DUBLIN--(BUSINESS WIRE)--The "Global Specialty Coatings Market - Segmented by Resin Type, Technology, End-user Industry and Geography - Growth, Trends and Forecasts (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The global specialty coatings market is estimated to witness a CAGR of 5.5% during the forecast period.
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 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.
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: PPG Industries, Akzo Nobel N.V., The Sherwin Williams, and RPM International, amongst others.
Key Topics Covered
2. Executive Summary
3. Market Insights
4. Market Dynamics
5. Market Segmentation and Analysis
6. Regional Market Analysis
7. Competitive Landscape
8. Company Profiles
- PPG Industries
- Akzo Nobel NV
- The Sherwin-Williams Company
- RPM International
- Nippon Paints
- Axalta Coating Systems Ltd LLC
- National Paints Factories Co. Ltd.
- Kansai Paints Co. Ltd
- Jotun A/S
- Tikkurila Oyj
- Materis Paints (Cromology)
- DAW SE
- Brillux GmbH & Co. KG
- Fujikura Kasai
9. Future of the Market
For more information about this report visit https://www.researchandmarkets.com/research/c67vmw/specialty?w=4