Dublin, April 10, 2023 (GLOBE NEWSWIRE) -- The "Global Automotive Coatings Market by Resin Type (Polyurethane, Epoxy, Acrylic, and Others), Technology (Solvent-based, Water-based, and Powder-based), Coat Type (Clearcoat, Basecoat, Primer, and E-coat), and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global automotive coatings market size is projected to grow from USD 15.0 billion in 2022 to USD 18.6 billion by 2027, at a CAGR of 4.3%, between 2022 and 2027.
Automotive coatings are an integral part of the automotive industry, and demand fluctuations in this industry have a direct effect on the dynamics of the automotive coatings industry. Currently, as the automotive industry is at its growth stage, the coating industry is also gearing up with new products and processes.
According to key automotive coating producers, the demand for automotive coating is expected to grow in the next five years at a promising rate due to high demand from the automotive industry. The increased demand for coatings would particularly be witnessed in Asia Pacific, South America, and the Middle East & Africa.
In addition, regulations promoting the use of eco-friendly coatings, changing buyer's preferences, growing economy, improved lifestyles, and competition among automobile manufacturers are also expected to boost the automotive coatings market growth in terms of volume, revenue, and R&D expenditure. In view of these aforesaid factors, there is a good opportunity for the producers of automotive coating to provide new & innovative technology at an economical price.
The powder-based segment is one of the fastest-growing resin type segments during the forecast period.
The powder-based technology uses dry resin powders for coating substrates with thermoplastic or thermoset films. The coating is formed after a layer of powder is applied with a powder spray gun or fluidized bed tank to the substrate and then heated, thereby melting the powder. A key driving force in the growth of the powder-based segment is increasingly stringent environmental regulations for zero or non-VOC coatings. Powder-based technology is eco-friendly and expected to witness rapid growth due to its unique features, such as high corrosion resistance, chipping, high-quality finish, and abrasion. It also offers protection from moisture, heat, and chemicals. These power coatings emit only a small number of VOCs.
The powder-based technology uses dry resin powders for coating substrates with thermoplastic or thermoset films. The powder-based technology does not use solvents to keep the binder and filler parts in a liquid form. A process called electrostatic spray deposition (ESD) is used to apply powder-based technology to a metal substrate. The coating applied using this technology is thick compared to other technologies.
Basecoat segment in coat type is expected to hold the highest growth during the forecast period.
Base coat is the third coat, applied on the body of the vehicle after the primer. It provides color and texture to the vehicle's body. This coat is a combination of various pigments and color. The thickness of this coat varies from 10-20 um. Owing to emerging new and innovative technologies developed by automotive coating manufacturers, the growth of base coats is projected to improve in the next few years. For example, BASF SE (Germany), a leading automotive coating manufacturer, came up with a new 'Innovative Basecoat', which is a combination of primer with basecoat.
Middle East & Africa automotive coatings market is estimated to register one of the highest CAGR during the forecast period.
The Middle East & Africa includes countries such as South Africa, Morocco, and the Rest of Middle East & Africa. South Africa and Morocco lead the automotive coatings market in the region. The Middle East & Africa has abundant natural resources, and financial spending by governments in different sectors has improved its GDP.
According to the IMF, the economies of Middle Eastern and North African countries were resilient in 2022, but double-digit inflation is expected to slow the growth in 2023. The IMF predicts that GDP growth in the region is expected to be 5% in 2022. Growth in oil-producing countries was expected at 5.2%, mainly owing to high oil prices and strong GDP growth in other countries. The prognosis for politically unstable Lebanon and war-torn Syria remained so bleak that the IMF has not issued any economic forecasts for either.
Higher energy prices sustained oil-producing countries, for instance, Saudi Arabia, where economic growth is expected to reach 7.6% this year. Oil exporters are also benefitting from trade diversions caused by the war in Ukraine, as some European countries are looking to replace their oil purchases from Russia.
Market Dynamics
Drivers
- Growing Automotive and EV Sales to Drive Coatings Industry
- Green, Environment-Friendly, and Healthier Coating Systems
- Technological Advancements in Powder-based Coating Technology
Restraints
- Volatility of Raw Material Prices
- Environmental Regulations in Developed Countries
Opportunities
- Increasing Use of Powder-based Coatings in the Automotive Industry
- Advancements in Coating Technology
- Process Optimization
Challenges
- Changes in Consumer Demand
- Stringent Regulatory Policies
- Environmental Challenges with Respect to Wastewater Discharge
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 248 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $15 Billion |
| Forecasted Market Value (USD) by 2027 | $18.6 Billion |
| Compound Annual Growth Rate | 4.3% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Automotive Coatings Market, by Resin Type
6.1 Introduction
6.2 Polyurethane
6.2.1 Environment-Friendliness and Excellent Strength-To-Weight Ratio to Drive Market
6.3 Epoxy
6.3.1 High Adhesion and Resistance to Rust to Drive Market
6.4 Acrylic
6.4.1 Resistance to Abrasion and Chemical Attack to Drive Market
6.5 Others
7 Automotive Coatings Market, by Technology
7.1 Introduction
7.2 Solvent-based
7.2.1 Higher Durability and Low Sensitivity to Base Underneath to Drive Market
7.3 Water-based
7.3.1 Environmentally Friendly and Low Clearcoat Requirement to Drive Market
7.4 Powder-based
7.4.1 Enduring Abrasion and Corrosion Resistance Properties to Drive Market
8 Automotive Coatings Market, by Coat Type
8.1 Introduction
8.2 E-Coat
8.2.1 Economical and High Protection Offering to Drive Market
8.3 Primer
8.3.1 Superior Adhesion to Topcoats to Drive Market
8.4 Basecoat
8.4.1 Reduced Downtime and Maintenance to Drive Market
8.5 Clearcoat
8.5.1 Valuable Body Protection to Drive Market
9 Automotive Coatings Market, by Region
10 Competitive Landscape
11 Company Profiles
12 Adjacent and Related Markets
13 Appendix
Companies Mentioned
- Akzonobel N.V.
- Arkema SA
- Asian Paints Ltd.
- Axalta Coating Systems
- BASF SE
- Beckers Group
- Berger Paints India Ltd.
- Concept Paints
- Guangzhou Zhenroumei Chemical Coatings Limited
- HMG Paints Ltd.
- Jotun A/S
- Kansai Paint Co. Ltd.
- Kapci Coatings
- Kcc Corporation
- Maeder Group
- National Paints Factories Co. Ltd.
- Nippon Paint Holdings Co. Ltd.
- Ppg Industries, Inc.
- Qingyuan Baohong Paint Co. Ltd.
- Red Spot Paint and Varnish Co. Inc.
- Shanghai Kinlita Chemical Co. Ltd.
- The Sherwin-Williams Company
- Titan Coatings International
- US Paints
- Weg SA
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