ReportCrux Market Research has published a new report titled Automotive Coatings Market by Technology (Waterborne, Solvent borne, UV – Cured); by Resin (Polyurethane, Acrylic, Epoxy); by Product (Primer, Basecoat, Electrocoat, Clearcoat); by End Use (Commercial OEM, Light vehicle OEM, Automotive Refinish) and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027.
Automotive Coatings Market Size
|Automotive Coatings Market is estimated to grow from USD 17.82 Billion in 2019 to reach USD 27.64 Billion by 2027, at a CAGR of 5.7% during the forecast period from 2020-2027|
|Resin||Polyurethane: 36.12% |
|End Use||Light vehicle OEM :42.9%|
Rising demand for economical coating solutions along with changing consumer perceptions on low maintenance vehicles is expected to boost the market demand for automotive coatings market. They provide long lasting solutions, are economical and are easy to apply. They help in enhancing the metallic colors as it improves the aesthetic appeal as well as the shine of the of the vehicles, thus boosting the overall market revenue.
|Waterborne technology to show lucrative growth during the forecast period of 2020 to 2027|
Based on Technology, the market is segmented into Waterborne, Solvent borne and UV – Cured technologies. Waterborne technology is expected to grow with the fastest CAGR of 6.8% during the forecast period of 2020 to 2027.
Waterborne coatings possess very low residual toxicity as well do not contain any volatile compounds. Also, the gradual shift to the non-toxic solutions coupled with the rising adoption of various sustainable products in the paint shops is expected to boost the market for Waterborne technology segment.
|Polyurethane Resin segment dominated the global automotive coating market in 2019|
Based on Resin, the market is segmented into Polyurethane, Acrylic, Epoxy and Others. Wherein, the Polyurethane segment dominated the market by about 36.12% in 2019. The high share of this segment is due to the rising use of polyurethane in the topcoat. Greater flexibility along with high impact, corrosion and heat resistance makes this resin the most suitable for its use in the basecoat as well as in the clearcoat, thus making this segment the most dominant in the market.
|Clearcoat segment by product acquired the maximum share of global automotive coating market in 2019|
Based on the Product, the market is segmented into Primer, Basecoat, Electrocoat and Clearcoat. Clearcoat segment acquired the maximum share of about 34.8% in 2019, whereas the Basecoat segment is estimated to grow at the fastest CAGR of 6.5% during the forecast period. Various key players are into innovating new technologies which are used in the automotive coating industry.
The latest technologies omit the initial primer layer and instead replace it with two layers of the basecoat. Our of the two layers, one layer is the advanced basecoat and the other one absorbs UV. These new technologies are thus driving the overall growth of the basecoat market segment.
|Light vehicle OEM end user dominated global automotive coating market by more than 40% in 2019|
By End Use
By End Use, the market is segmented into Commercial OEM, Light vehicle OEM and Automotive Refinish. Light vehicle OEM dominated the market in 2019, by acquiring about 42.9% of the global market and is likely to keep dominating the market with the in the upcoming years.
Rising demand for the passenger cars in the developing countries like Thailand, Singapore, China, India, Brazil and similar is expected boost the growth of this segment. Coupled with this, increasing per capita income, rapid urbanization and the population growth are adding to the market growth. Automotive Refinish segment is expected to grow with the fastest CAGR of 6.8% during the forecast years of 2020 to 2027.
|North America accounted for the largest share of more than 45% in 2019|
At regional level, market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America was the dominant regional market in 2019 with revenue share of about 46.8% in 2019, whereas the Asia Pacific market is expected to grow at the fastest pace oh CAGR 6.4% during the forecast period.
The emerging countries like Thailand, Indonesia, India, South Korea & China are experiencing a gradual rise in the use of automotive coating across its end user industry. China, due to the rising purchasing power, high economic growth rate, is expected to remain as the largest market in the Asia Pacific region during the forecast period. Also, the global production capacity shift from the developed regions to the developing countries is expected to enhance the further growth.
Key Player’s Analysis:
The report provides key player analysis along with company revenue shares in order to give a broader overview of the market players in the Automotive Coatings market. Major players in market are: BASF SE, Axalta Coating Systems, PPG Industries, Inc., Kansai Paint Co., Ltd, Nippon Paint Holdings Co., Ltd., The Valspar Corporation, KCC Corporation, Sherwin-Williams, AkzoNobel, Jotun A/S, Bayer AG, KCC Corporation, Arkema SA, Becker Industrial Coatings Ltd., Berger Paints India Limited, Cabot Corporation, Clariant, Eastman Chemical Company, DSM, Solvay S.A., Others