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Specialty Coatings Market Trends

Report ID: GMI7146
Published Date: Oct 2023
Report Format: PDF

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Specialty Coatings Market Trends

Sustainability is a driving force, with an increasing emphasis on eco-friendly coatings, such as water-based and low-VOC formulations, reflecting the industry's commitment to environmental responsibility. Nanotechnology continues to gain prominence, leading to the development of high-performance nano coatings with exceptional properties like self-cleaning and super hydrophobicity. Furthermore, demand for anti-corrosion and fire-resistant coatings is on the rise, driven by growing infrastructure development, while the automotive sector increasingly relies on specialty coatings for enhanced aesthetics and protection. Online sales and digital platforms are becoming pivotal channels for product distribution and information dissemination, aligning with evolving consumer preferences. The specialty coatings industry is poised for sustained growth, fuelled by innovation, sustainability, and diverse applications across multiple industries.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

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.

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.

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.