The Global Automotive Specialty Coatings Market is projected to reach around USD 3.8 billion by 2027 at a CAGR of around 2.8%.
Automotive specialty coatings are used on the surface of various vehicle parts to protect them from environmental damage such as UV radiation, corrosion, and for decoration purposes. Benefits of specialty coatings help in improving vehicle performance under extreme temperature, substrate compatibility and enhances durability. It is applied on components such as engine, steering system, brake system, wheel rims, exhaust, suspension system, and others.
AUTOMOTIVE SPECIALTY COATINGS MARKET: Drivers & Restraint
Strict Regulations Regarding Volatile Organic Compounds (VOC) Emissions
Government has imposed strict regulations for coatings makers such as National Volatile Organic Compound Emission Standards for Architectural Coatings, National Emission Standards for Hazardous Air Pollutants (NESHAP) and others to limit the use of volatile organic compounds (VOCs) in their products. VOCs contain a variety of chemicals that are widely found in products such as solvent-based paints/coatings, sealants, adhesives, organic solvents, and others. VOC-containing products cause air pollution and have adverse health effects. Hence, automotive coating technologies are shifting towards waterborne and powder coatings, as it's eco-friendly and cuts down the amount of VOCs they contain.
Therefore, strict regulations regarding VOC emissions are expected to boost the market growth during the forecast period.
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Rise in Vehicle Production
Growing vehicle production increases the number of coating applications which directly helps in propelling the demand for the automotive specialty coatings market. In 2018, India, Malaysia, Thailand, Russia and among others are the prominent countries that have shown positive growth of 8%, 12.2%, 9%, 13.9%, respectively. Moreover, rise in electric vehicle production in developing nations has increased the production of multi-material coating for bodyweight reduction such as aluminum, magnesium, ultra-high-strength steel (UHSS), carbon fiber reinforced polymers and various high-strength plastics.
Thus, the rise in vehicle production is anticipated to drive the market growth during the assessment period.
Volatility of Raw Material Prices
Raw materials such as resins, hardeners, aluminum paste, solvents, additives, catalysts, emulsion polymers, and others are used for the production of specialty coating. The cost of raw materials plays a vital role for coating manufacturers, as more than 50% of the operating costs are allotted to raw materials. Fluctuation in the prices of these materials is a major factor likely to hamper the market growth during the assessment period. Most of the raw materials used in the coatings industry are petroleum-based which adds up the cost on account of the supply-demand gap and uncertain shortages of crude oil.
Thus, the volatility of raw material prices is a major restraining factor for the market growth.
Automotive Specialty Coatings Market: Key Segments
- Based on Layer: Primer, Base Coat, Clear Coat, and E-Coat.
- Based on Technology: Solvent Based, Water Based, Powder Coating and UV Cured Coating.
- Based on Resin: Polyurethane, Acrylic, Epoxy, Polyesters, and Others.
- Based on Application: Engine & Exhaust, Transmission System, Brake System, Steering System, Suspension System, Wheel Rims and Others.
- Based on Region Covers: North America, South America, Europe, Asia-Pacific, Middle East & Africa and South America, with individual country-level analysis.
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Automotive Specialty Coatings Market: Report Scope
The report on the automotive specialty coatings market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
List of the leading companies operating in the Automotive Specialty Coatings Market include:
- PPG Industries, Inc. (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- BASF SE
- Axalta Coating Systems
- Akzo Nobel N.V.
- The Sherwin-Williams Company
- Nippon Paint Holdings Co., Ltd.
- Covestro AG
- KCC Corporation
- Other Key Companies
Automotive Specialty Coatings Market: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Automotive Specialty Coatings Market, by Layer
- Base Coat
- Clear Coat
Automotive Specialty Coatings Market, by Technology
- Powder Coating
- UV Cured Coating
Automotive Specialty Coatings Market, by Resin
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Automotive Specialty Coatings Market, Application
- Engine & Exhaust
- Transmission System
- Brake System
- Steering System
- Suspension System
- Wheel Rims
Automotive Specialty Coatings Market by Region
- Asia-Pacific (China, Japan, South Korea, India, Taiwan, Rest of Asia-Pacific)
- North America (US, Canada, Mexico)
- Europe (Germany, Russia, France, Italy, UK, Spain, The Netherlands, Rest of Europe)
- Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East & Africa)
- South America (Brazil, Argentina, Rest of South America)
Key Questions answered by the report
- What are the prominent developments affecting the market globally and its growth?
- What will be the impact of the developments in the market on the industry and the market players in the future?
- What are the evolving variations of the market worldwide?
- What are the evolving functions of the market globally?
- What are the prominent aspects that will affect market growth globally during the study period?
- Who are the key players operating in the market across the world?
- How are the key players leveraging in the present market scenario globally?
Table of Content
- RESEARCH DESIGN & SCOPE
- EXECUTIVE SUMMARY
- MARKET DYNAMICS
- INDUSTRY TRENDS – PORTERS FIVE FORCES ANALYSIS
- AUTOMOTIVE SPECIALTY COATINGS MARKET BY LAYER, Market Size in USD Million and Kiloton (2019-2027)
- AUTOMOTIVE SPECIALTY COATINGS MARKET BY TECHNOLOGY, Market Size in USD Million and Kiloton (2019-2027)
- AUTOMOTIVE SPECIALTY COATINGS MARKET BY RESIN, Market Size in USD Million and Kiloton (2019-2027)
- AUTOMOTIVE SPECIALTY COATINGS MARKET BY APPLICATION, Market Size in USD Million and Kiloton (2019-2027)
- AUTOMOTIVE SPECIALTY COATINGS MARKET BY REGION, Market Size in USD Million and Kiloton (2019-2027)
- COMPETITIVE LANDSCAPE
- COMPANY PROFILES
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