Automotive Coatings Market Size, Share & Trend Analysis, By Resin Type, By Technology, By Coat Type, By Application, Regional Outlook, Competitive Tactics, and Segment Forecast to 2030

Automotive Coatings Market Overview:

Key Stats in of Study:

• The global automotive coating market was valued more than US$ 16,091.8 Mn in the year 2022
• Automotive coating market is estimated to grow at a CAGR of 5.0% during the forecast 2022 to 2030

This market study on the global automotive coatings market aims to cover market dynamics such as market drivers, challenges/restraints, and opportunities for the market players. It will also cover market segmentation outlook, market trend, regional outlook, automotive coatings market size, and market share, as well as industry and product insights, SWOT analysis, Porter's five force analysis, PESTEL analysis, heat map analysis, market forecast, and the major players operating in the automotive coatings market.

 

Automotive coatings, available in different forms, protect automobile parts from harsh environmental stress and conditions such as corrosion, UV radiation, scratches, and wear and tear resistance. Besides this, automotive coatings are also used to impart an aesthetic look to vehicle parts. Available in different technologies and coat types, automotive coatings have predominantly caught the eye of the global automotive market share.

There are innumerous reasons to back this, which include less water consumption, minimum energy consumption, decreased waste production, and zero or minimum carbon dioxide and other particulate emissions. Owing to these potential drivers, the automotive coatings market is boosting globally and is expected to grow significantly in the predicted period. In addition, stringent environmental concerns, longer lifespan of the vehicle, improved fuel efficiency, and overall lower cost by reduced energy consumption while increasing productivity will drive automotive vehicles production exponentially.

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Scope of the Report:

Report Metric	Report Details
Market size available for the years	2022-2030
Base year	2021
Forecast Period	2022-2030
Segments Covered	By Resin Type, By Technology, By Coat Type, By Application, and others
Regions Covered	North America   The U.S., & Canada  Latin America   Brazil, Mexico, Argentina, & Rest of Latin America   Asia Pacific   China, India, Japan, Australia & New Zealand, ASEAN, & Rest of Asia Pacific   Europe   The U.K., France, Spain, Italy, Russia Poland, BENELUX, NORDIC, & Rest of Europe   Africa   North Africa, Egypt, & Rest of Africa The Middle East   GCC Countries, Israel, & Rest of the Middle East
Companies Covered	PPG, 3M, Sherwin Williams, AkzoNobel, Nippon, DuPont, RPM International Inc., BASF SE, Kansai Paint, Jotun, Hempel, KCC, Berger Paints India Ltd., SAMHWA Paints, Axalta Coating System, Ltd., and among others.

Automotive Coatings Market Dynamics

Market Drivers:

“Minimum Carbon dioxide and other hazardous Particulate emissions”

In recent years, pollution owing to CO2, and other health hazards due to harmful particulates into the air, various governmental bodies, and other environmental agencies have set stringent regulations on the usage of high VOCs emitting vehicles. Due to this, there is a growing demand for environmentally friendly products from end-consumers. Automotive coatings, owing to their excellent potential to release fewer VOCs, CO2, and other dangerous pollutants into the air, have been applied majorly to automobile parts. This has led to the mass production of these coatings and hence, is likely to propel the global market share and size of automotive coatings in the forthcoming years.

“Less Consumption of energy and water”

The automotive coatings are designed in such a way that they impart complete protection to the surfaces on which they are applied. Furthermore, these coatings, owing to their properties, lead to the minimum consumption of water and energy as well. Keeping this factor in mind, the majority of automotive OEMs and other suppliers, are bringing the usage of these coatings on top in order to reduce energy and water consumption. This, in turn, will improve fuel efficiency. Because of this major benefit, the market of automotive coatings is projected to witness significant growth in the forecast period.

“Longer Lifespan and Decreased Waste Product”

Automotive coatings possess excellent chemical and mechanical properties as well. Because of this, they enhance the durability of the manufactured product. Furthermore, coatings technologies such as waterborne and powder-based are in use to serve multiple benefits. One such is the lower amount of waste produced, which is responsible for the increasing use of these automotive coatings in various automobile parts. Hence, this will also expand the market for these coatings.

Market Restraints:

“Fluctuation in Raw Materials Price”

Availability and cost of raw materials are important factors for automotive coatings manufacturers in terms of investment. The key ingredients used are additives, resins, and solvents extracted from petroleum refineries. Since these ingredients’ prices show fluctuations, it is difficult for manufacturers to invest in these ingredients. Also, the transportation charges owing to increased fuel charges, and high manufacturing costs resulting from high energy consumption make it challenging for the automotive coatings manufacturing industries to produce a profitable share of the market which, in turn, hampers the market growth rate, globally.

Market Opportunities:

“Increasing use of waterborne and Powder-based Coatings”

With the advent of new coating technologies including powder-based coating and waterborne coating, it has become easy for companies to reduce their carbon footprints and overall cost of the manufacturing process without affecting the performance of the product. Powder-based coating technique is an alternative coating technique to conventional coating technologies which gives a considerable reduction in energy consumption and involves reducing the count of processing steps. Similarly, the waterborne coating which provides a faster drying process has reduced waste disposal and, therefore, has proved to be environmentally friendly. These technologies have benefitted the company in terms of both economic aspects and environmental safety. Therefore, in the next few years, the automotive coatings market is estimated to flourish at a high rate, globally.

Automotive Coatings Market Segmentation

The automotive coatings market is segmented based on the following criteria: 

• By Resin Type:

Polyurethane

Epoxy

Acrylic

Others

• By Technology Type:

Powder Coating

Solvent-borne

Waterborne

UV Cured coating

Others

• By Coat Type:

Base coat

Clear coat

Primer

Electro coat

Others

• By Application Type:

Refinish

Plastics

Others

• By Region:

North America 

Asia Pacific 

Europe 

Latin America 

Middle East 

Africa

Automotive Coatings Market Regional Outlook

Asia-Pacific is the largest manufacturing market for automotive coatings and is expected to see a constant upsurge in the demand for these coatings. Increased focus on sustainability, increased economic growth rate, and cheap labor costs are some of the factors responsible for the highest growth of the automotive coatings market globally.

North America region is the second growing market for automotive coatings and is expected to grow significantly in the forecast period. This is attributable to the increased awareness of climate safety having the goal of reducing carbon footprint and energy consumption.

 

Recent Developments by Key Players:

• In August 2022, BASF launched the first biomass balance automotive coating “ColorBrite Airspace Blue ReSource basecoat”, with the purpose of reducing approximately 20% product carbon footprint.