Latest Study on “Automotive Coatings Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2020-2030”.
The global Automotive Coatings market size is expected to be worth around US$ xx billion by 2030, according to a new report by nova one advisor.
The global Automotive Coatings market size was valued at US$ xx billion in 2021 and is anticipated to grow at a CAGR of xx% during forecast period 2020 to 2030.
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|Market Size||USD 45.31 billion by 2030|
|Growth Rate||CAGR of 9.02% From 2022 to 2030|
|Forecast Period||2022 to 2030|
|Report coverage||Growth Factors, Revenue Status, Competitive Landscape, and Future Trends|
|Segments Covered||Product, Technology, Application, End-use, Region
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Companies Mentioned||BASF SE (Germany), Axalta Coating Systems (U.S.), Kansai Paint Co.,Ltd.. (Japan), Akzo Nobel N.V. (Netherlands), Jotun (Norway), Nippon Paint Holdings Co., Ltd. (Japan), PPG Industries, Inc. (U.S.), The Valspar Corporation (U.S.), Arkema SA (France), Berger Paints India Limited (India), Clariant (Switzerland), Koninklijke DSM N.V. (Netherlands), Cabot Corporation (U.S.)|
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Surging demand for both passenger and commercial automobiles in emerging countries including China, India, Mexico, Brazil, and South Africa on account of population growth and developing living standards is expected to augment market size over the forecast period. Moreover, increasing requirement of protection against harsh climate, dust, dirt, UV radiation, and acid rain is expected to aid in industry expansion.
A growing number of accidents in countries including India and Brazil owing to adverse road conditions in mountainous areas is anticipated to fuel the demand for these products over the upcoming years. Moreover, increasing requirement of maintenance, repair, and refurbishing work of old vehicles is expected to stimulate growth.
Rising consumption of powder coatings in light of its superior properties, such as near-zero volatile organic compound emissions and thicker layer compared to conventional coatings, is expected to increase market size. Furthermore, continuous investments by manufacturers along with an increasing number of manufacturing facilities in Brazil and China will drive growth over the forecast period.
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Basecoats dominated the overall industry and accounted for 65.9% of the global revenue share in 2021. These coats are expected to witness substantial growth over the upcoming years as they provide desired color and exterior aesthetics to automobiles.
Electrocoating utilizes electrical current for the deposition of an organic coating from a paint bath onto a part or assembled product. Electrocoats is projected to witness considerable growth over the forecast period owing to advantages such as uniform coating, high operation speed, and applicability to a wide range of materials.
Solvent-borne was the most widely used technology and is expected to witness sluggish growth over the next nine years. Stringent regulations pertaining to volatile organic compounds emissions and hazardous air pollutants, such as toluene, xylene, ethylbenzene, and methyl ethyl ketone, are anticipated to restrain product demand. In addition, high flammability and toxicity of these products are expected to create challenges for growth in the future.
Powder coatings are projected to witness the fastest volume growth at a CAGR of 9.1% from 2019 to 2030 on account of eco-friendliness and high-quality finishes. Exceptional properties, such as high resistance to corrosion, chipping, and abrasion along with protection from chemicals, moisture, and heat, are likely to spur product demand over the next nine years.
Metal surfaces were the largest segment and accounted for 70.5% of global revenue share in 2021. Predominant consumption of metals for the production of automobiles is expected to have a positive impact on the market. However, volatility in metal prices along with the growing usage of lightweight materials is projected to restrain the application of glazes on metal surfaces.
Application on plastic parts and surfaces is expected to gain importance owing to lightweight, design flexibility, corrosion resistance, cost reduction, greater durability, and recyclability. Furthermore, increasing usage of carbon fiber and composites in vehicle manufacturing will stimulate industry demand over the forecast period.
Light vehicle OEM was the largest end-use segment of the market and was valued at USD 15.4 billion in 2021 and is likely to foresee significant growth on account of the growing demand for passenger cars in emerging countries including India, Brazil, China, Singapore, and Thailand. In addition, population growth, rapid urbanization, and increasing per capita income will aid in market expansion. The Automotive refinish market is anticipated to foresee rapid growth in light of increasing demand for used vehicles. In addition, the rising number of accidents in Asia Pacific and Central & South America, especially in the hilly regions is expected to drive industry growth over the upcoming years.
Asia Pacific was the largest market with 80.5% of the volume share in 2021 and the trend is expected to continue on account of increasing vehicle manufacturing in the region. The automotive sector of Asia Pacific is driven by rising sales and production in countries including China, Japan, India, South Korea, and Thailand.
China is expected to foresee strong growth owing to its large automobile production base. China was the largest producer of automobiles and is likely to remain the leading manufacturer on account of economic labor in the country. Moreover, the relocation of manufacturing bases by companies such as Volkswagen, Audi, Honda, Nissan, Toyota, Hyundai, Skoda, and Fiat to China owing to the availability of affordable workforce is anticipated to drive the market demand.
Europe is expected to witness steady growth over the upcoming years on account of increasing vehicle manufacturing in countries including Germany, Sweden, Italy, France, the UK, and the Czech Republic. In addition, growing population coupled with rising income levels is likely to stimulate the demand over the forecast period.
Companies and Manufacturers Covered
The study covers key players operating in the market along with prime schemes and strategies implemented by each player to hold high positions in the industry. Such a tough vendor landscape provides a competitive outlook of the industry, consequently existing as a key insight. These insights were thoroughly analyzed and prime business strategies and products that offer high revenue generation capacities were indentified. Key players of the global Automotive Coatings market are included as given below:
Some of the prominent players in the Automotive Coatings market include:
BASF SE (Germany), Axalta Coating Systems (U.S.), Kansai Paint Co.,Ltd.. (Japan), Akzo Nobel N.V. (Netherlands), Jotun (Norway), Nippon Paint Holdings Co., Ltd. (Japan), PPG Industries, Inc. (U.S.), The Valspar Corporation (U.S.), Arkema SA (France), Berger Paints India Limited (India), Clariant (Switzerland), Koninklijke DSM N.V. (Netherlands), Cabot Corporation (U.S.), The Sherwin-Williams Company (U.S.), and Bayer AG (Germany).
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:
- By Product
- By Technology
- Waterborne Coatings
- Solventborne Coatings
- Powder Coatings
- UV-cured Coatings
- By Application
- Metal Parts
- Plastic Parts
- By End-use
- Light Vehicle OEM
- Commercial Vehicle OEM
- Automotive Refinish
Why should you invest in this report?
If you are aiming to enter the global Automotive Coatings market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for Automotive Coatings are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2020-2030 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
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