One of the key factors influencing the market is the rising demand for commercial vehicles around the world. The demand for commercial cars has greatly expanded as a result of growing personal income levels and population growth, particularly in developing nations. Additionally, there is an increasing need for advanced coating solutions as a result of the customization trend in car designs and graphics. Additionally, the market is anticipated to be further stimulated by the growing adoption of environmentally friendly coatings such as high-solid and water-based coatings.
There is a demand for the commercial vehicle paint and coating market since it helps shield the car from rust, corrosion, and other outside elements. Furthermore, the application of innovative coating solutions can contribute to improving the appearance and durability of cars. The overall quality of commercial vehicles is improved by such coatings since they are more resistant to bumpers and scratches. Furthermore, the coatings offer outstanding UV radiation defense. The coatings also provide substantial fuel savings by lowering air drag and other factors that can affect a vehicle's performance. As more vehicles are produced each year, the paint and coating market for commercial vehicles is anticipated to expand rapidly. This is because these cars need to be more durable, easier to maintain, and more aesthetically pleasing.
A type of protective coating called commercial vehicle paint and coating is used to decorate and shield commercial vehicles from corrosive, abrasive, and other physical harm. It comes in a variety of forms, including solvent-based coatings, powder coatings, high-solid coatings, and more. The focus of paint and coating producers is shifting more and more toward creating unique, tailored solutions that go with commercial vehicle designs. Additionally, these coatings are made to comply with industry standards for environmental protection and safety as well as exhaust emission restrictions. These coatings also exhibit great adhesion, robust corrosion resistance, and superior durability.
The market for painting commercial vehicles is anticipated to increase at a CAGR of 6.1% between 2021 and 2031, reaching an estimated value of USD 9.7 billion. The demand for commercial cars is on the rise, and people are becoming more aware of the advantages of adopting sophisticated coating technologies, which can be credited with this expansion.
The market for painting commercial vehicles is primarily constrained by its high production costs. Costs for manufacturers increase because pricey raw materials are frequently employed in coating processes. Additionally, it is challenging for manufacturers to implement these new trends due to a lack of highly skilled workers and expertise in cutting-edge technologies. However, it is anticipated that the development of new aqueous coatings and additional more affordable technologies would lower the cost of manufacturing.
COVID-19 Impact and Market Status
Due to the COVID-19 pandemic's substantial effect on the world economy, there has been a decline in demand for commercial vehicle painting. Commercial vehicles are necessary for the transportation of products and commodities; hence the market is anticipated to rebound throughout the projection period. Additionally, governments are acting to help the auto sector, which will increase demand even more.
The Water-based Coating Type emerged as the Most Booming Segment
According to type, the market for commercial vehicle paint and coatings is divided into four categories: water-based coatings, solvent coatings, powder coatings, and high-solid coatings. The market for water-based coatings is predicted to be the largest because of their superior finish and environmental friendliness. Furthermore, the market for high-solid coatings is anticipated to grow during the forecast period due to the development of coatings based on nanotechnology.
The Most Prominent Application is the OEM Sector followed by the Aftermarket
As per application, aftermarkets and original equipment manufacturers (OEMs) make up the commercial vehicle paint and coating industry. Due to their strong demand for sophisticated coating solutions, it is predicted that the OEM segment will hold a significant portion of the market. With growing customer knowledge of the advantages of utilizing sophisticated coating solutions, the aftermarket sector is also anticipated to experience tremendous growth.
The North American Region to render Ample Revenue Opportunities
The market for commercial vehicle paint and coatings has been examined in a number of geographic areas, including North America, South America, Europe, the Middle East & Africa, and the Asia Pacific. A major automotive production base is present in North America, which contributes to the region's predicted sizeable market share.
PPG Industries, BASF SE, Valspar Corporation (Kerry Group plc.), Axalta Coating Systems, Kansai Paint Co. Ltd., KCC Corporation, Akzo Nobel N.V., The Sherwin-Williams Company, Nippon Paint Holdings Co. Ltd., Masco Corporation, and The Valspar Corporation are the top competitors in the commercial vehicle paint and coating market (Kerry Group plc.). To provide cutting-edge coating solutions, these businesses are concentrating on research and development operations. Also, they place a lot of emphasis on growing their merchandise line in order to outperform rival companies.
Recent Developments in the Commercial Vehicle Paint & Coating Market
• Imron Elite Polyurethane, a new commercial vehicle coating technology, was introduced by Axalta Coating Systems in March 2021. The method provides better durability, corrosion resistance, chemical resistance, and color and gloss preservation.
• A brand-new coating technique for commercial vehicles dubbed Duratec was unveiled by PPG Industries in April 2021. The product has a high-gloss finish and great chemical and abrasion resistance. It is intended for use on commercial vehicles' metal and plastic surfaces.
• AkzoNobel introduced their new line of vehicle paint materials in May 2021 under the moniker Truck Shield. Specialized coatings for trailer bodies, truck chassis parts, bumpers, and other exterior truck parts are part of the product line.
• Axalta Coating Systems and Volvo Cars announced their partnership in June 2020 in order to produce innovative coatings for Volvo's line of commercial vehicles. The new products are anticipated to give Volvo's commercial vehicles better sustainability, durability, and attractiveness.
• A new water-based paint solution created exclusively for commercial transportation applications was introduced by BASF in 2019. In comparison to alternative coatings, this solution provides higher durability, better corrosion protection, and decreased emissions.
Commercial Vehicle Paint & Coating Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 9.7 billion|
|Growth Rate||CAGR of 6.1 % during 2022-2031|
|Segment Covered||by Type, By Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||PPG Industries, BASF SE, Valspar Corporation (Kerry Group plc.), Axalta Coating Systems, Kansai Paint Co. Ltd., KCC Corporation, Akzo Nobel N.V., The Sherwin-Williams Company, Nippon Paint Holdings Co. Ltd., Masco Corporation, and The Valspar Corporation|
Key Segments of the Global Commercial Vehicle Paint & Coating Market
Type Overview, 2021-2031 (USD Billion)
- Water-based Coating
- Solvent Coatings
- Powder Coatings
- High Solid Coatings
Application Overview, 2021-2031 (USD Billion)
Regional Overview, 2021-2031 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa