Global Automotive Coating Market Analysis,Growth and Share 2023
Automotive Coating Market Scenario
The global automotive coating market is presumed to garner USD 25 billion during the forecast period (2018-2023). The global market is likely to experience a robust CAGR owing to the growing demand for passenger cars, asserts Market Research Future (MRFR). Automotive coatings are referred to as water-resistant dry coatings which are applied to several parts of a vehicle for decorative, functional, and protective purposes. Offering good elastomeric finish and greater surface hardness, automotive coating serves different purposes for different substrate like metal, composites, and plastics. Such coatings also offer beneficial properties such as better clarity, enhanced gloss, considerable durability, excellent finish, and weatherability.
Automotive Coating Market Drivers and Constraints Impacting the Market
The global automotive market is expected to demonstrate a robust growth rate owing to the rising demand for passenger cars across the globe. As the scope of application for decorative, protective, and functional coatings is vast and is expanding gradually with technological advances, the automotive coating market is flourishing. With the shifting consumer preference for attractive and more aesthetic vehicles, the automotive coating market growth is likely to boom. The increasing awareness of the consumers to protect, maintain, and enhance the longevity of their vehicles and the changing climatic conditions is anticipated to stimulate the market growth during the appraisal period. Moreover, the need to protect the metal surface of automotive parts from chemicals and rust or mechanical damage, the demand for automotive coating is considered to trigger. Also, the growing disposable income coupled with the changing lifestyles of people in regions such as China, India, Brazil, and South Korea are contributing to the market growth.
On the flip side, fluctuation in the prices of raw materials including resins, pigments, additives, and titanium oxides is considered to dampen the market growth. Moreover, harmful environmental effects by conventional solvent-borne coatings and the inability of industry participants to meet OEMs’ expectations in terms of environmental sustainability and durability of the coating is anticipated to restrict the market growth.
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Automotive Coating Market Competitive Dashboard
The prominent players operating the global automotive coating market are Berger Paints India Limited (India), Arkema SA (France), Cabot Corporation (U.S.), Koninklijke DSM N.V. (Netherlands), Akzo Nobel N.V. (Netherlands), PPG Industries Inc. (U.S.), Clariant (Switzerland), Bayer AG (Germany), The Valspar Corporation (U.S.), Jotun (Norway), Kansai Paint Co.,Ltd. (Japan), BASF SE (Germany), Nippon Paint Holdings Co. Ltd. (Japan), The Sherwin-Williams Company (U.S.), and Axalta Coating Systems (U.S.).
Global Automotive Coating Market: Segmental Analysis
The global automotive coating market size has been segmented on the basis of substrate, product, resin type, technology, and region.
By mode of product, the global automotive coating market has been segmented into basecoat, primer, clearcoat, electrocoat, and others.
By mode of substrate, the global automotive coating market has been segmented into plastics, metal, composites, and others.
By mode of technology, the global automotive coating market has been segmented into solvent-borne, water-borne, radiation curable, and powder. Among these, the solvent-borne segment holds the major market share. However, demand is gradually decreasing due to the presence of volatile organic compounds in it. Besides, the water-borne segment is considered to expand at a rapid pace due to its environment-friendly nature and low VOC content.
By mode of resin type, the global automotive coating market has been segmented into epoxy, polyurethane, automotive, and others. Among these, polyurethane is widely used as it offers resistance against abrasion and corrosion. Polyurethane is extensively used in the automotive clear coats and can also be applied as solvent-borne and water-borne formulations.
Regional Insights
Geographically, the automotive coating market span across regions namely, North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
Among all the regions, the Asia-Pacific region holds the largest market share and is likely to maintain its dominance. The growth is attributed to the rapid industrialization in recent years. Economies such as China, India, Japan, South Korea, and Malaysia are some of the major contributors to the growth of the market in this region. With rising urbanization, the growing purchasing power of people, changing lifestyles, and increasing consumer awareness in favor of the maintenance and protection of the vehicles, the market is considered to flourish.
The North American region exhibits the second-largest position across the globe. The U.S is considered to be the largest market in this region owing to the augmenting demand for passenger cars in the country.