Automotive Paints & Coatings Market Research Report - Forecast to 2029 (Includes Business Impact of COVID-19)

  • TBI730694
  • November 28, 2020
  • Global
  • 132 pages
  • Lucintel

Abstract, Snapshot, Market Analysis & Market Definition: Automotive Paints & Coatings Market

Industry / Sector Trends

Automotive Paints & Coatings Market size valued at over USD 16 billion in 2018 and is estimated to exhibit around 8% CAGR from 2019 to 2025. China

Market Segmentation, Outlook & Regional Insights: Automotive Paints & Coatings Market

Automotive Paints & Coatings Market, By Vehicle, 2018 & 2025, (USD Million) Shifting consumer preference towards improved aesthetic appearance and attractive paint textures for vehicles is augmenting the automotive paints & coatings market growth. Beneficial properties including coatings providing UV protection, easy to use and color retention capabilities are gaining higher visibility. Introduction of numerous vehicle exterior shades and coating solutions are providing potential growth prospects for the market. Industry participants are continuously engaged in developing latest processing technologies to provide cost effective products. Increasing vehicle production of passenger and commercial vehicles is providing potential opportunities for automotive paints and coatings market expansion over the forecast timeframe. Proliferating consumer disposable income along with increasing urbanization is providing potential opportunities for vehicle adoption. Growing vehicle registrations in conjunction with higher color customization requirements from consumers is significantly bolstering the market size. Recent advancements in automotive paint technologies are providing highly durable exterior surfaces exceeding customer expectations along with complying with environmental regulations. Development of paint chemistries and paint applying configurations are significantly enhancing the paint transfer efficiency and uniformity of paint layers by eliminating over spraying, thereby boosting the market growth. Utilization of smart automotive paints & coatings offering multiple benefits including improved surface durability, super-hydrophobicity and vibration damping are prominently escalating the product adoption. Self-stratifying automotive coatings are providing potential economic benefits of applying dual coats in single operation, further reducing the risk of inter-coat adhesion failure. Increasing requirements for repair, maintenance and restoration of vehicles is augmenting the automotive paints & coatings market demand. Growing inclination towards utilization of pre-owned cars owing to favorable financing options and lower prices is providing a positive outlook for refinishing paints and coatings. Moreover, industry participants are entering into strategic agreements and partnerships for strengthening their foothold in the market. For instance, in January 2018, BASF entered into a strategic agreement with Sirrus Inc for development of high-performance automotive coatings based on methylene malonate technology. Stringent regulations pertaining with volatile organic compound (VOC) emission are formulated by environment protection agencies to promote the utilization of eco-friendly coatings. For instance, U.S. Environmental Protection Agency (EPA) has specified National VOC Emission Standards for limiting the environmental impacts from automotive refinishing coatings.

By Vehicle

Increasing adoption of heavy commercial vehicles is attributed towards surging freight transportation and trade activities. Industry players are offering specialized solutions for commercial vehicles with higher efficiency with faster curing rate. For instance, in March 2017, Axalta Coating Systems launched Imron 8460S clearcoat providing high quality appearance and superior durability. Business expansion of logistics and supply chain service providers are positively contributing towards enhancement of heavy commercial vehicle fleet size, further escalating the automotive paints & coatings market demand. Surging production of passenger vehicles owing to rising disposable income coupled with availability of numerous car models is providing strong growth prospects for the market expansion. Growing inclination towards adoption of advanced car coatings for protecting paints against UV radiations, acid rains and extreme heat conditions. Growing emphasis of automobile manufacturers for increasing their production capabilities will further spur the segment growth.

