Automotive Coatings Market:
Growth opportunities in the Automotive Coatings Market look promising over the next six years. This is mainly due to the improvement in overall semblance and durability along with the protection against harsh environmental situations.
Automotive Coatings Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
One of the most prominent drivers proliferating the growth of the global automotive coatings market is the augmenting production of vehicles. Also, the coating helps to improve the comprehensive appearance and strength of automobiles and shield them against acute environmental conditions such as UV radiation, acid rain, and acute temperature. Countries which include China, India, Brazil, South Africa, and Mexico, have witnessed a rise in the production of automobiles. In accordance with the IBEF, the total number of automobiles sold in India for FY 2019 amounted to 26.27 million, which has expanded by 1.3 million compared to FY 2018. This will propel market growth. In addition, the surging demand for electric and hybrid vehicles to decrease carbon discharge will further contribute to the market growth. According to a published report by IEA, the global sales for electric cars surpassed 2.1 million for the year 2019, while the mechanized cars totaled to 2.6% of the sales in the same year. Thus, the escalating drift towards electric vehicles will indirectly propel the market growth. However, the complications in sourcing raw materials, which include binders, additives, solvents, and pigments, will hamper the automotive coatings market share.
Coat Type Segment Drivers
Based on the coat type, electrocoat is projected to grow at a higher CAGR during the forecast period. This is mainly because of the intensifying recognition of their several advantages, including high operation speed, uniform coating, and applicability in different sectors. Moreover, they make use of electrical current to deposit an organic coating from a paint bath onto a part or assembled product.
Regional Drivers
Based on regional coverage, Asia-pacific is expected to expand at a faster CAGR during the forecast period. This is primarily attributed to the growing manufacturing of vehicles, specifically in China, India, Japan, and South Korea. China is forecasted to experience robust growth due to the massive automobile production. As per OICA, the total production of cars in China added up to over 25 million in 2019. Additionally, the massive prevalence of leading players, including Kansai Paint Co., Ltd, NIPPON PAINT AUTOMOTIVE COATINGS CO., LTD, and BASF further support market growth with their wide variety of offerings.
Automotive Coatings Market’s leading Manufacturers:
- The Sherwin-Williams Company
- Valspar Automotive
- Covestro AG
- Kansai Paint Co., Ltd.
- BASF
- Akzo Nobel N.V.
- KCC CORPORATION
- NIPPON PAINT AUTOMOTIVE COATINGS CO., LTD.
- PPG Industries
- AXALTA
Automotive Coatings Market Segmentation:
Segmentation by Coat Type
- Electrocoat
- Primer
- Basecoat
- Clearcoat
Segmentation by Technology
- Water borne Coating
- Solvent borne Coating
- Powder Coating
- UV-cured coating
Segmentation by Resin Type
- Polyrethane
- Epoxy
- Acrylic
- Others
Segmentation by Application
- OEM
- Refinish
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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