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Based on coating type, anti-corrosion coatings typically command substantial market share around 24% in 2022 given their essential roles in safeguarding infrastructure and equipment, especially in industries like construction, automotive, and manufacturing. Waterproof coatings also hold a significant share, reflecting the importance of moisture protection in various applications, from buildings to electronic devices. Heat resistant coatings cater to specialized sectors, with a relatively smaller but influential market share. Anti-graffiti coatings and UV-resistant coatings are niche markets, gaining traction as urban environments seek solutions for vandalism and UV protection. Abrasion-Resistant Coatings, while essential for heavy-duty applications, occupy a smaller share compared to corrosion and fire-resistant coatings. The "Others" category encompasses a range of specialized coatings tailored to unique needs and, collectively, contributes to the overall market share by fulfilling specific niche demands.
Based on technology, solvent-based coatings dominating the market share, of 29.7% in 2022 due to their robust performance, especially in demanding applications. Water-based coatings are gaining momentum, aligning with the industry's shift toward eco-friendly solutions and regulations. Powder coatings, with their durability and aesthetic appeal, maintain a substantial market presence, particularly in automotive and appliances. High-solid coatings, known for their excellent coverage, cater to specific needs, contributing to a notable share. Nano Coatings are emerging as a technologically advanced segment, offering exceptional properties like self-cleaning and super hydrophobicity, while the "Others" category encapsulates innovative, niche technologies. As environmental considerations intensify, water-based and high-solid coatings are anticipated to witness further growth, reflecting a shift towards sustainability in the market.
Based on end-use industries, automotive is a prominent sector, commanding a substantial share about 24.4% in 2022 due to the demand for coatings that enhance aesthetics and provide protection. The industrial sector is also significant, primarily driven by the need for corrosion-resistant and durable coatings for machinery and structures. The marine industry, while more niche, relies on specialty coatings for their unique requirements, contributing a notable market share. Construction sees substantial usage of coatings, with a focus on fire-resistant, waterproof, and anti-corrosion coatings, marking its presence. Electronics, though smaller, is growing as coatings play a crucial role in protecting sensitive components. The "Others" category covers a wide range of industries, including healthcare and aerospace, each with specific demands and collectively bolstering the market share. As sustainability and advanced technology continue to shape the industry, market shares may evolve with the increasing emphasis on eco-friendly solutions and innovative applications.
Based on distribution channel, direct sales, primarily facilitated by manufacturers, maintain a significant share about 58.6% in 2022 as they allow companies to provide technical support and build direct relationships with clients, especially in customized or large-scale projects. Retail Sales represent a substantial segment, making specialty coatings readily accessible to consumers for DIY projects and small-scale applications through brick-and-mortar stores. Online Sales are showing steady growth, with e-commerce platforms offering convenience, extensive product choices, and customer reviews, making them increasingly popular for purchasing specialty coatings. The market share may see continued evolution as e-commerce platforms continue to expand, and consumer purchasing behaviours increasingly shift towards online channels, underlining the importance of a diverse distribution strategy in the industry.
North America, with its well-established industries and a strong focus on innovation and technology, constitutes a significant share around 29.4% of the global specialty coatings market in 2022. The U.S., as a major contributor in the region, stands out due to its diverse industrial landscape, including automotive, construction, and electronics, which are significant consumers of specialty coatings. Stringent environmental regulations and a growing awareness of sustainability drive demand for eco-friendly coatings in North America, aligning with global industry trends. As the industry continuously adapts to evolving needs and regulations, North America, and the U.S. in particular, is expected to maintain its substantial market share.
North America held 29.4% share of the specialty coatings market in 2022 driven by the robust presence of well-established industries and the strong focus on innovation and technology.
Some of the prominent specialty coating providers are PPG Industries, AkzoNobel, Sherwin-Williams, Axalta Coating Systems, RPM International Inc., and BASF SE.
The solvent-based coatings technology garnered 29.7% of the specialty coatings industry share in 2022 owing to higher adoption in demanding applications to offer robust performance.
Industry size for specialty coatings was USD 3.2 billion in 2022 and is anticipated to witness over 3.8% CAGR between 2023 and 2032 due to rising adoption in wide range of industries and applications to render protection, durability, and aesthetics.