Automotive Specialty Coatings Market
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)
|Automotive Specialty Coatings Market Forecast Year:||2022 - 2028|
|Automotive Specialty Coatings Market Historical Year:||2016 - 2021|
|Automotive Specialty Coatings Market 2021:||USD 3.43 Billion|
|Automotive Specialty Coatings Projected Market 2028:||USD 4.43 Billion|
|Automotive Specialty Coatings Market CAGR:||3.7%|
|Fastest Growing Region:||Asia Pacific|
|Largest Region:||Asia Pacific|
Automotive Specialty Coatings Market:
Global Automotive Specialty Coatings market is valued at USD 3.43 Billion in 2021 and is projected to attain a value of USD 4.43 Billion by 2028 at a CAGR of 3.7% during the forecast period, 2022–2028.
The increased consumer demand for technologically advanced vehicles with improved fuel efficiency means that OEMs need to deliver all-new exterior designs as well as developed interior concepts. In addition, automakers are increasing their focus on protecting exhaust systems from rusting and corrosion because the EPA is now requiring exhaust after-treatment systems on all new vehicles to meet mandated emissions standards. The exterior applications include multi-coat and clear, as well as single-stage topcoats for automotive paint shops. Interior coatings include basecoat/clearcoat, catalysts, high solid colorants, primers and adhesion promoters.
Growing Focus to Improve Fuel Economy and Stringent Government Regulations to Drive growth of Automotive Specialty Coating Market
To meet stricter environmental rules and improve fuel economy, OEMs are making a significant effort to introduce cleaner technologies into their next-generation vehicles. This trend is having a direct impact on the demand for surface treatments as automakers have been increasingly using more environmentally friendly coating processes that provide corrosion, abrasion, wear & tear, chemical resistance or thermal insulation properties on metal surfaces. Indeed, while OEMs aim to reduce vehicle weight by replacing metal components with lighter plastic compounds wherever possible, these new materials are less able to resist harsh environmental conditions on their own which is why they require additional protection through advanced coating applications.
Over the past five years, automotive OEM demand for specialty coatings was hit by the economic crisis impacting both production and new vehicle sales in North America and Europe.
Market Size Provided for Years
Region & Counties Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
global automotive specialty coating market is segmented by application (engine exhaust, interior, transmission, wheels), technology (solvent-borne, water-borne, powder), resin (PU, epoxy, acrylic), substrate, ICE, electric & hybrid vehicle, and region.
Below tree is interactive. You can click the nodes to get more information.
By Type, Powder Coating to Enjoy Fastest Growth in Automotive Specialty Coating Market
High demand for rust protection, wear & tear prevention and abrasion resistance coatings are expected to contribute toward growth of automotive specialty coating market. Rust protection coatings will be the largest product segment over the forecast period with major applications being found in exterior body panels, under chassis components and structural metal parts. Globally, rust protection coatings are estimated to remain the largest type of Automotive Specialty Coatings due to increasing demand from North America & Europe. Much of this demand comes from protective needs after vehicle exposure to atmospheric conditions during shipment or storage which requires installation of these coatings on surface areas that are prone to corrosion such as undercarriages or exterior body panels. High performance properties like excellent adhesion, chemical resistance and durability are being demanded from OEMs in the United States and Europe.
Asia Pacific is the largest consumer of Automotive Specialty Coatings
Strong demand from the automotive industry is expected to drive the Asia Pacific Automotive Specialty Coatings market over the next seven years. The region most likely to witness higher demand for specialty coating applications from India, China, Thailand, and Vietnam where OEMs are investing significantly on material technologies to achieve stricter emissions regulations without compromising quality or increasing vehicle weight. Moreover, the region is enjoying strong demand from automakers based in Japan and South Korea which have been leading manufacturers of eco-friendly vehicles since late 1990s. Japan has one of the world's most aggressive fuel economy standards for passenger vehicles to reduce the country's dependency on imported oil. South Korea, which has been working toward reducing its dependence on gasoline and diesel vehicles by switching to eco-friendly vehicles such as hybrid and electric cars, is also one of the leading countries demanding environmental protection coatings for automotive applications.
Environmental regulations and green automotive technology (like hybrids and EVs) are fueling demand in Asia Pacific and other developing regions like SAARC (SAARC: South Asian Association for Regional Cooperation). Regulations may be stringent but not becoming more lenient or lax.
Some of the key players in the global Automotive Specialty Coatings market are 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).
The Automotive Specialty Coatings is Segmented as Follows:
Frequently Asked Questions
the global demand for Automotive Specialty Coatings
in terms of revenue?
The global Automotive Specialty Coatings valued at USD 3.43 Billion in 2020 and is expected to reach USD 4.43 Billion in 2028 growing at a CAGR of 3.7%
are the prominent players
in the market?
The prominent players in the market are 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)..
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 3.7% between 2021 and 2028.
the driving factors
fueling the growth of the market.
The driving factors of the Automotive Specialty Coatings include
- Growing Focus to Improve Fuel Economy and Stringent Government Regulations to Drive growth of Automotive Specialty Coating Market
region accounted for the
largest share in the market?
Asia Pacific was the leading regional segment of the Automotive Specialty Coatings in 2020.