Automotive Coatings Market Scope
Automotive Coatings are used as a protective layer for vehicles and their parts. Their purpose is to enhanced and protect the vehicles surface and inner parts. There are basic three type of coatings namely E-coat, primer, base coat, clear coat. Different reins namely polyurethane, epoxy, acrylic, among others. Owing to increase in demand for automotive coatings for batter finishing effect along with their carbon neutrality property, automotive coatings market is expected to grow at a significant rate during the forecast period
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | PPG Industry (United States), AkzoNobel (Netherland), Nippon Paint (Japan), Sherwin-William Company (United States), Axalta Coating system ltd (United States), kansai paint co ltd (Japan), BASF SE (Germany), Asian Paint limited (India), Jotun (Norway), Standox (Germany), KCC Corporation (South Korea) and RPM International Inc. (United States) |
CAGR | % |
Automotive Coatings market is a fragmented market due to the presence of various players. The players are focusing on developing innovative products and solutions to improve quality, enhances and promotes performance. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launch, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
PPG Industry (United States), AkzoNobel (Netherland), Nippon Paint (Japan), Sherwin-William Company (United States), Axalta Coating system ltd (United States), kansai paint co ltd (Japan), BASF SE (Germany), Asian Paint limited (India), Jotun (Norway), Standox (Germany), KCC Corporation (South Korea) and RPM International Inc. (United States) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Automotive Coatings market by Type , by Application (Automotive Industry, OEMs and Aftermarket) and Region with country level break-up.
On the basis of geography, the market of Automotive Coatings has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
In July 2022, AkzoNobel acquired Lankwitzer Lackfabrik’s aluminium wheel liquid coating. Lankwitzer Lackfabrik operate out manufacturing site in Germany and their products used by car manufacturers such as Daimler, Audi, VW, Opel, Fiat and Renault. This acquisition helped AkzoNobel to expand its presence in automotive coatings market
In April 2023, PPG expanded their powder coating production facility with the investment of 15 million UDS in Brazil, Indiana. The plant in expanded by 20000 square feet to fit in two state-of-the-art lines for bonded metallic powder and automated packaging capabilities. This expansion helped PPG to strengthened their manufacturing capacity and its position in automotive coatings market
Influencing Trend:
Increasing Demand for Automotive Coatings for Custom Decorative Purpose
Market Growth Drivers:
Increasing Demand for Automotive Coatings for Their Carbon Neutrality Property, Rising Demand for Automotive Coatings as a Weather Resistance, Growing Demand for Water Born Coating System and Boosting Demand for Coating to Get Protection from All Type of Scratches and Swirl Marks
Challenges:
Lack of Professional Work Force and Finding Right Coating to Reflect Lidar, do Not Interfere with Radar and Sensors in Vehicles
Restraints:
High Cost of Implementation
Opportunities:
Increasing Innovation and Incorporation of New Technology Such As Smart Paint, Self-Cleaning Paint, Antimicrobial Coating, Colour Changing Painting
Key Target Audience
Automotive Coatings Manufacturers, Raw Material Suppliers, Distributors, Government Bodies, Regulatory Bodies, Potential Investors, Research and Development Institutes, End Users and Others