Global Specialty Coatings Market - Segmented by Resin Type, Technology, End-user Industry and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global specialty coatings market is estimated to witness a CAGR of 5.5% during the forecast period. Asia-Pacific is expected to hold the largest share of the market owing to the growing construction industry in the region. Water-borne technology is the fastest growing technology.
Automotive Production Rise in Asia-Pacific and Europe
According to ACEA (European Automobile Manufacturers’ Association), the global production of motor vehicles was around 96 million units in 2016. Asia-Pacific and Europe have been the prime regions supporting the growth of automotive production, with year-on-year growth rates of 7.6% and 2.5% respectively for 2015–2016.
China, India, Philippines, and Vietnam are turning out to be potential markets for demand and supply of automobiles with many automotive manufacturers placing their manufacturing and assembly plants in these countries. This can be attributed to the availability of labor at low cost, raw material prices, and rising urban population in the region. Major car manufacturers such as Chevrolet, Daimler, Jeep, Audi, Volvo, Kia, etc., have either set up their automotive manufacturing facilities or are planning to start new facilities in the Asia-Pacific region shortly. This supports the use of coatings for the automotive industry to a major extent, in turn, helping the overall growth of the paints and coatings market.
Water-borne Technology Holds the Largest Share
Water-borne coatings hold the major share in the overall specialty coatings market. The major reason for its gain over solvent-borne is because of its environment-friendly nature as it is lower in volatile organic compounds, which degrade the environment. Also, other properties like low odor, more durability, and more block resistance make water-borne paints more preferable.
The water-borne specialty coatings market is driven by factors, such as increasing consumer awareness about VOC emissions and growing environment regulations. REACH, a government initiative in Europe was adopted to improve human health and the environment from the risks that can be constituted by chemicals, while enhancing the competition in European chemicals industry. Also, promoting alternative methods for hazard assessment of substances to reduce tests on animals is increasing the demand for coatings with low VOC content, such as water-borne coatings.
Asia-Pacific to Dominate the Market
Asia-Pacific had the largest share in the global market, accounting for more than 40% in 2017. The rapidly growing construction industry, primarily in China and India, is a major factor driving the demand for specialty coatings in the region. North America is also expected to register a significant growth rate, primarily due to the rise in residential houses sales, coupled with the renovation of the existing houses, which is expected to boost the demand for residential construction.
Notable Developments in the Market
November 2017: AkzoNobel announced plans to separate its specialty chemicals business from paints and coatings and sell it to an affiliate of the AkzoNobel Group for INR 320 crore.
June 2017: Sherwin-Williams completed the acquisition of Valspar to become the global leader in paint and coatings.
Major players include PPG Industries, Akzo Nobel N.V., The Sherwin Williams, and RPM International, amongst others.
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