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Global automotive industry is continuously evolving with new technological innovations to suit the highly demanding requirements of the consumers. This situation has introduced the demand for the development of paints and coatings which not only provide beauty to the automobile but also fulfill secondary value-added functions. Usage of digital technologies and data analytics to enhance the efficiency and effectiveness of automotive coatings are expected to disrupt the traditional market practices. Usage of such technologies provides a virtual experience to the customers about the color and texture with a 3-dimensional viewpoint to effectively imagine the looks of the vehicle after actual processing. Such advancements in the automotive coatings are expected to expand the market potential.
The advent of automatic and driverless cars has led the automotive coatings manufacturers to carry out innovation and development of coatings that comply with the sensors and radars set in these cars. With automatic cars being expected to take over the global traffic in the near future, the demand for advanced coatings is expected to increase, thus driving the market for automotive coatings for the next few years.
Key Market Driver -
Usage of automotive coatings for signal recognition for automatic cars shall provide excellent pathway to growth of the market
Key Market Restraint -
Complications in raw material sourcing impeding the market
However, several raw materials including acrylics, titanium dioxides and pigments that are used in the manufacture of these coatings are either difficult to obtain or are obtained from petroleum-based chemicals. The pricing of such materials is fluctuating. Thus, such complications in raw material sourcing are primarily impeding the growth of the automotive coatings market.
Based on resin, the automotive coatings market is divided into polyurethane, epoxy, acrylic, and others. Based on technology, the market is categorized into water-borne, solvent-borne, powder coating, and others. Based on coat type, the market is characterized into clearcoat, basecoat, primer, and electrocoat. Based on application, the market is segmented into OEM, refinishing, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The global automotive coatings market is highly fragmented, with many global and regional players operating in it. Some of the key players in the automotive coatings market include BASF SE, Flora Coatings LLC, The DECC Company, PPG Industries Limited, Nippon Paint Inc., Stahl Holdings B.V., AkzoNobel N.V., The Sherwin-Williams Company, Axalta Worldwide, TCI Powder Coatings, Asian Paints PPG, Kansai Nerolac, KCC Corporation, and Koninklijke DSM N.V.
The automotive coatings market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is largest and fastest-growing region in the automotive coatings market with the spurt of the automobile sector in the region. Shifting of manufacturing bases by companies such as Mercedes, Volkswagon, Audi, Nissan and Skoda in developing countries to get labor at low cost shall drive the market in Asia Pacific. Europe is expected to witness steady growth over the forecast period with increasing automobile production in Western Europe.
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The market in North America is expected to show slow yet improving performance with demand for automatic vehicles projected to increase. The market in Latin America and Middle East & Africa will be governed by the investment opportunities available for the automotive manufacturers in these regions. The Middle East & Africa will show better performance than Latin America due to ease in the transportation of material from Europe and Asia Pacific.
By Coat Type
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