Specialty coatings market is expected to witness significant growth over the next six years owing to increased consumption in paints and coatings industry along with requirements for end-use specific coating solutions. Industrial applications such as machinery, automotive, protective coatings and marine have gained share over the past decade. Growing demand for longer shelf life with improved durability and rheology specialty coatings is estimated to fuel market growth. Specialty coatings market is anticipated to witness above average growth rates in architectural application on account of increasing use of these coatings in both commercial and residential sectors. Global paints and coatings market is estimated to grow at a CAGR of over 5% from 2014 to 2020. Robust growth of paints & coatings industry is expected to have a positive impact on the market.
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Specialty coatings market is expected to experience setbacks in the form of stringent environmental regulations and testing standards from regulatory bodies such as EPA, REACH and ASTM. Growing environmental concerns and increasing efforts to reduce VOC emissions along with carbon footprint have led to several market participants to develop water-based specialty coatings. Companies such as Ashland, Axalta, Croda Coatings & Polymers and Evonik have introduced specialty coatings derived from biological sources. Increasing consumer preference towards these bio-based coatings is estimated to have an impetus on market growth. This shift in preference for bio-based products may also have a positive outlook on the market transformation and hence force market participants towards adopting sustainable routes for their products over the forecast period.
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Specialty coatings market has witnessed a series of M&A over the past few years which are pushing the market towards consolidation. In June 2014, PPG industries announced that its American architectural coatings business will acquire The Homax Group, Inc., a U.S. based specialty coatings supplier. Other significant players operating in this market include Dow, AkzoNobel and US Coatings.
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