CHICAGO, Dec. 13, 2022 /PRNewswire/ — The global “Automotive Coatings Market by Resin Type (Polyurethane, Epoxy, Acrylic, and Others), Technology (Solvent-based, Water-based, and Powder-based), Coat Type (Clearcoat, Basecoat, Primer, and E-coat), and Region – Global Forecast to 2027″, size is projected to grow from USD 15.0 billion in 2022 to USD 18.6 billion by 2027, at a CAGR of 4.3%. Automotive coating is an established industry that has upgraded itself on a regular basis. The industry is consolidated with numerous small/medium-scale manufacturers and some big players. The buyers in this industry are various automobile manufacturers across the globe. The requirement for automotive coatings from the automotive industry is expected to vary with respect to the type and class of the vehicle manufactured, its variant, region to be sold, cost, among other factors. The key suppliers of the automotive coatings in the market are limited and are associated with their automotive clients for long durations. Companies are collaborating with multiple suppliers to establish as sizable foothold in automotive coatings market.
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The clearcoat segment holds the largest share during the forecast period.
Clearcoat is the last coat, applied on the body of the vehicle. It is transparent and has a shiny coat as it has no pigments or colour. It is a layer of resin. The purpose of clearcoat is to protect the basecoat from sun and UV radiations that cause colour fading. The thickness of this coat varies from 30-50 um. These coats are generally 1K and 2K types. Acrylic 1K clearcoat is the most widely used automotive coating. It offers cost and performance balance compared with other competitive products.
Water-based segment in technology shows tremendous growth in automotive coatings market during the forecast period.
In water-based coating technique, water acts as the baser. The primary solvent in this approach is water, although it also contains other solvents such as glycol ethers. Water makes up around 80% of the entire makeup of water-based coating. The key benefit of this technology is its low toxicity and flammability because of low VOC levels and HAP emissions, which helps to reduce air pollutants. This coating outperforms other approaches in terms of adhesion and temperature resistance. The downside of this approach is that water-based paints can damage ordinary steel and aluminum coating process equipment. Water-based coatings have a VOC content of less than 3.5 pounds per gallon of water.
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Asia Pacific automotive coatings market is estimated to register the highest CAGR during the forecast period.
The Asia Pacific is a fast-expanding market with several potential for industry participants. Most of the major companies in North America and Europe intend to relocate their manufacturing bases to this area because to the availability of low-cost raw materials, cheap production costs, and the desire to better service local customers. The region’s desire for luxury items is expanding as the middle-class population grows. Government efforts are also assisting the car industry’s expansion. These factors are expected to have a significant impact on the automotive coatings market.
Asia’s impressive economic comeback from earlier this year is losing speed as a result of a weaker-than-expected second quarter. The IMF has trimmed its forecast for Asia Pacific growth to 4% this year and 4.3 percent next year, much lower than the 5.5 percent average over the preceding two decades. Despite this, Asia is a comparatively bright spot in an otherwise bleak global economy. A rapid tightening of financial conditions is raising government borrowing costs, which are expected to become much more restrictive as major advanced economies’ central banks continue to raise interest rates in order to contain the fastest-growing inflation in decades. Rapid currency depreciation may aggravate policy concerns.
Market Players
Major players operating in the automotive coatings include BASF SE (Germany), Axalta Coating Systems (US), PPG Industries, Inc (US), Kansai Paint Co., Ltd (Japan), Nippon Paint Holding Co., Ltd (Japan), KCC Corporation (Korea), The Sherwin-Williams Company (US), AkzoNobel N.V. (The Netherlands), Jotun A/S (Norway), Arkema S.A. (France), and others.
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