Global Automotive Coatings Market by Coat Type (Primer, Electro-coat, Basecoat, Clear-coat), By Technology (Water-Borne, Solvent-Borne, Powder Coating, UV-Cured), By Resin Type (Epoxy, Polyurethane, Acrylic, Others), Application (Plastic & Metal), End-user (Commercial OEM, Automotive Refinish, Light Vehicle OEM), by Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2030
Industry Perspective
The global Automotive Coatings Market size was worth around USD 19.19 billion in 2021 and is predicted to grow around USD 43.51 billion by 2030 with a compound annual growth rate of roughly 9.3% between 2022 and 2030. The proliferating demand from the automotive industry with the increased popularity of sustainable coatings is boosting the market growth. the shifting consumer preferences for vehicles with a more appealing appearance are expected to boost market growth over the forecast period.
Market Overview
Automotive coatings have increased their utility for the safety and enrichment of automobiles and these coatings are implemented to allow the safety of metallic surfaces from rust. The coating utility consists of the primer steps, base coat, and clear coat which is implemented to provide a smooth coating that can withstand UV rays. Additionally, the market is developing at a rapid pace which is attributable to the elements such as safety from corrosion, stronger aesthetics, cost-slicing in production, and preserving its traits of progressed robustness and overall performance.
These factors are severely influencing the improvement and alertness of several revolutionary transformations in the overall automotive coating industry. Advances in manufacturing technologies and paint formulations are increasing the scope of these coatings and have positively influenced the demand for automotive coatings.
Key Insights
- As per the analysis, the global automotive coatings market is estimated to grow annually at a CAGR of around 9.3% over the forecast period (2022-2030) and is projected to reach USD 43.51 billion, by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Based on coat type, the basecoats segment showcased the largest market share in the year 2021
- Based on technology, the waterborne coatings segment dominated the market share in the year 2021
- Based on resin type, the acrylic segment experienced the largest market share in the year 2021
- Based on the application, the metal segment is projected to show the most dominating share in the year 2022
- Based on end-user, the lightweight OEM segment is anticipated to dominate by the end of 2022
- On the basis of region, Asia Pacific accounted for the largest market share in the year 2021
Proliferating Demand for Automotive Coating in Automotive Refinishing Coatings to Boost Growth
Automotive coatings are used to decorate and protect automotive parts from damage and are used in several automobiles to improve the performance and quality of vehicles. The acceptance of automotive finishes is accelerating as there is an increased focus on attractive and aesthetic vehicles. The increasing acceptance of electric vehicles with multiple colors and textures and the advent of self-driving and electric vehicles have increased the demand for automotive coatings. The increasing trend toward automotive refinishing paints is driving the adoption of automotive paints.
Growing Demand for Water-borne technology Drives the Market Growth
The significant advancements in waterborne coatings have expanded the overall performance of automotive coatings which is further driven by huge advances in resin technology, along with novel morphologies and crosslinking mechanisms which are powerful at ambient temperature. Advances in the overall performance of waterborne coatings additionally made contributions to their use in a wider variety of packages. Waterborne coatings increasingly supply overall performance at an appealing price, making the price attractive and elevating the overall performance by transforming the resin chemistry that is specifically designed for waterborne formulations.
Volatility in Raw Material Prices to Restrict Market Growth
The strengthening construction market, extensive urbanization, increasing household spending, and rapid economic growth are mainly driving the demand for automotive coatings. Market growth is also driven by consumer demand for healthier and more environmentally friendly coating systems, though, the volatility in raw material prices is restraining the market growth.
Significant concerns over commodity price volatility stemming from the closure of several manufacturing facilities in the US, Europe, and Asia due to maintenance issues, as well as accidents and breakdowns, are also pushing up commodity prices. These factors have resulted in a progressive tightening of commodity supply markets that have impacted commodity prices. Vendors adopt cutting-edge technology and cost-cutting measures that have a significant impact on market expansion.
Increasing Popularity of Smart Coatings Augments the Market Growth
Automotive coatings are expected to match customer expectations and environmental standards while also cutting manufacturing and ownership costs, therefore they are expected to continue evolving over the forecast period. The advancements in coating technology have expanded the use of smart coatings as it has the potential to greatly improve surface durability. Smart coatings have provided new functionality or qualities including self-stratifying, self-sensing, soundproofing, vibration dampening, self-healing, and super-hydrophobicity.
Self-restoration can also be accomplished by employing shape-remembering polymers, which can be stimulated by changes in temperature, humidity, or UV radiation. It is also feasible to achieve self-restoration by the swelling of some clays and montmorillonite. The self-healing capabilities of smart coatings would be helpful in reaction to an abrasive, or mechanical trigger or to prolong the life of the coating.
Segmentation Analysis
Based on coat type, the automotive coating market is segmented as a primer, base coat, electro coat, and clear coat. The base coat segment dominated the market share owing to the proliferating need for exterior aesthetics. The basecoats segment occupies the dominating position as this coating provides desired color and exterior aesthetics to automobiles. The increased use of basecoat is also due to its flexibility, resistance to heat, and corrosion.
