Research on Automotive Coatings Market Analysis, Size, Share, Growth, Industry Trends and Forecast to 2024 – Hexa Research

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Automotive coatings are used for coating metal and plastic constituents of an automobile, The benefits associated with automotive coatings such as enhanced durability, protection from ultraviolet radiation, extreme temperature, acid rain, and foreign particles has resulted in its significant growth in the “automotive coatings market”.

Automotive coatings are a type of paint that are used on automobiles for protective and decorative purposes. The benefits associated with automotive coatings such as enhanced durability, protection from ultraviolet radiation, extreme temperature, acid rain, and foreign particles has resulted in its significant growth in the market. The growth of automobile market in China, Japan, India, Germany, Mexico, and Indonesia along with the growth of aging vehicles is driving the market. Increasing demand for eco-friendly coatings such as UV cured coatings, water-borne coatings, and powder coatings in developing economies like China and Brazil is driving the automotive coatings market in these regions. Increased government spending, rapid economic growth, and advancement in road infrastructure combined with the consumer need for personal vehicle is a major driving force for the market. Asia Pacific is expected to be the leading market over the forecast period owing to major collaborations between key participants and manufacturers. There is an increasing demand for waterborne and powder coatings in Europe owing to stringent regulations regarding VOC emissions. Favorable political and economic situation in Latin America has resulted in various coating manufacturers setting up production facilities in these regions.

Solvent-borne coatings have been used in automotive coatings predominantly. But, increasing environmental regulations and volatile organic emissions by these coatings may result in the decline in demand for these coatings. Waterborne coatings are expected to gain wide acceptance owing to heat resistance, excellent adhesion, and abrasive properties. Powder coatings, which are eco-friendly are also gaining wide acceptance owing to properties like chipping and abrasion, protection from chemicals, moisture and heat, high-quality finish and high resistance to corrosion. The VOC emissions from powder coating is also minimal.

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Clearcoat applications are expected to increase as it provides protection against UV rays. The basecoat is the largest product segment within this market as it provides decorative effects, color, and improves the aesthetic appearance of the vehicles.  Electrocoat is expected to thrive in the market as it provides anti-corrosion and anti-rust properties.

Automotive coatings are used for coating metal and plastic constituents of an automobile. Metal is the largest application segment and is expected to increase due to an increase in vehicle production. Plastic coatings are expected to increase at a substantial rate due to properties such as design flexibility, lightweight, cost reduction, corrosion resistance, recyclability, and greater durability.

Light Vehicle OEM is the major segment in the end use of automotive coatings. This segment will continue having higher growth rates because of increase in buying power and improvement in living standards of the population in developing economies. Automotive refinish of aging vehicles is also a growing segment in this market. The increased demand for second hand vehicles is also a major driver for the automotive refinish segment. The major restraints for the automotive coatings market is the development of technologies like GPS tracking and pre-collision technology that prevents the occurrence of accidents. Increase in the number of accidents in the Middle East and Africa provides a major boost for the growth of the market in these regions.

Asia Pacific is the dominant region in the automotive coatings market. This can be attributed to increasing vehicle production and economic growth in India, China, Japan, Thailand, Indonesia, and South Korea. China is expected to be at the forefront in this market because of growing demand for automobiles, increased local manufacturers, and investments in transportation infrastructure. The presence of large coating manufacturers in the Indian market including Nippon Paint, BASF, Kansai Paint, and KCC Paint is expected to drive domestic market growth. The decline in the number of accidents in Europe may favor the automotive refinish market in the Asia Pacific. The MEA is expected to have a good growth rate because of setting up of production facilities in this region.

The automotive coatings market is a highly competitive market with companies constantly engaged in R&D and product innovation. The market is dominated by Axalta Coating Systems, Jotun A/S, BASF, PPG Industries, AkzoNobel, Nippon Paint, and Kansai Paint. The other players in the market are Sherwin-Williams Company, Arkema SA, Beckers Group, Bayer AG, Berger Paints, Clariant AG, Valspar Corporation, Eastman Chemical Company, Cabot Corporation, Lord Corporation, Solvay S.A., and DSM.

Bayer AG has developed eco-friendly systems that reduce emissions up to 90%, thereby reducing VOC emissions by 99%. The waterborne coatings developed by Axalta Coating Systems bring about a significant reduction in VOC’s and energy consumption. They are eco-friendly and meet requirements such as the EU’s VOC Regulation 2004/42/EC. BASF Glasurit, R-M, and LIMCO are the paint brands under which automotive coatings are sold by BASF in the market. They also develop automotive refinish paints. The pigments developed by Clariant AG for automotive purposes are Hostaperm, Novoperm, and PV Fast Grade.

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