Trends of Aesthetic Importance to Drive Automotive Specialty Coatings Market
The Automotive Specialty Coatings Market was valued at USD 3.43 Billion in 2021 and is projected to grow to USD 4.43 Billion by 2028, at a Compound Annual Growth Rate (CAGR) of 3.7%. Automotive specialty coatings are coatings that are applied to cars for the purpose of protection and adornment. The coating utilized is in the form of liquids or powders to improve heat and shock resistance, durability, toughness, UV radiation protection, and other benefits. Overall, it is extensively useful for the production of long-lasting surfaces while taking into account environmental factors and increasing the efficiency of the product type.
The key element responsible for the market's strong rise is an increase in customer demand for greater performance and durability of vehicles, resulting in increased vehicle manufacturing. Furthermore, the increasing emphasis on the aesthetic of the car by the majority of the millennial generation has fueled the market expansion. However, increased demand for battery vehicles and the introduction of engine downsizing are factors that are projected to limit market development. The Automotive Specialty Coatings Market is extremely fragmented, and the top competitors have utilized several methods to expand their footprints in this market, including new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others.
The worldwide Automotive Specialty Coating works mainly on three types of technologies such as solvent-borne, waterborne, and powder coating. This further can also be bifurcated on the basis of resin used in polyurethane, epoxy, acrylic, and others. is divided on the basis of application into engine & exhaust, interior, transmission, wheel rims, and others. The automotive specialty coatings can either have metal or plastic substrates. As perceived, the market is dominated by the automobile sector which heavily relies on automotive specialty coatings. This contains vehicles such as passenger vehicles, LCV, HCV, and also electric and hybrid vehicles. Among other end-users of automotive specialty, coatings are OEM paint, refineries, oil & gas, aerospace & defense, power, pulp & paper, petrochemical, pipeline, railway, fireproofing, water & wastewater, marine, and architectural applications. The worldwide paints and coatings industry is expected to grow between 2022 and 2028. The growth of the paints and coatings sector in the future years is expected to have a beneficial influence on the worldwide Specialized Coating Market.
The Asia Pacific is predicted to continue to be the world's largest and fastest-growing market. The automobile production expansion, along with rising construction investment in China, India, Indonesia, and Vietnam, is expected to boost market demand. North America and Europe are mature markets that are expected to expand at a slower-than-average CAGR. Growing environmental and regulatory restrictions, as well as rebounding automotive and housing industries, characterize the specialty coatings industry in these areas. New product advancements and increased Research and Development (R&D) spending by prominent market players characterize the global specialized coating industry.
KCC (South Korea), Nippon Paint (Japan), PPG (US), Axalta (US), BASF (Germany), AkzoNobel (Netherlands), Kansai (Japan), Sherwin Williams (US), Covestro (Germany), DOW Chemical (US), and Solvay (Belgium). are among the producers in the automotive specialty coatings industry.
Browse the full Report - Automotive Specialty Coatings Market by Application (Engine exhaust, Interior, Transmission, Wheels), by Technology (Solvent-borne, Water-borne, Powder), by Resin (PU, Epoxy, Acrylic, Substrate), by Regions (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)