The global automotive coating resin market size is expected to reach US$ 38.4 billion by 2024, and register a CAGR of 5.2% over the forecast period (2019 - 2027).

Market Overview

Coating resins (polymer compounds) have primary application in manufacture of paints and coatings. These materials serve the purpose of providing a protective layer for a wide range of objects, and help them resist environmental conditions such as corrosion, staining, weather, and hardness. Coating resins are viscous, industrially produced substances that undergo a process called 'curing' which converts synthetic resin into rigid polymers.

Owing to its ability to harden permanently, coating resin finds application in several end use industries such as automotive, furniture, and marine among others. Resins that are used for manufacturing automotive coating are called automotive coating resin.

Market Dynamics

Automotive coatings are applied to vehicles to protect them from extreme weather conditions, and pollution. Automotive coatings are primarily used as additives in the automotive sector, alongside other additives such as silver, enamel, and stearates. Synthetic resin provides a shiny, glossy look when applied to the vehicle. Automobile manufacturers use coating resins for passenger vehicles and light duty vehicles, as well as for heavy duty vehicles.

Automotive coating resin can either be oil based or water based. Oil based coating resins have been widely used in the past decade, however research has found that volatile organic chemicals present in the oil based coating resin results in higher emission of hazardous gases. Regulatory measures were set up by regulatory bodies in North America and the European Union to reduce the usage of oil based resins which contain harmful organic compounds that were found to pose a risk to the ozone layer. These factors have restrained growth of the automotive Coating Resin market considerably. However, research and development activities by key players to develop an environmentally friendly alternative for oil based coating are expected to benefit the market in the near future. In comparison with oil based resins, water based resins have considerably low concentration of harmful organic compounds.

Market Outlook

Owing to the rapidly expanding economy, in addition to industrialization and increasing disposable income in countries such as China and India, the Asia Pacific region is expected to be the fastest growing market for automotive coating resin. Another reason for Asia Pacific contributing the highest market share is that it has presence of key international car manufacturers, as well as local companies engaged in manufacturing of coating resin. Europe is expected to closely follow Asia Pacific in terms of demand for automotive coating resins, owing to a rapid recovery by the European automobile industry from the recession that had affected the industry in 2009. Demand for coating resins that are environmentally friendly are expected to witness a high demand in the North America market, owing to strict regulations implemented by regional regulatory agencies.

Key Players

Some of the prominent players in the global automotive coating resin market are Allnex Belgium SA/NV, The Dow Chemical Company, Azko Nobel N.V., BASF SE, and Nuplex Industries Ltd.


Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users