Global Automotive Coatings Market - Industry Trends and Forecast to 2029

Global Automotive Coatings Market Analysis and Size

Automotive coatings are water-resistant dry coatings applied to various parts of a vehicle for functional, decorative, and protective purposes. Such coatings possess important properties such as good elastomeric finish and greater surface hardness. They serve different purposes for different substrates such as plastics, composites, and metal.

• Data Bridge Market Research analyses that the automotive coatings market was valued at USD 16.24 billion in 2021 and will reach USD 28.26 billion by the year 2029, at a CAGR of 7.17% during the forecast period of 2022 to 2029.

Global Automotive Coatings Market Definition

Automotive coatings offer substantial beneficial properties for the surface of an object such as enhanced gloss, better clarity, excellent finish, along with considerable durability and weather ability. Additionally, these protective coatings also offer significant resistance to abrasion, impact, and chemicals. The clear coat segment accounted for the largest share, in terms of volume, of the overall automotive coating market

COVID-19 Impact on Automotive Coatings Market

COVID-19 impacted various manufacturing industries in the year 2020-2021 as it led to the closure of workplaces, disruption of supply chains, and restrictions on transportation and it also very badly impacted the market of automotive coatings because of the covid-19 and lockdown all the shopping places and workshops are closed and it hindered the market. The cases of COVID–19 and decrease in sales of automobiles has limit the market growth. Major industry players are rapidly entering into long term contracts with suppliers so as to attempt to retain their customer base.

The Market Dynamics of the Automotive Coatings Market Include:

• Growing number of vehicle population

Countries all around the globe are developing and with that the population of these countries are also rising and with that their demand for vehicles to drive are also increasing and it is driving the automotive coatings market.

• Rising per capita income of the people

The rise in the population gave a boost to the economy and many with increasing economy the per capita income of citizens are also rising and that accelerate the automotive coatings market.

Additionally, increasing industrialization that will lead to improve the appearance of vehicles, increasing usage of waterborne coatings also positively affect the automotive coatings market.

• Rise in Government Initiatives

Furthermore, the rise in initiatives taken by the government and support of public corporations for rodent control extends profitable opportunities to the market players in the forecast period of 2022 to 2029.

Additionally, introduction of ultraviolet curing coating extends profitable opportunities to the market players in the forecast period of 2022 to 2029.

Restraints/Challenges faced by the Automotive Coatings Market

• Strict environmental regulations

Strict environmental regulations because of the harmful effects caused by solvent-borne coatings are acting as a market restraint for the growth of automotive coatings market in the above mentioned forecast period.

Also, high prices of raw material are projected to challenge the automotive coatings market in the forecast period of 2022-2029.

This automotive coatings market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the automotive coatings market contact Data Bridge Market Research for an Analyst Brief, Our team will help you take an informed market decision to achieve market growth.

Recent Development

• In 2021, PPG has acquired Hemmelrath’s Erlenbach site to nurture its automotive coatings portfolio. This acquisition will help the company to enhance its automotive coatings offering, adding to its formulating and production proficiency. The clearcoat unit uses a fully automated production technology with faster and shorter manufacturing periods and production of numerous batch sizes of around 25 metric tons.

• In 2021, IGL Coatings has introduced Ecoclear Aegis, a graphene-reinforced anti-corrosion clear coating. This green coating solution is translucent and can bear and protect the surface from extreme atmospheric corrosive conditions.The coating’s transparency can identify the early signs of corrosion, providing the way for faster precautionary measures.

• In 2020, Clearlake Capitals had announced to acquire Innovative XCessories & Services LLC. IXS is known for its provisions related to coating solutions and automobile upfit services to OEMs. Various other impacts on the automotive aftermarket are gaining provision from these companies. This merger would create better growth opportunities.

Global Automotive Coatings Market Scope

The automotive coatings market is segmented on the basis of technology type, product type, application, end-use and resin. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Technology type

• Water-borne
• Solvent-borne
• Powder coating
• UV-cured
• Others

On the basis of technology type, automotive coatings market is segmented into water-borne, solvent-borne, powder coating, UV-cured and others.

Product type

• Electrocoat
• Primer
• Learcoat
• Basecoat

Based on product type, automotive coatings market is segmented into electrocoat, primer, clearcoat and basecoat.

Application

• Plastic
• Metal

Based on application, automotive coatings market is segmented into plastic and metal.

End-User

• Commercial OEM
• Automotive refinish
• Light vehicle OEM

On the basis of end-use, automotive coatings market is segmented into commercial OEM, automotive refinish and light vehicle OEM.

Resin

• Epoxy
• Polyurethane
• Acrylic
• Others

On the basis of resin, automotive coatings market is segmented into epoxy, polyurethane, acrylic and others.

Automotive Coatings Market Regional Analysis/Insights

The automotive coatings market is analyzed and market size insights and trends are provided by country, technology type, product type, application, end-use and resin as referenced above.

The countries covered in the automotive coatings market report are the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the automotive coatings market due to the increasing expenditure for the development of improved infrastructure, rising preferences of consumer towards personal conveyance and rising growth of automotive industry within the region.

North America is expected to witness significant growth during the forecast period of 2022 to 2029 due to the increasing demand of eco-friendly coating along with strict government regulations for the improvement of environmental condition.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Automotive Coatings Market Share Analysis

The automotive coatings market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to automotive coatings market.

Some of the major players operating in the automotive coatings market are BASF SE (Germany), Axalta Coating Systems (U.S.), PPG Industries, Inc. (U.S.), Kansai Paint Co., Ltd (Japan), Nippon Paint Holdings Co., Ltd. (Japan), The Valspar Corporation (U.S.), KCC Corporation (South Korea), Sherwin-Williams (U.S.), AkzoNobel (Netherlands), and Jotun A/S (Norway) among others.

Research Methodology : Global Automotive Coatings Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Expert Analysis, Import/Export Analysis, Pricing Analysis, Production Consumption Analysis, Climate Chain Scenario, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts https://www.databridgemarketresearch.com/speak-to-analyst/?dbmr=global-automotive-coatings-market

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