Global Automotive Waterborne Coatings Market, By Resin Type (Acrylic, Polyester, Alkyd, Polyurethane, PTFE, PVDF, PVDC, Others), Application (Architectural, Industrial) - Industry Trends and Forecast to 2031.
Automotive Waterborne Coatings Market Analysis and Size
The essential factors contributing to the growth of the automotive waterborne coatings market include the development of new technologies to enhance the performance of coatings. Also, the increasing demand for environmentally friendly and sustainable coating solutions is significantly contributing to the market’s growth. In addition, the high growth potential in emerging economies will also propel the market growth in the forecast period.
Data Bridge Market Research analyzes that the global automotive waterborne coatings market which was USD 5,604.20 Million in 2023, is expected to reach USD 8,406.97 Million by 2031, growing at a CAGR of 5.2% during the forecast period of 2024 to 2031. In 2024, the application segment will dominate the market due to the high growth potential in emerging economies. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD Billion, Pricing in USD
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Segments Covered
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Resin Type (Acrylic, Polyester, Alkyd, Polyurethane, PTFE, PVDF, PVDC, Others), Application (Architectural, Industrial)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E., Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa
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Market Players Covered
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PPG Industries Inc. (U.S.), Sherwin-Williams Company (U.S.) BASF SE (Germany), Akzo Nobel N.V. (Netherlands), RPM International Inc. (U.S.), Asian Paints Limited (India), Axalta Coating Systems, Ltd. (U.S.), Nippon Paint Holdings Co. Ltd. (Japan), Kansai Paints Co. Ltd. (Japan), Jotun Group (Norway), Berger Paints India Ltd. (India), Teknos Group (Finland), Masco Corporation (U.S.), Hempel A/S (Denmark), DuluxGroup Ltd. (Australia), Diamond Vogel Paint Company (U.S.), Benjamin Moore & Co. (U.S.), Stahl Holdings B.V. (Netherlands), Cloverdale Paint Inc. (Canada), Brillux GMBH & Co. Kg (Germany), Carpoly Chemical Group Co., Ltd. (China), Lanco Paints (U.S.), KCC Corporation (South Korea), Noroo Paints & Coatings Co., Ltd. (South Korea), Fujikura Kasei Co., Ltd. (Japan)
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Market Opportunities
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Market Definition
Automotive waterborne coatings refer to environmentally friendly paint and coating solutions specifically designed for vehicles. These coatings utilize water as a primary solvent instead of traditional volatile organic compounds (VOCs). Comprising pigments, resins, and additives dispersed in water, they offer reduced levels of harmful emissions during application and contribute to a more sustainable and eco-friendly automotive finishing process.
Global Automotive Waterborne Coatings Market Dynamics
Drivers
- Development of New Technologies
As waterborne coating technology continues to develop, the growing awareness in emerging countries related to the benefits and performance features of waterborne coatings is contributing to market growth. The benefits include longer pot life, flexibility, and low VOC content. Manufacturers are creating awareness regarding the benefits of waterborne coatings across the globe.
- Increasing Demand for Environmentally Friendly and Sustainable Coating Solutions
A key driver in the automotive waterborne coatings market is the increasing demand for environmentally friendly and sustainable coating solutions. Stringent environmental regulations, coupled with a growing awareness of the impact of traditional solvent-based coatings, are steering the automotive industry toward waterborne coatings. These coatings offer low volatile organic compound (VOC) content, reducing emissions and providing a safer alternative. The automotive sector's commitment to sustainability and regulatory compliance is propelling the adoption of waterborne coatings for vehicle manufacturing, contributing to market growth.
Opportunity
- High Growth Potential in Emerging Economies
Emerging economies are investing significantly in infrastructure development and other long-term projects. Markets in these economies are witnessing high growth as compared to markets in North America and Western Europe, as leading companies are investing significantly to tap the opportunities in these economies. The market in Asia Pacific, especially in China and India, is creating significant opportunities for resin as well as waterborne coating manufacturers.
