Global Specialty Coatings Market- Segmented by Type, Application, and Geography - Trends and Forecasts (2015-2020)
The Specialty coating market is valued at USD 30.39 billion in 2015 and is expected to grow at a CAGR of over 5.5% during the forecast period.
Asia Pacific has the highest market share in the specialty coatings market, in terms of volume, followed by the North America and Europe. It accounts for about XX% of the global share. China dominates the Asia-pacific market, due to the presence of large number of end-user industries in the region. Asia pacific is expected to be the fastest growing market during the forecast period. North America and Europe are expected to witness comparatively slower growth rates during the forecast period.
Architectural and construction industry account for the highest market, by end-user industry wise. It is also expected to be the fastest growing sector on account of the increasing demand for the better performance of the constructions. Moreover there is a growing demand for the automotive, construction and electronics industries in the developing countries, which is further driving the specialty coatings market. The increasing trend to use sustainable products is increasing the need for environment friendly coatings and water-based coatings and so this is providing a great opportunity to the market.
The major players in the market include Ashland, Evonik, PPG Industries, Specialty Coatings System, U.S. Specialty Coatings System, AkzoNobel and Dow Chemcials. The main players in the market are trying to increase their market share through regular mergers and acquisitions. For example, PPG industries have reached a definitive agreement to acquire Avon, Mass.-based Cuming Microwave Corp. and its wholly-owned subsidiary Cuming-Lehman Chambers Inc., a global supplier of specialty coatings.
The growing middle class demands in Asia Pacific is increasing the consumer spending, which in turn are driving the market for specialty coatings. Moreover increasing demand from their end-user industries is also driving their market. Furthermore, the increasing demand for the better performing coatings is also driving this market.
Volatility in raw material prices fluctuation in prices of raw materials is expected to restrain market growth over the next five years. Moreover, stringent environmental regulations being made to control the emissions of VOCs is also posing a major challenge to this market.
What Report Offers
The report elucidates the situation of high-performance fibers around the world and studies the markets of the high-performance fiber type which include Conformal Coatings, Corrosion resistant Coatings, Shielding Coatings, Optical Coatings, Industrial Coatings, Wear Resistant Coatings and others.
Lastly, the report is divided by geography - North America, Europe, the Asia-Pacific (APAC), South America and Middle-East & Africa (MEA); where-in the market share of each region is analyzed and estimates are provided for the next 5 years. The market share analysis of various types of specialty coatings and by end user industry of specialty coatings have been discussed in detail in addition to a comprehensive overview of the market.
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