By Coating Type

U.S. Automotive Paints and Coatings Market from PCV, By Coating Type, 2018, (Million Liters) Increasing requirement for appealing exterior appearance and superior gloss finish on high end vehicles is positively inducing the demand for automotive clearcoats. Additionally, long lasting protection from micro scratches and temperature fluctuations will further propel the market penetration in the automotive segment. Electrocoats offering multiple benefits including higher corrosion resistance, superior throw power and lower curing temperature are gaining higher visibility. Lower VOC formulation along with HAPs free properties are prominently contributing towards environmental protection. Industry players are opting for various electrocoats types such as Anodic epoxy, Anodic acrylic, cathodic epoxy and cathodic acrylic owing to their benefits and properties that makes the vehicle surfaces durable and resistance to diversified weather and environmental conditions.

By Technology

Growing preference of auto manufacturers towards waterborne coatings owing to substantial cost reductions and ability to protect vehicles against severe weather conditions are expected to trigger the automotive paints & coatings market growth. Utilization of waterborne technology offers high chemical resistance, lower temperature processing and solvent free preparation of automotive coatings. Powder coatings possess precise film thickness and enable simplified rectification of inappropriately coated areas, making them a preferred choice for various end-use applications. Features such as cost effectiveness, high quality, environment-friendly, swift paint applicability, and easy usability, coupled with the improvement of paint application processes are the key trends followed by industry participants.

By Texture

Presence of aluminum flake pigments in metallic paints are providing distinctive finishing features along with change in appearance with viewing angles and illumination direction. Also, higher degree of flake orientation owing to utilization of special effect pigments and viscoelastic properties are helping to provide superior texture finishes. Growing consumer preference for utilizing metallic basecoats for customized and sports vehicles will further boost the market growth. Rough textures and non-reflective appearances for car exterior surfaces are prominently highlighting the vehicle design details. Vehicle manufactures are offering matte finish options for newer edition car models. For instance, in February 2018, Lexus introduced special edition 2019 GS F and RC F featuring matte paint finish with ability to withstand multiple mechanized car wash frequencies.

By Distribution Channel

Proliferating vehicle sales owing to increasing consumer spending on comfort, aesthetic appearance and functionality is bolstering the demand for OEM automotive paints and coatings over the study timeframe. Industry participants are maintaining OEM approvals from vehicle manufacturers for gaining competitive edge in the market. Availability of long lasting, corrosion resistive paints and paint spraying technologies will further support the market growth. Shifting consumer preference towards utilizing cost effective products delivering enhanced quality and durability will support the aftermarket automotive paints & coatings market demand over the study timeframe. Growing prominence of independent auto body shops and servicing centers incorporating numerous service bays for vehicle repair and refinishing services will significantly impact the product penetration.

By Raw Material

Automobile manufacturers are utilizing polyurethane-based coatings owing to their superior mechanical properties, solvent resistance, weatherability and acceptable cure rates at ambient temperatures. Shifting preference of refinishing service providers towards polyurethane-based paints is attributed to availability of numerous color shade and texture options. Excellent adhesion with metals and improved wear resistance capabilities of epoxy resins is prominently increasing the applications in complicated cavities, under hood components, rims, and door handles. Industry players are strengthening their distribution networks for curing agents for increasing their revenue generation opportunities. For instance, in August 2018, BASF SE and Gustav Grolman GmbH & Co. KG extended their regional partnership for marketing amine-based curing agents in epoxy resins.

By Region

Europe Automotive Paints & Coatings Industry Size, By Country, 2025, (USD Million) Europe automotive paints & coatings market will showcase potential growth prospects owing to the strong presence of major manufacturers. Industry participants are engaged in mergers & acquisitions for enhancing their market position. For instance, in December 2016, BASF completed acquisition of Chemetall, resulting into expansion of coatings portfolio. Besides, expansion of vehicle manufacturing facilities in Germany, UK and France will further support the product penetration over the region. Asia Pacific will witness substantial growth owing to the increasing vehicle affordability coupled with proliferating disposable income further augmenting vehicle adoption rate. Parallelly, the leading global players started shifting their production core to China. Key market players also started investing in China, thus supporting the regional growth. For instance, in August 2018, PPG announced their plans for establishing R&D center Tianjin, China to enhance their development capabilities for innovative product offerings.

