The automotive specialty coatings market is estimated to be USD 3.02 billion in 2018 and is projected to reach USD 3.75 billion by 2025, at a CAGR of 3.12%, from 2018 to 2025. The growing vehicle production, increasing premium vehicle sales, and the increasing adoption rate of AMTs are projected to drive the automotive specialty coatings market and the advancements in the coating technology.
Polyurethane resin type is projected to have the largest demand in the automotive specialty coatings market
Polyurethane-based coating is widely used in automotive applications because of its excellent properties such as good elasticity at low temperatures, abrasion resistance, solvent and water resistance, and dry clean and machine wash abilities. Polyurethane resins are mostly used to provide high gloss and scratch resistance to plastic parts that are mostly used in a car’s interior applications. Moreover, polyurethane resins are also used in metals for applications such as engine & exhaust, transmission, and wheel rims as polyurethane provides corrosion resistance to various metal parts. These applications are the largest for specialty coatings, and mostly polyurethane is used in these applications. Hence, polyurethane resin-based coatings market has the largest share of the automotive specialty coatings market, by resin type.
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Transmission segment is estimated to have the fastest growth in the automotive specialty coatings market
The transmission application segment is projected to grow at the fastest growth rate during the forecast period. The amount of coating required for transmission in Europe and North America is higher as Dual Clutch Transmission (DCT) and Automatic Transmission (AT) are preferred in these regions. So, the number of components that require coating also increases. The amount of coating required for transmission in Asia Oceania and RoW is less as manual transmission is mostly used in these regions, which has less number of components. However, due to the shifting preference toward AMTs all over the world, the amount of coating required for transmission is also expected to increase due to which transmission is the fastest automotive specialty coatings market.
Increasing vehicle production and improving economy would drive the Asia Oceania automotive specialty coatings market
The Asia Oceania region comprises emerging economies such as China and India, along with developed nations such as Japan and South Korea. The automotive industry in the Asia Oceania region has been dynamic over the past few years and has seen an increase in the annual production and sales of vehicles. According to OICA, Asia Oceania has the largest share of global vehicle production, which was approximately 54% in 2017 and is expected to grow in the future. With such a large market share, Asia Oceania has witnessed a substantial growth in the demand for automotive specialty coatings. With an increase in disposable income, China has emerged as a key market for premium vehicles, which in turn would boost the demand for innovative and advanced automotive specialty coatings. Hence, Asia Ocean is projected to be the largest automotive specialty coatings market.
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Key Market Players
The automotive specialty coatings market consists of manufacturers such as PPG (US), Axalta (US), AkzoNobel (Netherlands), BASF (Germany), Sherwin Williams (US), Kansai (Japan), Covestro (Germany), Solvay (Belgium), DOW Chemical (US), Nippon Paint (Japan), and KCC (South Korea).
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