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 market for automotive specialty coatings and technological improvements in coating are expected to be driven by rising vehicle production, rising premium vehicle sales, and rising AMT adoption rates.
Polyurethane resin type is projected to have the largest demand in the automotive specialty coatings market
Because of its exceptional qualities, including good flexibility at low temperatures, abrasion resistance, solvent and water resistance, and capacities for dry cleaning and machine washing, polyurethane-based coating is frequently utilized in automotive applications. Plastic pieces that are typically utilized in the interior of cars are coated with polyurethane resins to give them a high gloss and scratch resistance. Additionally, because polyurethane gives various metal parts corrosion resistance, polyurethane resins are also employed in metal applications including engine & exhaust, transmission, and wheel rims. The majority of speciality coatings are utilized in various applications, which make up the majority of the market. Consequently, the automotive specialty coatings market by resin type is dominated by polyurethane resin-based coatings.
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Transmission segment is estimated to have the fastest growth in the automotive specialty coatings market
During the forecast period, the transmission application segment is anticipated to develop at the fastest rate. Due to the popularity of dual clutch transmissions (DCT) and automatic transmissions (AT) in Europe and North America, a greater amount of coating is needed for transmissions in these regions. As a result, there are also more components that need coating. Asia, Oceania, and the Rest of the World (RoW) require less coating for transmissions because manual transmissions are more common there and have fewer parts. However, because of the worldwide shift in preference for AMTs, more coating will likely be needed for transmissions, making this segment of the automotive specialized coatings industry the fastest-growing.
Increasing vehicle production and improving economy would drive the Asia Oceania automotive specialty coatings market
The Asia-Oceania area includes both developed countries like Japan and South Korea and growing economies like China and India. Over the past few years, the automotive sector in the Asia-Oceania area has experienced growth in both annual production and sales of automobiles. Asia and Oceania, which accounted for almost 54% of global vehicle production in 2017 and is projected to increase going forward, has the greatest share, according to OICA. Asia Oceania has seen a significant increase in the need for automotive specialty coatings thanks to its significant market share. China has become a significant market for high-end vehicles due to rising disposable income, which will raise demand for cutting-edge and innovative automotive specialty coatings. Asia Ocean is therefore anticipated to have the largest market for automobile speciality coatings.
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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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