Chicago, Aug. 22, 2023 (GLOBE NEWSWIRE) -- 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%., as per the recent study by MarketsandMarkets™. The global automotive coatings market is witnessing high growth with rising demand from the Asia Pacific region, especially, from China and India. The demand for automotive coatings is increasing due to increasing demand from end-use industries. Green, environment-friendly, and healthier coating technology is expected to boost the automotive coatings market.
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Browse in-depth TOC on "Automotive Coatings Market”
216 - Market Data Tables
55 - Figures
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List of Key Players in Automotive Coatings Market:
- BASF SE (Germany),
- Axalta Coating Systems (US),
- PPG Industries, Inc (US),
- Kansai Paint Co., Ltd (Japan),
- Nippon Paint Holding Co., Ltd (Japan),
- KCC Corporation (Korea),
- The Sherwin-Williams Company (US),
- AkzoNobel N.V. (The Netherlands),
- Jotun A/S (Norway), Arkema S.A. (France),
Drivers, Opportunities and Challenges in Automotive Coatings Market:
- Drivers: Green, environment-friendly, and healthier coating systems
- Restraint: Volatility of raw material prices
- Challenges: Stringent regulatory policies
- Opportunity: Increasing use of powder-based coatings in automotive industry
Key Findings of the Study:
- The clearcoat segment holds the largest share during the forecast period.
- Water-based segment in technology shows tremendous growth in automotive coatings market during the forecast period.
- Asia Pacific automotive coatings market is estimated to register the highest CAGR during the forecast period.
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The automotive coatings industry has evolved simultaneously with the automotive industry. Both industries are continuously progressing to provide advanced technologies and eco-friendly products to their buyers. The demand for automotive coatings is primarily influenced by the demand trends in the automotive industry, environmental regulations, health & safety norms, buyer preferences, lifestyle, and the growing economy. These factors positively impact the automotive coatings industry and help it grow. Apart from the appearance of vehicles, automotive coatings play an important role in the protection of the metal surfaces of vehicles from rust and other damage. Attractive colors, textures, and patterns make vehicles more attractive which can act as the key decision-making factor for buyers.
The global automotive coatings market is segmented based on types as polyurethane, epoxy, acrylic, and others. The polyurethane segment of the automotive coatings market is projected to account for a share of 52.2%, in terms of value, of the overall market in 2021. Polyurethane automotive coating is the largest coating segment, by resin type, in the overall automotive coatings market. This is due to their increasing use in topcoats (clearcoat and basecoat). In order to increase the durability of coats, improve appearance, and protect against scratches, various R&D efforts, are being undertaken. Polyurethane is widely used for clearcoat and basecoat applications. Epoxy-based coatings help to improve the lifespan of vehicles and also protect vehicles from rust and corrosion. The epoxy-based coating forms a very uniform layer on the metal, which helps to avoid air emissions during the production process.
The solvent-based coating is formulated with hydrocarbon solvents as the base. These solvents are used to carry solid components, such as pigments, additives, and binders. There is about 80% solid content in the entire formulation. The major disadvantage of this technology is their high VOC content. They are toxic, flammable in nature, and harmful to human health. In order to limit the usage of such materials, different governments have come up with regulations to use low VOC substances in the automotive coating industry. A major advantage of this technology is a higher gloss level than its close competitor, i.e., water-based coating and powder-based technologies. Solvent-based coatings are made up of liquefying agents that are meant to evaporate via a chemical reaction with oxygen. Typically, in a windy surrounding, a solvent-based coating helps to speed up the reaction, reducing drying times. These coatings have one major advantage over water-based coatings; They are less susceptible to environmental conditions, such as temperature and humidity, during the curing phase. Humidity can actually prevent the water in a water-based coating from evaporating, making them impractical in some climates.
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The automotive market is gaining momentum in South America and is witnessing moderate growth. Growing population, increasing urbanization, and growing purchasing power are projected to help market growth in South America. Apart from Brazil and Argentina, the market in other countries in the region is yet in the initial phase of development.
Niche opportunities exist in the region; however, it will be difficult for foreign companies to enter the region because of political risks, foreign exchange uncertainty, and economic imbalances. Most global players intend to enter this market through distribution alliances with other firms and strategic acquisitions rather than by setting up manufacturing facilities.
The automotive coatings market has various small, medium, and large players. Some of the major market players BASF SE (Germany), Axalta Coating Systems (US), PPG Industries, Inc (US), Kansai Paint Co., Ltd (Japan), Nippon Paint Holding Co., Ltd (Japan), KCC Corporation (Korea), The Sherwin-Williams Company (US), AkzoNobel N.V. (The Netherlands), Jotun A/S (Norway), Arkema S.A. (France) among others, have framed their strategies to penetrate and create bases in these emerging markets. Moreover, major companies are focusing on strengthening their R&D facilities to provide efficient and sustainable products. These products are manufactured adhering to regulations implemented by associations and governments. All such developments are expected to lead to the sustainable development of players in the automotive coatings market over the next five years.
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