The global automotive coatings market size is projected to surpass US$ 27.9 billion by 2027, and register a CAGR of 4.1% over the forecast period (2019 - 2027).
Automotive coatings are used for providing protection from rust, and wear and tear, and at the same time adding aesthetic appeal to the automobile. In addition to improving the appearance of the vehicle, automotive paints are also designed to protect it from pollution, extreme weather, harmful radiations, and particles such as debris and shrapnel, and also prevent corrosion. Various layers of paint, starting from e-coats to primers are applied one after another, and the combined coating measures about tenth of a millimeter in terms of thickness. The coatings are designed to provide sufficient protection from exposure to various natural elements such as heat and cold, and gravel and dust on the road, and numerous car washes over the years.
Automotive coatings have been evolving at a rapid pace in terms of variety of colors, properties such as durability and flexibility, and technological innovation. Leading manufacturers in the automotive industry are investing in automotive coatings technologies to strengthen their market presence. For instance, Polyurethane coatings can be used in a variety of large vehicles apart from cars such as trucks, buses, agricultural equipment. Moreover, polyurethane coatings are also finding application in industries such as aerospace, marine, and railways owing to properties such as excellent weather resistance, as well as resistance to oil, chemicals, salts, and water. Research and development activities undertaken by market players to improve productivity and processing time are also expected to contribute significantly to the market growth. Increasing number of vehicles by a variety of automakers will have a considerable impact on demand for automotive coatings.
Rising number of regulations by environment agencies across the globe have led manufacturers in the automotive coatings market to develop eco-friendly alternatives such as waterborne coating, and powder-based, U.V. resistant coats. Automakers are also investing on improving the appearance of their products to strengthen their market position, which, in turn, is expected to facilitate growth of the global automotive coatings market over the forecast period.
Emerging nations such as India and China are likely to witness the fastest growth in terms of automobile production, which in turn is expected to drive demand for automotive coatings in Asia Pacific. Asia Pacific is projected to emerge as the largest and fastest growing market for automotive coatings owing to presence of key players in the region, and also due to the highest amount of automobiles that are manufactured in the region annually. Europe is likely to witness significant growth over the forecast period and emerge as the second largest market for automotive coatings. However, owing to the rapidly expanding automotive industry, and a large demand for automotive coatings, North America may surpass Europe in terms of market share. Changing lifestyle and growing disposable income in regions such as Asia Pacific and Latin America, is expected to result in a large demand for luxury cars. Increasing number of regulations and guidelines issued by environmental agencies in Europe and North America is expected to drive demand for waterborne coatings.
Key players operating in the global automotive coatings market are Royal DSM, BASF, Beckers, Bayer, and AkzoNobel who have major presence in Europe; as well as Sherwin-Williams, PPG Industries, and Axalta Coating Systems.
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