The Market For Automotive Coatings Is Likely To Be Valued At US$ 33.44 Billion by 2032

Posted on 2022-11-15 by Fact.MR in Automotive // 0 Comments

Between 2015 and 2021, demand for automotive coatings increased at a CAGR of 4.8%. The worldwide industry has been significantly hampered by the outbreak of the COVID-19 pandemic. This is due to travel restrictions and national lockdowns in certain places.

However, the customer base for automotive coatings is now growing at a rapid pace. The global recovery of the automobile sector will help sales of automotive coatings increase by 6% during the next assessment period. The market will be driven by increased customer preference for improved vehicle look and durability.

Aside from increased luxury automobile purchases, an emphasis on maintaining the appearance and performance of older vehicles on the road will provide appealing opportunities for market development. This tendency will be most noticeable in North America and Europe.

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Key Challenges Prevalent in the Global Automotive Coatings Market

Resistance to Adopt Smart Coatings may Impede Growth Prospects

The adoption of low-temperature cure coating systems, which require transformation into comprehensive coating systems, has increased the focus on smart coatings in the automobile sector. This guarantees that all coating layers are completely cured at the specified temperature.

Low temperature curing, quicker drying and high gloss technology have lately permeated the bus and truck manufacturing industries. Self-cleaning and self-healing capabilities, as well as solar reflective capabilities, are projected to increase smart automotive coatings’ market adoption.

However, the capacity to be painted in large quantities while maintaining quality over the lifespan of the vehicle is a major impediment to the market penetration of smart automotive coatings.

Moreover, volatile pricing of titanium dioxide, one of the most extensively used raw minerals, are expected to stymie industry expansion. Over the projection period, manufacturers are likely to face significant challenges in procuring raw materials.

Furthermore, strict rules governing volatile organic compound emissions and harmful air pollutants including toluene, xylene, ethylbenzene, and methyl ethyl ketone are expected to limit product demand. Furthermore, the aforementioned items’ high flammability and toxicity are predicted to stymie future expansion.

What is the Growth Outlook for Automotive Coatings in the U.S?

Transition toward Low-maintenance Automobiles widening Growth Opportunities

According to Fact.MR, owing to the transition toward low-maintenance automobiles, United States is expected to increase at a CAGR of 5.8% through 2032.

Consumers in the area are quickly embracing long-lasting and high-performance coating solutions to protect their cars from rust, moisture, and rain during harsh winter conditions, which is expected to boost revenue in the automotive coatings market.

Domestic industry participants are quickly working toward developing new and specialized solutions for various car sectors. Furthermore, the growing trend of personalizing vintage automobiles in this country is expected to increase growth of the industry in the United States. These compounds are commonly used to extend the life of base coat paint and to offer a gleaming visual appeal.

Category-wise Insights

Which Resin Type is most popular in the Automotive Coatings Market?

Glossy Appearance of Acrylics to be Top Growth Driver in the Coming Years

According to Fact.MR, acrylics are predicted to account for around 55% of the market.

Furthermore, acrylics are projected to maintain their market dominance. Acrylics’ advantages, including as their glossy appearance and other benefits, are projected to be important drivers driving market demand.

Which is the Most Popular Coat Type of Automotive Coatings Market?

Primers and Base Coats to Dominate the Market

In the automotive coatings sector, primers and base coats are dominating. Both groups account for about 66.3% of the worldwide automotive coatings market.

The broad range of applications provided by primers and base coats are expected to drive demand in this category.

Which Vehicle Type Will Generate the Most Sales?

Increasing Number of Passenger Vehicles on the Road to Surge up the Sales of Automotive Coatings Market

In 2022, demand for passenger vehicles is expected to expand at a 5.7% CAGR. In the meantime, demand for automotive coatings in the commercial vehicle category is predicted to grow at a 5% CAGR between 2022 and 2032.

Over the projected period, the increasing number of passenger vehicles on the road worldwide is likely to generate substantial prospects for automotive coatings producers.

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Competitive Landscape

With an average revenue range of US$ 5 Billion-US$ 8 Billion, the top five firms in the automotive coatings industry will continue to command roughly two-fifths of the market. This also suggests a high level of consolidation in the automotive coatings industry at the apex, as opposed to a fragmented nature at the apex. Recent developments in the market are as follows:

In January 2022, Axalta Coating Systems introduced its new Global Automotive Color of the Year 2022 series of automotive coatings- specifically the Royal Magenta series. The new coatings shade is not only designed to enhance aesthetic appeal, but also provide more robust finish, protecting automotive bodies from abiotic conditions.
PPG Industries announced in April 2022 its decision to introduce the PPG ENVIROCRONTM P8 Series Anti-Graffiti Coating at the PaintExpo 2022. The product is a hybrid powder coating that stands up to the harshest cleaners and chemicals and is designed to leave no trace of surface damage or graffiti residues. Since it is formulated without block agents, they contain no carcinogenic, mutagenic or toxic-to-reproduction (CMR) substances commonly found in other products.
In May 2022, automotive giant BMW announced a collaboration with BASF in order to incorporate its CathoGuard 800 ReSource e-coat at its plants in Leipzig, Germany, and Rosslyn, South Africa. Additionally, BMW also intends to leverage the company’s iGloss matt ReSource Clearcoat throughout Europe. These coatings are capable of reducing CO2 emissions in the plants by as much as 40% per coating layer, which is equivalent to more than 15,000 tons.

Key Segments Covered in the Automotive Coatings Industry Report

· By Resin Type :

- Acrylics-based Automotive Coatings
- Fluoropolymers-based Automotive Coatings
- Urethanes-based Automotive Coatings
- Epoxy-based Automotive Coatings
- Poly Alkyds-based Automotive Coatings
- Amines-based Automotive Coatings

· By Vehicle Type :

- Passenger Cars
- Commercial Vehicles

· By Technology :

- Water Borne Automotive Coatings
- Solvent Borne Automotive Coatings
- UV Cure Automotive Coatings

· By Coat Type :

- Top Coat
- Primer
- Base Coat
- Clear Coat

· By Region :

- North America
- Latin America
- Europe
- Japan
- APEJ
- MEA

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