Based on the technology segment, the automotive coating market is categorized on the basis of water-borne, solvent-borne, powder coating, and UV-cured. The waterborne coatings segment dominated the market share owing to the coatings are environmentally friendly and easy to use as the water content is high. These waterborne coatings form a strong adhesive that can be used on thick and thin coats.
Based on resin type, the market is segmented as epoxy, polyurethane, acrylic, and others. The acrylic segment dominated the market share due to the rising popularity of new coatings models that have enhanced finishing and texture and manufacturers.
The application segment is bifurcated into metal and plastic, where the plastic segment is anticipated to dominate over the forecast period. The plastic segment is expected to gain significance owing to its design flexibility, recyclability, cost reduction, greater durability, corrosion resistance, and lightweight. The increasing usage of carbon fiber and composites in vehicle manufacturing can stimulate the automotive coating demand over the forecast period.
Based on the end-user segment, the market is segmented as commercial OEM, automotive refinish, and light vehicle OEM. The light vehicle OEM segment is expected to witness the largest market share and is likely to foresee significant growth on account of the growing demand for passenger cars in emerging countries, rising population, growing per capita income, and growing urbanization is accelerating demand segment growth.
Recent Development
January 2022- PPG increased its production of automotive OEM coatings at its facility in Weingarten, Germany, by around USD 10 million for the waterborne basecoats site which is built to its current facility.
May 2021- Axalta Coating Systems expanded its waterborne coating facility in Jiading, Shanghai, China. The expanded location is designed to meet the growing demand for sustainable coatings for the automotive, commercial vehicle, and industrial markets in China and the Asia-Pacific region.
January 2020- SCHLENK Metallic Pigments launched Zenexo GoldenShine WB 21 YY, a new effect pigment for automotive and waterborne coatings. The new pigment is based on UTP-Technology which can be considered a breakthrough in effect pigment technology, especially for automotive paint applications.
Regional Landscape
Asia Pacific is Dominating the Market Share Due to Rising Sales of OEMs
Asia Pacific dominated the market share in the year 2021 and the trend is expected to continue on account of increasing vehicle manufacturing in the region. The automotive sector of Asia Pacific is driven by rising sales and production in countries including China, Japan, India, South Korea, and Thailand. The increase in government focus on electric vehicles and increased demand for commercial vehicles further accelerate the market growth.
However, the development and expansion of road networks in China, India, and Malaysia, amid the commitment of governments towards infrastructure improvement, are expected to proliferate the market growth in the near future. China was a significant producer of automobiles owing to the availability of skilled labor and the expansion of the automobile industry, thereby accelerating the market demand for automotive coatings.
Competitive Landscape
Axalta Coating Systems, LLC, BASF SE, PPG Industries, Inc., Schlenk Metallic Pigments GmbH, Nippon Paint Holdings Co., Ltd., Arkema SA, Akzo Nobel N.V., Jotun A/S, The Sherwin-Williams Company, Koninklijke DSM N.V., Eastman Chemical Company, amongst others.
The global automotive coatings market is segmented as follows:
By Product
- Primer
- Electro-coat
- Base-coat
- Clear-coat
By Technology
- Waterborne Coatings
- Solvent borne Coatings
- Powder Coatings
- UV-cured Coatings
By Resin Type
- Epoxy
- Polyurethane
- Acrylic
- Others
By Application
- Plastic
- Metal
By End-user
- Commercial Vehicle OEM
- Automotive Refinish
- Light Vehicle OEM
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Reunion
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
ARE YOU SEEKING COMPREHENSIVE INSIGHT ON VARIOUS
MARKETS?
CONTACT OUR EXPERTS TODAY
Speak to an Expert
Global Automotive Coatings Market by Coat
- December-2022
- 148
- Global
- automotive
Related Research
"Automotive Towbar, Market Size, Share & Trends Analysis Report By Application (OEM ,OES ,), By Type
February-2021
(AVM) with Moving Object Detection (MOD) Market Size, Share & Trends Analysis Report By Application
February-2021
1:18 Scale Diecast Automotive Market Size, Share & Trends Analysis Report By Application (Collection
February-2021
3-in-1 Electric Drive Module (eDrive Modules) Market Size, Share & Trends Analysis Report By Applica
February-2021
3D Map System For Automotive Market Size, Share & Trends Analysis Report By Application (Passenger V
February-2021
3PL Service Market Size, Share & Trends Analysis Report By Application (Consumer Goods, Healthcare,
February-2021
4WS Vehicle Market Size, Share & Trends Analysis Report By Application (Passenger Use, Commercial Us
February-2021
8X8 Armored Vehicle Market Size, Share & Trends Analysis Report By Application (Defense,Homeland Sec
February-2021
>14T Duty Truck Market Size, Share & Trends Analysis Report By Application (Construction, Manufactur
February-2021