The global automotive coatings market size was valued at USD 21.28 billion in 2017. Increasing necessity for protecting and enhancing the durability of automobiles coupled with the overall rise in vehicle sales is expected to drive the global automotive coatings market sales over the forecast period.
Automotive coatings increase the robustness of the vehicles and protect it from environmental vulnerabilities including acid rains, extreme temperatures, and ultraviolet radiations. Increasing demand for automobiles is another primary factor which has been instrumental in driving the growth of the global automotive coatings market. The materials mainly used for manufacturing these paints include pigments, additives, binders, and solvents in which the raw material, titanium dioxide, is used commonly. However, procurement of these raw materials can be difficult, thereby obstructing the growth of this market.
The growth of the global automotive coatings market is driven by increasing demand for the automobile industry as a result of the urbanization and industrialization being witnessed, globally. Furthermore, rising demand for electric and hybrid vehicles in light of increasing carbon emissions is expected to scale up the production of automobiles, thereby directly affecting the automotive coatings industry growth during the forecast period. The advancements in coatings technology have opened up new and promising potential for enhanced fuel efficiency in the mass production of vehicles.
The global automotive coatings market share was dominated by basecoats which constituted 44% of the overall revenue. Basecoat refers to a colored layer and is responsible for the visual appearance of the complete coating to a major extent. The main purpose of this coating is protecting the car body from corrosion. The electric coatings (e-coat) segment is seen to witness a high growth owing to its uniform coating and high operation speed. However, strict regulations related to health hazards caused due to the use of toluene, xylene, and ethylbenzene (classified as air pollutants) will restraint the product demand and may be one of the factors for hampering the growth of this market.
Solventborne coatings dominated the technology segment with a 1,841.2 kilo tons demand in 2017. High resistance to corrosion, chipping, and abrasion coupled with protection from chemicals, moisture, and heat has resulted in the high sales of solventborne automotive coatings. However, the presence of norms such as UNCCC and Kyoto Protocol are expected
The global automotive coatings market was led by Asia Pacific which generated the largest revenue exceeding USD 12 billion in 2017. This region has the highest number of automotive manufacturing units which has been the primary driver of revenues in this region. China with its large automobile production base has been the highest revenue generating country in this region constituting nearly 54% of the Asia Pacific market. The automotive coatings market trends 2018 implies that India is projected to be the most attractive market segment projecting a strong growth rate. It was the seventh largest manufacturer of commercial vehicles worldwide in 2017 due to the presence of established domestic and international original equipment manufacturers. Strong growth in demand due to rising income, middle class, and a young population is expected to drive the Indian market during the forecast period.
The automotive industry's efforts towards reducing energy consumption in coating technologies have resulted in synergies for the development of ingenious coatings. For instance, in January 2018, BASF’s Coatings Division entered into a joint development agreement with Sirrus Inc., a wholly owned subsidiary of Nippon Shokubai, a global chemical company. The agreement will help BASF in further developing a high-performance class of automotive coatings which are based on Sirrus’ proprietary technology on methylene malonate. Such synergies are expected to propel the momentum of the global automotive coatings market during the forecast period.
Automotive Coatings Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2025||USD 31.79 billion|
|Growth Rate||CAGR of 5.1% during 2021-2028|
|Segment Covered||Product, Technology, Application, End-use, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East & Africa, Latin America|
|Key Players Profiled||BASF, Axalta, AkzoNobel, Valspar, Nippon, and Sherwin-Williams|
Key segments of the global automotive coatings market
Product Overview, 2015-2025 (Kilo Tons) (USD million)
Technology Overview, 2015-2025 (Kilo Tons) (USD million)
- Powder Coating
Application Overview, 2015-2025 (Kilo Tons) (USD million)
End-use Overview, 2015-2025 (Kilo Tons) (USD million)
- Light Vehicle OEM
- Commercial OEM
- Automotive Refinish
Regional Overview, 2015-2025 (Kilo Tons) (USD million)
- North America
- Rest of North America
- Rest of Europe
- Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global automotive coatings industry.
- This report includes segmentation by product, technology, application, end-use by volume and value both. It is been observed that the increase in vehicle production acts as a key factor for generating revenues and rise in growth. Moreover, growing requirement of automotive refinish owing to vehicle maintenance and repair will stimulate the demand for paints & coatings over the upcoming years.
- Development in the automotive coatings industry in Asia Pacific has been mainly driven by the increased development of the latest manufacturing facilities and its durability.
- While piloting the research on automotive coatings at a regional and country level, we have noticed due to expansion in automobile market, the coatings or paints are being recognized for its value. The suppliers and manufacturers consider it as the most essential part of a vehicle and this is a contributing factor for the growth of automotive coatings market.
What does the report include?
- The study on the global automotive coatings includes qualitative factors such as drivers, restraints, and opportunities
- Additionally, the market has been evaluated using the value chain and Porter’s Five Forces’ analysis
- The study covers qualitative and quantitative analysis of the market segmented on the basis of type, application and region. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments
- The study includes the profiles of key players in the market with a significant global and/or regional presence
Who should buy this report?
This study is suitable for industry participants and stakeholders in the automotive coatings industry, who want an in-depth insight into the market
The report will benefit:
- Executives of automotive coatings manufacturing companies that are engaged in the basecoats and e-coats manufacturing and distribution
- Managers within financial institutions looking to publish recent and forecasted statistics pertaining to automotive coatings market.
- Venture capitalist looking into investing capital
- Government organizations, regulatory authorities, policymakers and financial organizations looking for innovative solutions.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies