulp & paper, railway, water & wastewater, fireproofing, architectural, and marine.
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The global specialty coating market is expected to grow significantly in the near future primarily due to theirincreased consumption in the paints and coatings industry along with requirements for end-use specific solutionssuch as: coating solutions for architectural industry, coating solutions for piping systems, coating systems for water and wastewater system, and others.Industrial applications such as: machinery, automotive, protective coating, and marine is gaining market share in the paint and coating industry and hence, providing a greater opportunity for specialty coatings to gain higher market share. Demand for longer shelf life with improved durability and rheology of coating solutionsis growing considerably and is likely to boost demand for specialty coating. In both residential and commercial architectural applications, the use of specialty coating is anticipated to grow considerably as it is one of the fastest growing end-application markets. The global paint and coating market is estimated to rise at a CAGR of more than 5% from 2015 to 2020. Rise in paint and coating industry is expected to have a positive impact on the growth of specialty coating market. However, stringent environmental regulations and testing standards from regulatory bodies such as EPA, REACH, and ASTM are likely to hamper the growth of specialty coating market. Several industry participants have developed water-based specialty coatings in order to meet the growing environmental concerns, reduce VOC emissions, and carbon footprint. In recent years, companies such as Croda Coatings & Polymers, Axalta, Ashland and Evonik have launched bio-based specialty coating systems. Consumers are now shifting towards bio-based coatings which are slated to transform the market and would force the producers to use sustainable materials for manufacturing their products.
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Asia Pacific dominated the specialty coating market in terms of consumption. The region is a manufacturing hub for all end-user industries such as automotive, electrical & electronics, and construction.Demand for specialty coating from these industries is expected to grow primarily due to rising percapita income and other economic development in the region. Asia Pacific was followed by North America and Europe in terms of consumption. North America and Europe are expected to grow at a moderate rate due to stringent environmental regulations regarding the reduction of VOC and carbon emissions.
The global specialty coating market is moderately fragmented as a majority of the playersare competing to gainincreased market share. Some of the key players operating in the global specialty coatingmarket include:Ashland, PPG industries, Axalta, Evonik, Specialty Coating Systems, U.S. Specialty Coatings, Inc., Nicoat, NV Specialty Coatings Srl, and Specialty Polymer Coatings Inc.
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