The global automotive coatings market is projected to witness a CAGR of 6.31% during the forecast period to reach a total market size of US$21.006 billion by 2023, increasing from US$14.551 billion in 2017. Automotive coating enhances the appearance and durability of automotive and protecting from the harsh environmental condition including acid rain and extreme temperature. Increasing automobile production on account of population growth and rising income levels is expected to aid in market expansion.
The growing requirements of automotive refinish owing to vehicle maintenance and repair will expand the demand of coating industry over the upcoming years. Raw materials used for manufacturing of the coating includes pigments, additives, binders and solvents. Solvent borne is the most widely used technology and is expected to witness sluggish growth. The environmental regulation pertaining to volatile organic compounds emissions and hazardous air pollutants, such as toluene, xylene, ethylbenzene, and methyl ethyl ketone, is anticipated to restrain product demand. The waterborne technology has low toxicity and flammability with low VOC, HAP emission with greater heat resistance compared to other technologies.
In terms of end user, the automotive coatings market is segmented into Light Vehicle OEM, Commercial Vehicle OEM and Automotive Refinish. Light vehicle OEM is expected to be the largest end use of the market because of significant increase in demands of passenger car in the developing countries.
Geographically, the global automotive coatings market is segmented as North America, Europe, Middle East & Africa, Asia-pacific and south America. The automotive sector in Asia Pacific is driven by rising sales and production in countries including China, Japan, India and South Korea. China is expected to grow strongly with rise in the automobile production. The relocation of manufacturing bases by companies such as Volkswagen, Audi, Honda, Nissan, Toyota, Hyundai and Fiat to China has anticipated to drive the market demand.
The automotive coatings industry is highly competitive in nature with major manufacturer involved in developing new coating products through R&D. However, some big international players dominating the market with developed nanocoating advancement. The global key players are BASF, PPG Industries, Nippon Paint, Kansai Paint, AkzoNobel, Sherwin-Williams Company, Covestro AG, Arkema SA, Beckers Group, Cabot Corporation, Berger Paints, Eastman Chemical Company, Valspar Corporation, Clariant AG, Deft, Inc., Jotun A/S, Royal DSM, Lord Corporation, and Solvay S.A., Axalta Coating Systems, and KCC Paint.
Solvent borne Coating
By End user
Light Vehicle OEM
Commercial Vehicle OEM
Middle East and Africa