Key Players, Recent Developments & Sector Viewpoints: Automotive Paints & Coatings Market

The automotive paints & coatings market share is highly competitive owing to the presence of major players including BASF SE, Axalta Group, KCC, Dupont and PPG Group. The other prominent participants in the industry includes Akzo Nobel N.V., Covestro AG, Nippon Paints, The Sherwin-Williams Company, Cabot Corp, Clariant AG, and Eastman. New product development and variations in color are the major focus areas of industry participants to improve their market share. The industry is going to witness high competition owing to the adoption of new strategies including long term contracts, partnerships, and new product developments to gain high visibility in the market. For instance, in February 2018, BASF launched the Glasurit and R-M refinish paint brand in European market. The paints are certified according to biomass balance approach to reduce the CO2 emission.

Industry Viewpoint

The increasing demand for automotive paints & coatings can be attributed to the benefits offered including corrosion prevention, along with protection of base vehicle surface from degradation. The vehicles are made up of steel which tends to weaken throughout years, thus, a proper coating of the paint will prevent the steel components of the car from degradation and improve durability. Additionally, the color and texture of the vehicle are the major factors that influence the buying decision, thus resulting in increasing the market growth over a study timeframe.

Key Insights Covered: Exhaustive Automotive Paints & Coatings Market

1. Market size (sales, revenue and growth rate) of Automotive Paints & Coatings industry. 2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Automotive Paints & Coatings industry. 3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Automotive Paints & Coatings industry. 4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Automotive Paints & Coatings industry.

Research Methodology: Automotive Paints & Coatings Market

  • Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  • Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  • Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.

1 Report Overview
    1.1 Research Scope
    1.2 Major Manufacturers Covered in This Report
    1.3 Market Segment by Type
        1.3.1 Global Automotive Paints & Coatings Market Size Growth Rate by Type (2019-2025)
    1.4 Market Segment by Application
        1.4.1 Global Automotive Paints & Coatings Market Share by Application (2019-2025)
    1.5 Study Objectives
    1.6 Years Considered

2 Global Growth Trends
    2.1 Production and Capacity Analysis
        2.1.1 Global Automotive Paints & Coatings Production Value 2014-2025
        2.1.2 Global Automotive Paints & Coatings Production 2014-2025
        2.1.3 Global Automotive Paints & Coatings Capacity 2014-2025
        2.1.4 Global Automotive Paints & Coatings Marketing Pricing and Trends
    2.2 Key Producers Growth Rate (CAGR) 2019-2025
        2.2.1 Global Automotive Paints & Coatings Market Size CAGR of Key Regions
        2.2.2 Global Automotive Paints & Coatings Market Share of Key Regions
2.3 Industry Trends
        2.3.1 Market Top Trends
        2.3.2 Market Drivers

3 Market Share by Manufacturers
    3.1 Capacity and Production by Manufacturers
        3.1.1 Global Automotive Paints & Coatings Capacity by Manufacturers
        3.1.2 Global Automotive Paints & Coatings Production by Manufacturers
    3.2 Revenue by Manufacturers
        3.2.1 Automotive Paints & Coatings Revenue by Manufacturers (2014-2019)
        3.2.2 Automotive Paints & Coatings Revenue Share by Manufacturers (2014-2019)
        3.2.3 Global Automotive Paints & Coatings Concentration Ratio
    3.3 Automotive Paints & Coatings Price by Manufacturers
    3.4 Key Manufacturers Automotive Paints & Coatings Plants/Factories Distribution and Area Served
    3.5 Date of Key Manufacturers Enter into Automotive Paints & Coatings Market
    3.6 Key Manufacturers Automotive Paints & Coatings Product Offered
    3.7 Mergers & Acquisitions, Expansion Plans

4 Market Size by Type
    4.1 Production and Production Value for Each Type
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