Competitive Landscape
The prominent players in the
global automotive coatings market include BASF SE (Germany), Kansai Paint
Co.,Ltd.. (Japan), Jotun (Norway), PPG Industries, Inc. (U.S.), Arkema SA
(France), Clariant (Switzerland), Cabot Corporation (U.S.), Bayer AG (Germany),
Axalta Coating Systems (U.S.), Akzo Nobel N.V. (Netherlands), Nippon Paint
Holdings Co., Ltd. (Japan), The Valspar Corporation (U.S.), Berger Paints India
Limited (India), Koninklijke DSM N.V. (Netherlands), and The Sherwin-Williams
Company (U.S.).
Market Overview:
The global automotive coatings
market is looking forward to robust growth and is projected to attain nearly
USD 25 Billion by the end of 2023, unveils Market Research Future (MRFR) in a
detailed research report. The move towards the development of light-weight
vehicles and low-temperature curing are driving the global automotive coatings
market. Various factors have supported the growth of the global automotive coatings
market. The rise in the number of global car sales purveyed by rising
disposable income, especially in the developing countries is a primary factor
contributing towards market growth.
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Low cost of financing and cheaper
fuel price have also increased the degree of vehicle ownership in emerging
markets. The trend of replacement of old
cars posts the global recession has resulted in the purchase of new cars which
too has acted as a bonus for the market growth. To sustain intense competition,
automakers are exploring materials to create multi-substrate designs and
light-weight cars. Development of compact paint processes by key players to
achieve sustainability targets has also augmented the growth of the market.
Modern automotive coatings provide long-lasting protection and improve
longevity which in turn contributes to sustainability.
However, coating in the car
manufacturing process is one of the most cost and energy-intensive process
which has the most significant environmental footprint as well. This has
encouraged regulatory authorities in various countries to impose restrictions
on certain materials in automotive coatings. Powder automotive coatings have
emerged as a solution to this problem since it is a solvent-free method of coating
and does not release any volatile organic compounds. Powder automotive coatings
have been gaining traction and is expected to provide opportunities for market
expansion.
Segmentation
The global automotive coatings
market has been segmented based on product, substrate, technology, and resin
type. By product, the market has been segmented into primer, basecoat,
electro-coat, and clear coat, and others. By substrate, the market has been
segmented into metal, plastics, composites, and others. By technology, the
market has been segmented into water-borne, solvent-borne, powder, and
radiation curable. By resin type, the market has been segmented into
polyurethane, epoxy, automotive, and others.
Regional Analysis
The global automotive
coatings market spans across the regions of North America, Europe,
Asia-Pacific, Latin America, and the Middle East & Africa. Asia Pacific is
leading the global automotive coatings market since Asia Pacific has been
taking an increasing share of global vehicles sales. Fast GDP growth, rise of
the middle class and replacement of old vehicles in the region support the
growth of the market in APAC. India, Japan, South Korea, China, and Malaysia
are the key contributors to the APAC automotive coatings market. North America
is the second largest market for automotive coatings. The US is the largest
consuming market for automotive coatings, and high sales of vehicles,
especially luxury cars in the region favor the growth of the automotive
coatings market. Europe is another profitable market for automotive coatings.
Majority of automotive manufacturers have their manufacturing base in Europe
which makes Europe a worthwhile market. The U.K., France, Germany, Italy, and
Belgium are the major contributors to the Europe automotive coatings market.
The Middle East & Africa market is expected to exhibit substantial growth
over the forecast period due to improving economy and increasing
industrialization in the region.
Industry Updates
- In
September 2018, BASF, German chemicals, and specialty materials unveiled a
new modular lab for automotive coatings in Munster, Germany. The new lab
would assist car makers in Europe in development of new coating solutions.
- August
2018- Ferrari, the Italian luxury sports car maker, has come up with a new
low-bake automotive coating technology in partnership with PPG, an
American supplier of paints, coatings, and specialty materials. The
two-component paint system allows the car to be baked which enhances the
paint's toughness to water and other contaminants.
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