The automotive coatings market is expected to grow at a CAGR of 7% during the forecast period 2022-2032. The growth of the automotive coatings market is largely driven by the rising demand for cars, increasing income levels, and the increasing importance of aesthetics in the automotive industry. The automotive coatings market is divided into several segments such as type, substrate, and application.
The type segment includes solvent-borne, water-borne, powder coating, and others. The solvent-borne and water-borne segments are the most popular due to their superior performance and low cost. The substrate segment includes metal, plastic, and others. The metal segment is the most popular due to its superior protection and durability. The application segment includes OEM and refinish. The OEM segment is the largest due to the increasing demand for cars.
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Market Trends
- Increasing Use of Waterborne Coatings: The automotive coatings market is experiencing a shift towards the increased use of waterborne coatings, due to their environment-friendly properties and lower VOCs (volatile organic compounds). The increasing awareness among consumers regarding environmental issues is expected to drive the demand for waterborne coatings in the automotive industry.
- Growing Demand for Specialty Coatings: Specialty coatings such as electrocoat, powder coatings, and UV-curable coatings are increasingly being used in the automotive industry due to their superior performance and durability. These coatings provide superior protection against corrosion, abrasion, and other environmental damage.
- Increasing Demand for Metallic Coatings: Metallic coatings are gaining popularity in the automotive industry due to their superior aesthetic appeal. These coatings provide a glossy finish and are available in a variety of colors, making them a popular choice for automotive manufacturers.
- Growing Use of Nanocoatings: Nanocoatings are being increasingly used in the automotive industry due to their superior properties. These coatings provide superior protection against corrosion and abrasion, and have superior UV protection.
- Growing Demand for Automotive Refinish Coatings: The demand for automotive refinish coatings is increasing due to the increasing number of vehicles being repaired and repainted. These coatings provide superior protection against environmental damage, corrosion, and abrasion.
Market Buoyancy Analysis
With an average revenue range of US$ 5 Billion-US$ 8 Billion, the top five firms in the automotive coatings industry will continue to command roughly two-fifths of the market. This also suggests a high level of consolidation in the automotive coatings industry at the apex, as opposed to a fragmented nature at the apex. Recent developments in the market are as follows:
- In January 2022, Axalta Coating Systems introduced its new Global Automotive Color of the Year 2022 series of automotive coatings- specifically the Royal Magenta series. The new coatings shade is not only designed to enhance aesthetic appeal, but also provide more robust finish, protecting automotive bodies from abiotic conditions.
- PPG Industries announced in April 2022 its decision to introduce the PPG ENVIROCRONTM P8 Series Anti-Graffiti Coating at the PaintExpo 2022. The product is a hybrid powder coating that stands up to the harshest cleaners and chemicals and is designed to leave no trace of surface damage or graffiti residues. Since it is formulated without block agents, they contain no carcinogenic, mutagenic or toxic-to-reproduction (CMR) substances commonly found in other products.
- In May 2022, automotive giant BMW announced a collaboration with BASF in order to incorporate its CathoGuard 800 ReSource e-coat at its plants in Leipzig, Germany, and Rosslyn, South Africa. Additionally, BMW also intends to leverage the company’s iGloss matt ReSource Clearcoat throughout Europe. These coatings are capable of reducing CO2 emissions in the plants by as much as 40% per coating layer, which is equivalent to more than 15,000 tons.
Market Titans
- Nippon Paint (USA)
- Benjamin Moore & Co.
- Behr Process Corp.
- Kansai Paint Co. Ltd.
- BASF Coatings
- Axalta Coating Systems
- Nippon Paint Holdings Co.
- RPM International Inc.
- The Sherwin-Williams Co.
- AkzoNobel
- PPG
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Market Structure
By Resin Type :
- Acrylics-based Automotive Coatings
- Fluoropolymers-based
- Urethanes-based
- Epoxy-based
- Poly Alkyds-based
- Amines-based
By Vehicle Type :
- Passenger Cars
- Commercial Vehicles
By Technology :
- Water Borne Automotive Coatings
- Solvent Borne
- UV Cure
By Coat Type :
- Top Coat
- Primer
- Base Coat
- Clear Coat
By Region :
- North America
- Latin America
- Europe
- Japan
- APEJ
- MEA
The global Automotive coatings attached storage report answers numerous pertinent questions, some of which are:
- What are some of the latent areas of investments in the market?
- Which region is expected to emerge as showing the most attractive growth rate during the forecast period and which factors will be crucial to its growth?
- What trends are likely to change the status quo of the positions held by leading players of the market in the not-so-distant future?
- Which product/service/technology segments holds game-changing potential to dramatically shape the competitive dynamic in the market?
- What are the strategies adopted by top players to retain their stronghold in the market?
- Which strategic moves will new entrants adopt to gain a strong foothold in the market?
- What are COVID-19 implications on the market and learn how businesses can respond, manage, and mitigate the risks?
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