Automotive Coatings Market - Size, Share, Trends, and Forecast 2019 - 2027

  • To Be Published : Aug 2019 |
  • Format : CMI Insight PPT Format CMI Insight PDF Format

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).

Market Overview

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.

Market Dynamics

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.

Market Outlook

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

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.

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.

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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.
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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

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