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
NEW YORK, July 18, 2018 /PRNewswire/ -- The increasing vehicle production and increasing number of coating application will drive the global automotive specialty coatings market "
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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. The demand for automotive specialty coatings market is driven by the increasing demand for vehicles, whereas technologies and R&D investments are influenced by government regulations. Increasing sales of BEVs act as a restraining factor for the automotive specialty coatings market.
Waterborne technology is estimated to be the fastest growing market in automotive specialty coatings market
The major advantage of waterborne coating 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, regions such as Europe and North America are reducing the use of solvent-borne coatings and have shifted toward eco-friendly waterborne coatings. The waterborne technology can be used in all applications where solvent-borne coating technology can be used, such as transmission, wheel rims, interiors, and engine & exhaust.
Passenger car coating market is estimated to have the largest market in automotive specialty coatings market
The coating amount required for passenger cars is less as compared with LCVs, buses, and trucks.However, the production of passenger cars is very high as compared with other vehicle types all over the regions.
The passenger car coating market is also driven by the increasing sales of premium and luxury vehicles as these vehicles are equipped with bigger engines, best-in-class interior components, AMTs, and bigger wheel rims as compare to conventional cars.
Asia Oceania to dominate the automotive specialty coatings market
The automotive industry in the Asia Oceania region has been dynamic over the past few years and has seen an increase in the annual production of passenger and commercial vehicles.Vehicles that are produced in the Asia Oceania region are mostly small cars, which are equipped with small engines, average interiors, manual transmission and small wheel rims, which require very less coating amount as compared with other regions.
However, the increasing demand for premium vehicles is expected to provide opportunities for coating manufacturers as they require a huge amount of coating as compare with small vehicles.
The study contains insights provided by various industry experts.
The breakup of the primaries is as follows:
• By Company Type: Tier-1 — 20%, Tier-2 — 50%, and OEMs — 30%
• By Designation: D level — 60%, C level — 25% Other — 15%
• By Region: North America — 25%, Europe — 40%, Asia Oceania — 30%, and RoW — 5%
Note: Others includes sales managers, marketing managers, and product managers.
Note: OEMs are car manufacturers, tier I companies are automotive system manufacturers that supply to OEMs, and tier II companies are automotive specialty coating manufacturers that supply to tier I companies. Other designations include sales managers, marketing managers, and product managers.
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).
Research Coverage
The automotive specialty coatings market is segmented by application (engine & exhaust, interior, transmission, wheel rims, and others), by technology type (solvent-borne, waterborne, and powder coating), by resin type (polyurethane, epoxy, acrylic, and others), by substrate (metal, plastics, and others), by vehicle type (passenger car, LCV, and HCV), by electric & hybrid vehicle type (BEV, HEV, and PHEV), by region [(Asia Oceania (China, India, Japan, South Korea, Thailand, Asia Oceania, and others), Europe (Germany, Spain, turkey, France, UK, Russia, Europe, and others), North America (Canada, Mexico, and US), RoW (Brazil, Iran, and others)).
Reasons to Buy the Report:
This report provides insights with reference to the following points:
• Market Size, by application: The report offers in-depth market sizing and forecast up to 2025, by application such as engine & exhaust, interior, transmission, wheel rims, and others. The market sizing for applications is covered for all key countries.
• Market Size, by technology: The report offers in-depth market sizing and forecast up to 2025, by technology such as waterborne, solvent-borne, and powder coating, and the technology market is further segmented by application.
• Market Size, by resin: The report offers in-depth market sizing and forecast up to 2025, by resin such as polyurethane, epoxy, acrylic, and others for all key regions.
• The report covers the specialty coatings market for "Electric and Hybrid Vehicles" at regional level, by vehicle type.
• The report provides "Market Ranking" of the leading players in the automotive specialty coatings market.
• Market Development: The report provides comprehensive information about lucrative emerging markets for automotive specialty coatings across regions.
• Product Development/Innovation: The report gives detailed insights into R&D activities, upcoming technologies, and new product launches in the automotive specialty coatings market.
• Market Diversification: The report offers detailed information about untapped markets, investments, new products, and recent developments in the automotive specialty coatings market.
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