Press release
Automotive Coatings Market Share, Types, Applications, Products, Size, Growth, Insights and Forecasts Report 2026
Automotive Coatings Market
Extensive Demand for Automotive Coatings in Vehicles Propels Market Valuation
Coatings find widespread use in automotive industry to protect the surfaces against corrosion and abrasion. Over the past few decades, the choice of coatings in the automotive coatings market has also been shaped by the aesthetic concerns. Advances in the equipment used in applying coating and progress made in the chemistries of coatings are key underpinnings for the expansion of avenues in the automotive coatings market. They are widely used in topcoats, mild coats, and basecoats.
Some of the key product types in the automotive coatings market are polyurethane, epoxy, and acrylic-based formulations. Of these, polyurethane has been highly lucrative segment. Epoxy-based coatings have also gathered steam among automotive OEMs. Epoxy coatings for different substrates have been developed, particularly in terms of their ability to prevent corrosion.
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Intense Competition Shapes Competitive Landscape of Automotive Coatings Market
The presence of several small- and medium-sized players has raised the ante for large incumbent players. This has also rendered the marketplace increasingly competitive. However, despite the onslaught by small players, big players continue to retain their lead in the global automotive coatings market.
Some of the well-entrenches players in the market are Jotun, Nippon Paint Holding, KCC Corporation, The Sherwin-Williams Company, BASF SE, Valspar Corporation, and Axalta Coatings.
OEMs and End Users Keenly Adopting Automotive Coatings with Low-VOC Content
Apart from aesthetics and durability, the choice of automotive coatings among end users and automotive OEMs hinges on environmental suitability of the coatings. The environmental safety of coating formulations, during both their production and application, is a key pivot for fueling the use of new chemistries in automotive coatings.
In this regard, volatile organic compounds (VOCs) content of the currently available products in the automotive coatings market are under the scanner of automotive manufacturers and brands in the automobile industry. This is one of the key motivations for propelling the preference of acrylic automotive coatings. Automotive OEMs are likely to generate sizable revenue streams for producers and manufacturers of automotive coatings.
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Autobody shop operators around the world are fervently implementing norms on regulating the VOC emissions from paints and coatings. Stridently, this has spurred the shift of users from traditional solvent-based paints to water-borne automotive coatings, shaping the contours of the automotive coatings market. Apart from rapid pace of penetration of these coatings as environmentally friendly products, powder and UV-cured coatings are also expected to offer lucrative gains to market players.
Among the various types of coats where automotive coatings are used, clear coat is expected to be the dominant segment during the forecast period of 2018 - 2026.
Asia Pacific and Latin America to be at Forefront of Driving Market Valuation
The presence of vast manufacturing hubs in some of the emerging economies such as China has pushed Asia Pacific to the forefront for automotive OEMs. This in turn has spurred vast revenue streams for automotive coating manufacturers. Strides made in the automobile and automotive industry in Asia Pacific over the past few decades have fueled massive opportunities for players, thus making the region potentially lucrative in recent years, finds a study by TMR. Latin America is also considered a highly promising market for companies in the automotive coatings market.
Global Automotive Coatings Market, by Region
North America
Latin America
Europe
Asia Pacific
Middle East & Africa
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The global automotive coatings market is segmented into:
Product
Polyurethane
Epoxy
Acrylic
Technology
Solvent-borne
Water-borne
Powder
UV-cured
Coat
Clear Coat
Basecoat
Primer
E-coat
Application
Automotive OEM
Automotive Refinish
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Need to Improve Appearance and Durability to Drive Automotive Coatings Market
The global automotive coatings market is estimated to observe growth in the rising demand for these coatings for the purpose of increasing durability and enhancement of appearance of automobiles. These coatings are also able to provide protection to the automobiles from various adverse effects of harsh environmental conditions, such as UV radiation, extreme temperatures, foreign particles, and acid rain. These benefits are likely to widen scope of rapid growth for the global automotive coatings market in the near future.
Increased production of automobiles in various developing nations, such as South Africa, South Korea, Brazil, India, and China due to increased level of income and growth of population is anticipated to foster expansion of the global automotive coatings market in the years to come. Besides, surging demand for automotive refinish due to vehicle repair and maintenance is foreseen to trigger growth of the market over the forecast timeline.
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Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.
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