Automotive Coatings Market Size & Share 2020 to 2026
Market Size by Technology (Solvent borne, Waterborne, UV-Cured), by Product (Electrocoat, Primer, Clearcoat, Basecoat), by Application (Plastic, Metal), by End Use (Commercial OEM, Automotive Refinish, Light Vehicle OEM), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast.
Report ID: GMI107
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Published Date: August 2020
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Report Format: PDF
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Authors:
Kiran Pulidindi, Kunal Ahuja
Automotive Coatings Market Size
Automotive coatings market size exceeded USD 21 billion in 2019 and is estimated to grow at over 5% CAGR between 2020 and 2026. Increasing demand for high performance & low maintenance vehicles and economical and long-lasting plastic coatings solutions are likely to accelerate market share.
Changing consumer perceptions on low maintenance vehicles and rising demand for economical coating solutions is likely to boost product demand. Automotive coatings are easy to apply, economical and provide long lasting solutions. These solutions also aid in improving shine and aesthetic appeal as it enhances metallic colors on vehicles which is likely to boost automotive coatings market share.
Automotive coating solutions provide enhanced protection from environmental aggressors such as rust, water, snow, and moisture. Consumers are rapidly moving towards these products as they help in proper maintenance of vehicles even after rough use. Industry players are rapidly investing in introducing economical and high-performance solutions to remain competitive.
Increasing trends pertaining to automobile renovation, custom paint patterns and vinyl’s is likely to promote the use of automotive coating solutions. These products help in protecting and enhancing custom paint coatings in vehicles thus increasing visibility and lifespan of expensive paint customizations. Furthermore, these coatings also protect from general wear & tear and protects paint from prolonged exposure to sun which is likely to augment the automotive coatings market.
Stringent regulations in Europe and North America on use of harmful chemicals and strict compliances on labeling is increasing competition in the automotive coatings market. Industry players are rapidly innovating their product line in an attempt to manufacture solutions that exceed current safety norms. Furthermore, manufacturers are also introducing customized solutions in an attempt to remain competitive in post corona economy.
Industry players in Switzerland are rapidly engaged in providing high quality lacquered and environment friendly solutions in an attempt to boost brand equity. Berlac Group in Switzerland is engaged in manufacturing high quality automotive solutions, its specialty includes high precision coatings for metal & plastic components in vehicles. The firm also provides high quality lacquer solutions for automobiles for enhancing aesthetic appearances and is also investing in developing green coating solutions.
Increasing cases of COVID – 19 and decrease in sales of automobiles are likely to restrict market growth. Industry players are rapidly entering into long term contracts with suppliers in an attempt to retain their customer base. Furthermore, reduced expenditure towards customizing vehicles and strict lockdown measures are likely to hinder the automotive coatings market growth in short and medium run.
Automotive Coatings Market Analysis
UV-cured technology segment is likely to grow with CAGR of over 5% through 2026. UV-cured automotive coatings protect paint from fading away due to prolonged exposure by sun. It also protects vehicles from other environmental susceptibilities such as rust, acid rain, chemicals, dirt, and moisture. Consumers are rapidly moving towards adopting high performance solutions to reduce maintenance costs in the long run, thus boosting automotive coatings market share.
Increasing competition in automotive industry and rapid adoption of high-quality coating solutions to improve vehicle aesthetics is likely to boost the automotive coatings market demand. Industry players are developing economical UV-cured solutions that only protect vehicles from environmental aggressors but also provide shine and minimalistic aesthetic look. Additionally, manufacturers are developing dual solutions with the same price point in an attempt to market their products to a wide consumer base.
Automotive coatings market from metal is likely to surpass USD 21 billion by the end of 2026 owing to shifting sustainability trends and adoption of economical products. These coatings provide high protection from wear & tear, rust, air, and water as they protect paint and original vehicle frame. Additionally, metal coatings provide better longevity, durability and performance at extreme climatic conditions.
Industry players are rapidly investing in diversifying their product portfolio with metal coating alternatives to boost sustainability measures. These coatings can be processed in a cost-effective manner, and they also have low residual toxicity levels. Additionally, these coatings solutions are temperature feasible and can be easily customized with respect to the desires look – matte or shiny, further increasing their demand across numerous applications.
Automotive coatings market from light vehicle is likely to surpass USD 12 billion by the end of 2026 owing to increasing demand for fuel efficient and light vehicles. Automotive paints and coatings are widely used to protect the metallic light body from rust, prolonged exposure to sun, snow, and moisture. Additionally, industry players are rapidly investing in producing targeted solutions to capitalize on emerging trends.
Rapid demand for light vehicles with low maintenance and increasing inclination for economical solutions is likely to boost consumption rate. Furthermore, these solutions also help in increasing the aesthetic appeal by giving the vehicle a minimalistic look which is likely to foster the automotive coatings market share.
North America is likely to grow with CAGR of over 4.5% through 2026 owing to shift towards low maintenance vehicles. Consumers in the region are rapidly adopting durable & high-performance coating solutions to protect their vehicles from rust, moisture, and rain during rough winter conditions which is likely to augment the automotive coatings market revenue.
Industry players in the region are rapidly moving towards producing innovative & targeted solutions for different automobile segments. Additionally, increasing trend towards customizing old vehicles in this region is likely to boost the regional business. These products are widely used to increase life of base coat paint and to add shiny aesthetic appeal.
Automotive Coatings Market Share
Global automotive coatings industry is fragmented and major players include
Manufacturers are rapidly investing in new product development & offering targeted solutions in an attempt to stay competitive in post COVID economy and strengthen brand equity.
In January 2018, BASF SE & Sirrus announced a joint collaboration to develop new class of automotive coating solutions based on proprietary methylene malonate technology. This new product line will aid in boosting the firm’s sustainability trends along with increasing safety and reducing overall manufacturing cost.
The automotive coatings market report includes in-depth coverage of the industry trends, with estimates & forecast in terms of volume (Kilo Tons) and revenue (USD Million) from 2015 to 2026, for the following segments:
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By Technology
By Product
By Application
By End-Use
The above information has been provided for the following regions:
By Region
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