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. Increased vehicle production, stringency in VOC emission norms, increasing sales of premium vehicles in emerging economies such as China and India have triggered the growth of the automotive specialty coatings market.
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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Automotive specialty coatings manufacturers should focus on eco-friendly coating solutions. For instance, Covestro, along with Audi and BASF, carried out the first successful application of a bio-based, high-performance automotive coating under close-to-production conditions. A central component of the clear coat, which was tested on the Q2 model of Audi, was the renewable hardener Desmodur eco N 7300 developed by Covestro. It consists of 70% biomass and offers the same high performance as traditional materials. Hence, coatings manufacturers should focus on products that will have a huge demand from the OEMs. Moreover, with the stringency in VOC emission regulations in the European and North American regions, coating manufacturers are moving toward the eco-friendly coating technologies such as waterborne and powder coating.
The waterborne technology segment is estimated to be fastest-growing during the forecast period. The major advantage of waterborne coating technology is low toxicity and flammability due to lower VOC levels. Coatings based on this technology have excellent adhesion and greater heat resistance compared with solvent-based coatings. Owing to the stringent VOC emission regulations, the European and North American regions are reducing the use of solvent-borne coatings and have shifted toward eco-friendly waterborne coatings. Hence, coatings manufacturers should focus on product development, which can use waterborne technology and capitalize on the growing demand for this technology in the European and North American regions.
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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. However, due to the shifting preference toward AMTs in regions such as Asia Oceania, the amount of coating required for transmission is also expected to increase. Hence, coating manufacturers can develop products specifically for AMTs to cater to the growing demand for AMTs and capture the market share.
Target Audience:
- Manufacturers of Various Types of Automotive Coatings
- Raw Material Suppliers to Automotive Coating Manufacturers
- Manufacturers of Automotive Coating Technologies
- Dealers and Distributors of Automotive Coatings
- Automotive Original Equipment Manufacturers (OEMs)
- Regional Automotive Manufacturers’ Associations
