ID: MRFR/CnM/1222-HCR | February 2021 | Region: Global | 143 pages
Automotive Coating Market Overview
Automotive coatings are water-resistant dry coatings applied to various parts of a vehicle for functional, decorative, and protective purposes. Such coatings possess important properties such as good elastomeric finish and greater surface hardness. They serve different purposes for different substrates such as plastics, composites, and metal. Automotive coatings offer substantial beneficial properties for the surface of an object such as enhanced gloss, better clarity, excellent finish, along with considerable durability and weatherability. Additionally, these protective coatings also offer significant resistance to abrasion, impact, and chemicals.
According to MRFR analysis, the global protective coatings market is expected to grow at a robust CAGR to reach nearly USD 25 billion by 2023. This is expected to boost demand for automotive coating products during the forecast period. As per MRFR analysis, automotive coating accounted for nearly 25% of the overall consumption of the protective coatings market. In the coming years, this share is likely to increase due to the rising demand for passenger cars across the globe. The scope of application for protective, decorative, and functional coatings is vast and is gradually expanding with technological advances in the global automotive coatings market. The increasing demand for automotive coatings can be attributed to shifting consumer preference for more aesthetic and attractive vehicles. Moreover, changing climatic conditions and rising awareness on the part of consumers to maintain, protect, and enhance the longevity of their vehicles is expected to fuel the growth of this market. Furthermore, in a bid to protect the metal surface of various automotive parts from rust and other chemical or mechanical damage, the demand for the product is expected to grow at a robust rate. Lastly, the increasing disposable income and changing lifestyles of people in emerging economies such as India, China, South Korea, and Brazil have resulted in the increased sale of luxurious products, which may favor the growth of the market.
Global Automotive Coating Market Share, by Product 2017 (%)
Source: MRFR Analysis
The global automotive coatings market has been studied with respect to five regions—North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is the largest market on account of the rapid industrialization in the region during recent years. India, China, South Korea, Japan, and Malaysia are the major contributors to the growth of this regional market. The factors driving market growth in the region are growing urbanization, changing lifestyles, increasing purchasing power of people, and rising consumer awareness in favor of the protection and maintenance of vehicles. North America is the second-largest global automotive coatings market. The U.S is the largest market in this region due to the growing demand for passenger cars in the country. Europe is another important region in the global automotive coatings market. The U.K., France, Germany, Italy, and Belgium are the major contributors to this regional market. Europe is a prominent market for automotive coatings as the majority of the key players have production facilities in the region. Additionally, the region is home to some of the world’s largest automotive manufacturers. The markets in the Middle East & Africa and Latin America are expected to contribute substantially to the growth of the global automotive coatings market due to stabilizing political and economic conditions and increasing industrialization.
The global automotive coating market has been segmented on the basis of product, substrate, technology, resin type, and region.
On the basis of product, the market has been segmented into primer, basecoat, electrocoat, and clearcoat, and others.
Based on substrate, the market has been categorized into metal, plastics, composites, and others.
By technology, the market has been classified into water-borne, solvent-borne, powder, and radiation curable.
On the basis of resin type, the market has been segmented into polyurethane, epoxy, automotive, and others.
The market has been studied in five key regions—Asia-Pacific, North America, Europe, the Middle East & Africa, and Latin America
The prominent players in the global automotive coating market are BASF SE (Germany), Axalta Coating Systems (U.S.), Kansai Paint Co.,Ltd.. (Japan), Akzo Nobel N.V. (Netherlands), Jotun (Norway), Nippon Paint Holdings Co., Ltd. (Japan), PPG Industries, Inc. (U.S.), The Valspar Corporation (U.S.), Arkema SA (France), Berger Paints India Limited (India), Clariant (Switzerland), Koninklijke DSM N.V. (Netherlands), Cabot Corporation (U.S.), The Sherwin-Williams Company (U.S.), and Bayer AG (Germany).
December 2021-PPG has acquired Hemmelrath’s Erlenbach site to foster its automotive coatings portfolio. This acquisition will help the company boost its automotive coatings offering, adding to its formulating and production capability.
The clearcoat unit makes use of a fully automated production technology with faster and shorter manufacturing periods as well as flexible production of several batch sizes of around 25 metric tons.
November 2021-IGL Coatings introduces Ecoclear Aegis, which is a graphene reinforced anti-corrosion clear coating. This green coating solution is transparent and can bear and protect the surface from extreme atmospheric corrosive conditions.
The coating’s transparency offers the ability to detect the early signs of corrosion, paving the way for faster preventive measures.
In February 2020, Clearlake Capitals announced that it is planning to acquire Innovative XCessories & Services LLC. IXS is known for its provisions related to coating solutions and vehicle upfit services to OEMs. Various other impacts on the automotive aftermarket are gaining support from these companies. Such a merger would definitely create better growth opportunities.
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, substrate, technology, resin type, and region|
|Geographies Covered||North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa|
|Key Vendors||BASF SE (Germany), Axalta Coating Systems (U.S.), Kansai Paint Co.,Ltd.. (Japan), Akzo Nobel N.V. (Netherlands), Jotun (Norway), Nippon Paint Holdings Co., Ltd. (Japan), PPG Industries, Inc. (U.S.), The Valspar Corporation (U.S.), Arkema SA (France), Berger Paints India Limited (India), Clariant (Switzerland), Koninklijke DSM N.V. (Netherlands), Cabot Corporation (U.S.), The Sherwin-Williams Company (U.S.), and Bayer AG (Germany).|
|Key Market Opportunities||Changing climatic conditions and rising awareness on the part of consumers to maintain, protect, and enhance the longevity of their vehicles|
|Key Market Drivers||The increasing demand for automotive coatings can be attributed to shifting consumer preference for more aesthetic and attractive vehicles|
Frequently Asked Questions (FAQ) :
The global automotive coating market valuation can touch USD 25 billion by 2023.
The wide scope for decorative, protective, and functional coatings is the major driver of the global automotive coating market.
Consumer inclination to ensure the longevity of vehicles and changes in climatic conditions are trends which can impact the global automotive coating market.
The APAC region can dominate the global automotive coating market due to robust production of cars and the increasing disposable income levels of consumers.
Jotun, The Sherwin-Williams Company, Nippon Paint Holdings Co., Ltd., Arkema SA, Axalta Coating Systems, BASF SE, Akzo Nobel N.V., Bayer AG, The Valspar Corporation, PPG Industries, Inc., Koninklijke DSM N.V., Cabot Corporation, Kansai Paint Co., Ltd., Berger Paints India Limited, and Clariant are major players of the global automotive coating market.