[150 Pages Report] The Global Automotive Specialty Coatings Market is expected to grow at a CAGR of 3.79% during the forecasting period (2022-2029).
By Resin Type, By Technology, and By Region
Report Insights Covered
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights.
Fastest Growing Region
Largest Market Share
Automotive specialty coatings are applied to vehicular components for protection against corrosion and better performance under high temperatures.
The increase in global automobile production and improved corrosion protection offered by specialty coatings are expected to impact the market growth positively.
The application of automotive specialty coatings is monitored by environmental agencies such as the U.S. Environmental Protection Agency (US-EPA) and the Paints Directive 2004/42/EC of the European Parliament.
The consumer expectation regarding high performance, longer service life, and better corrosion resistance from vehicular coatings, is increasing the penetration of specialty coating within the automotive industry, thus driving the market growth.
The increase in automobile production in developing countries, and a rise in the application of coatings on these vehicles for improved weather, corrosion, and mechanical resistance are expected to drive the market growth.
The application of these specialty coatings also reduces production times and operating costs, thus benefitting the manufacturers. For instance, in July 2016, The Sherwin-Williams Company launched a new fast-drying polyester primer, HDR22, for protection against hail damage.
The implementation of stringent environmental regulations related to specific limits on volatile organic compounds (VOC) emission might adversely impact the production rate of the coatings industry.
The rise in prices of raw materials and dip in oil prices might also lead to a decline in automobile sales, indirectly affecting the automotive specialty coatings market. The increase in sales of battery electric vehicles (BEVs) would also act as a market barrier since the electrically-run cars do not involve engines, a significant application part of automotive specialty coatings.
The increase in the sale of premium vehicles and growing investments in the specialty coatings industry to produce eco-friendly coating solutions would present new opportunities for business expansion for automotive specialty coatings manufacturers.
The global automotive specialty coatings market is segmented by resin type into acrylic-based, epoxy-based, polyester, polyurethane, and others.
The polyurethane-based specialty coatings are the leading segment by market share, owing to their high gloss and corrosion-resistant properties, coupled with reduced weight, low fuel consumption, recyclability properties, and fast-drying time.
For instance, in November 2016, The Sherwin-Williams Company launched the Dynamic Clearcoat CC200, a new polyurethane-based specialty coatincoatingutomotive application, which offers a superior appearance in half the production time and reduces energy consumption. The polyester coating segment is also expected to witness stable growth owing to its high solid content, ultra-high-build characteristics, and show-quality finish.
Based on technology, the market is segmented into powder coatings, solvent-borne, water-borne, and others. The water-borne coatings technology holds a significant market share owing to the eco-friendly properties it offers, such as a reduction in volatile organic compound (VOC) emissions.
The powder coating segment will witness a healthy growth rate during the forecast period owing to the lowering of production time and operating costs.
The global automotive specialty coatings market is segmented by geography into North America, South America, Europe, Asia-Pacific, and the Rest of the World (RoW).
Asia-Pacific is the leading geographical segment in the market, owing to the high production of automotive passenger vehicles and light commercial vehicles, which in turn will increase the demand for automotive specialty coatings.
The increase in financial investment towards better infrastructural facilities aimed at growth in automobile manufacturing would further drive the market growth of automotive specialty coatings.
China, India, Indonesia, and Malaysia are expected to be the chief contributors to this growth, with significant market players targeting the emerging economies of the region to boost sales revenue.
For instance, in August 2018, PPG Industries, Inc. announced that it had acquired land in Tianjin, China, to build a state-of-the-art paint and coatings research and development (R&D) center. The new facility would serve to strengthen the company’s R&D footprint to better help consumers in China, across the Asia-Pacific region, and globally.
The automotive specialty coatings market is highly competitive, with all major market players looking to consolidate their position as global leaders.
The companies mainly focus on mergers and acquisitions and new product launches to expand business revenue. For instance, in June 2017, The Sherwin‐Williams Company announced the addition of The Valspar Corporation, to broaden its product portfolio and build a global platform for growth.
In March 2017, BASF SE, Covestro AG, and Audi AG jointly developed a bio-based, high-performance automotive coating with Covestor’s renewable hardener Desmodur® eco N 7300 being a central component, aimed at sustainable development of automotive coatings for environmental solutions.
1. Akzo Nobel N.V.
2. Axalta Coating Systems Ltd, LLC
3. BASF SE
4. Covestro AG
5. Kansai Paint Co., Ltd.
6. Nippon Paint Holdings Co., Ltd.
7. PPG Industries, Inc.
8. Solvay SA
9. The Sherwin-Williams Company
10. The Dow Chemical Company
• The polyurethane-based automotive specialty coatings are the leading segment owing to their faster drying time, reduced weight, lower fuel consumption, and corrosion resistance properties. Water-borne technology is the most significant segment by application, which offers eco-friendly properties and lowers volatile organic compound (VOC) emissions.
• Geographically, Asia-Pacific is the largest segment owing to the high production of automotive passenger vehicles and light commercial vehicles, which in turn will increase the market for automotive specialty coatings, and continued investment towards product development. The primary market players in the region are also focused on establishing research & development centers to increase production volume in a short period.
• The market scenario of automotive specialty coatings is very competitive, with companies focused on the expansion of their global footprint and product launch to maintain their market position. For instance, in July 2018, PPG Industries, Inc. announced a strategic partnership between its subsidiary, Tintas RENNER® business, and online news portal O Barista, to strengthen its position in Brazil and meet the growing demands of the region.
The scope of the Report
The report covers the factors impacting the market, Porter 5 Forces, Competitive Scenario, Price trend analysis, Product Benchmarking, and company profiles. AutomoThe automotivealty Coatings Market is segmented by resin type into acrylic-based, epoxy-based, polyester, polyurethane, and others. By technology, the market is categorized into powder coatings, solvent-borne, water-borne, and others. Geographically, the market is segmented into – North America, South America, Europe, Asia Pacific, and the Rest of the World.
What is the Automotive Specialty Coatings Market growth?
The market is growing at a CAGR of 3.79%.
What is the Automotive Specialty Coatings Market size in 2021?
The Market size was valued at USD YY million in 2021.
Who are the key players in Automotive Specialty Coatings Market?
Akzo Nobel N.V., Axalta Coating Systems Ltd, LLC, BASF SE, Covestro AG, Kansai Paint Co., Ltd., Nippon Paint Holdings Co., Ltd., PPG Industries, Inc., Solvay SA, The Sherwin-Williams Company, The Dow Chemical Company
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