Restraints/Challenges
- Stringent Regulatory Policies
Coatings manufacturers are expected to constantly enhance their processes to comply with new policies because of the growing number of regulatory guidelines being enacted by various governments. Countries with rigorous environmental rules, particularly in Western Europe and North America, do not accept the usage of products that do not adhere to legal norms.
- High Cost of Waterborne Coatings
Waterborne coatings are expensive when compared to their substitutes, such as epoxy and polyurethane coatings. The increased cost is due to the high cost of raw materials, the cost involved in waterborne systems, and high investments made by manufacturers in R&D. The requirement of a skilled workforce during formulations and operations also increases the cost during the application of coatings. However, in the commercial sector, skilled labor can balance the effect of high costs.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Recent Development
- In March 2022, BASF expanded its Automotive Coatings application center at Coatings Technology Center in Mangalore (India). This expansion covers 400 square meters of floor area, equipped with several types of equipment, such as electrostatic rotary bell applicators and others. This expansion would help the company design and develop innovative solutions for automotive coatings
- In February 2022, The Sherwin-Williams Company signed an agreement with the state of North Carolina, Iredell County, and the city of Statesville to expand its architectural paint and coatings manufacturing capacity. This includes the 36,000-square- foot extension, the addition of four new rail spurs, and the construction of an 800,000-square-foot distribution and fleet transportation center
Global Automotive Waterborne Coatings Market Scope
The automotive waterborne coatings market is segmented on the basis of resin type and application. 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.
Resin Type
- Acrylic
- Polyester
- Alkyd
- Polyurethane
- PTFE
- PVDF
- PVDC
- Others
Application
- Architectural
- Industrial
Global Automotive Waterborne Coatings Market Regional Analysis/Insights
The automotive waterborne coatings market is analyzed and market size insights and trends are provided by country, resin type, and application as referenced above.
The countries covered in the market report are U.S., Canada, Mexico, Brazil, Argentina, rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, rest of Asia-Pacific, U.A.E., Saudi Arabia, Egypt, South Africa, Israel, and rest of Middle East and Africa.
Asia Pacific is expected to dominate the market during the forecast period due to the continuous rise in the manufacturing of products for consumption and also for exports is driving the demand for waterborne coatings in the region.
Asia-Pacific region is the fastest-growing in the market due to expanding automotive production, stringent environmental regulations favoring eco-friendly coatings, and increasing adoption of waterborne technology by automotive manufacturers to meet sustainability goals.
The country section of the report also provides individual market impacting factors and changes in regulations in the market domestically that impacts the current and future trends of the market. Data points like 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 Global Automotive Waterborne Coatings Market Share Analysis
The automotive waterborne 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 waterborne coatings market.
Some of the major players operating in the automotive waterborne coatings market are:
- PPG Industries Inc. (U.S.)
- Sherwin-Williams Company (U.S.
- BASF SE (Germany)
- Akzo Nobel N.V. (Netherlands)
- RPM International Inc. (U.S.)
- Asian Paints Limited (India)
- Axalta Coating Systems, Ltd. (U.S.)
- Nippon Paint Holdings Co. Ltd. (Japan)
- Kansai Paints Co. Ltd. (Japan)
- Jotun Group (Norway)
- Berger Paints India Ltd. (India)
- Teknos Group (Finland)
- Masco Corporation (U.S.)
- Hempel A/S (Denmark)
- DuluxGroup Ltd. (Australia)
- Diamond Vogel Paint Company (U.S.)
- Benjamin Moore & Co. (U.S.)
- Stahl Holdings B.V. (Netherlands)
- Cloverdale Paint Inc. (Canada)
- Brillux GMBH & Co. Kg (Germany)
- Carpoly Chemical Group Co., Ltd. (China)
- Lanco Paints (U.S.)
- KCC Corporation (South Korea)
- Noroo Paints & Coatings Co., Ltd. (South Korea)
- Fujikura Kasei Co., Ltd. (Japan)
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