Automotive Specialty Coatings Market
PUBLISHED: 2024 ID: SMRC26835
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Automotive Specialty Coatings Market

Automotive Specialty Coatings Market Forecasts to 2030 - Global Analysis By Vehicle Type (Electric Vehicle, Heavy Commercial Vehicle, Passenger Car, Light Commercial Vehicle and Other Vehicle Types), Substrate (Metal and Plastic), Resin Type, Technology, Application and by Geography

4.5 (98 reviews)
4.5 (98 reviews)
Published: 2024 ID: SMRC26835

This report covers the impact of COVID-19 on this global market
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Years Covered

2022-2030

Estimated Year Value (2024)

US $4.21 BN

Projected Year Value (2030)

US $5.68 BN

CAGR (2024 - 2030)

5.12%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

Asia Pacific

Highest Growing Market

North America


According to Stratistics MRC, the Global Automotive Specialty Coatings Market is accounted for $4.21 billion in 2024 and is expected to reach $5.68 billion by 2030 growing at a CAGR of 5.12% during the forecast period. Automotive specialty coatings are cutting-edge mixtures created to preserve and improve a car's look and functionality. These coatings include goods with exceptional durability, corrosion protection, and UV resistance, like clear coats, primers, basecoats, and specialty finishes. These coatings increase the longevity of cars and improve their aesthetic appeal by offering a high-gloss finish, better color retention, and resistance to environmental damage. 


Market Dynamics: 

Driver: 

Increasing production of automobiles

The global increase in automotive production, particularly in emerging economies like China and India, is a significant driver. As more vehicles are manufactured, the demand for specialty coatings that protect and enhance these vehicles also rises. Moreover, the expansion of the automotive industry in these regions, fueled by economic growth and urbanization, is creating substantial opportunities for market players.

Restraint:

Variable costs of raw materials

A number of variables, including disruptions in the supply chain, shifts in the price of crude oil, and geopolitical unrest, can affect the costs of raw materials used in the manufacturing of automotive specialty coatings, such as resins, pigments, and solvents. Additionally, manufacturers may see a reduction in profit margins as a result of these swings in production costs, which are not always transferable to final consumers. Investment decisions may be impacted by the market's uncertainty and instability as a result of this volatility.

Opportunity:

Developments in coating technologies

Coating technology research and development are constantly creating new opportunities for market expansion. Exciting possibilities arise from innovations like smart coatings, which can change color or properties in response to environmental stimuli, and self-healing coatings. By dramatically improving vehicle performance and appearance, these cutting-edge coatings can draw in more buyers and propel market expansion. Furthermore, new developments in application strategies, like automated and robotic systems, can raise consistency and efficiency, which will accelerate market expansion.

Threat:

Supply chain interruptions

Natural disasters, geopolitical unrest, trade disputes, and pandemics can all disrupt supply chains, which put the automotive specialty coatings market at risk. These hiccups may result in higher expenses, production delays, and shortages of raw materials. For example, the COVID-19 pandemic brought to light the weakness of global supply chains, leading to considerable disruptions in production and delivery. Moreover, maintaining a robust supply chain is expensive and difficult, and any significant disruption can have a domino effect on the cost and accessibility of specialty coatings.

Covid-19 Impact: 

The COVID-19 pandemic caused production halts, supply chain disruptions, and a decline in the demand for new cars, all of which had a substantial effect on the market for automotive specialty coatings. Restrictions and lockdowns caused the automotive industry to slow down, which in turn decreased the demand for coatings. The pandemic further strained the market by causing logistical difficulties and price volatility for raw materials. However, the circumstances have hastened the industry's adoption of digital technologies and remote work, and as economies improve a rebound in automotive production and demand for specialty coatings is expected, driven by a greater emphasis on aftermarket services and vehicle maintenance.

The Passenger Car segment is expected to be the largest during the forecast period

In the automotive specialty coatings market, the passenger car segment has the largest market share. The global dominance of passenger cars is a result of their high production volumes and sales, which are fueled by rising urbanization, rising disposable incomes, and growing consumer demand for personal mobility. A variety of specialty coatings are needed for passenger cars in order to improve durability, improve aesthetics, and protect against environmental factors. Furthermore, the industry gains from ongoing developments in coating technologies, which provide better finishes and customization choices to accommodate a range of vehicle owners' preferences.

The Plastic segment is expected to have the highest CAGR during the forecast period

In the automotive specialty coatings market, plastic is predicted to grow at the highest CAGR. One of the main causes of this growth is the growing use of plastic components in the automotive industry, which is fueled by the need for lightweight materials to increase fuel economy and lower emissions. Because they are inexpensive, durable, and versatile, plastics are widely used in under-the-hood, exterior, and interior applications. Additionally, specialty coatings are becoming more and more popular for plastic components because they offer vital advantages like better adhesion, UV resistance, and aesthetic appeal.

Region with largest share:

In the automotive specialty coatings market, the Asia-Pacific region has the largest market share. Strong automobile production in nations like China, Japan, South Korea, and India, important hubs for the production of passenger cars, light commercial vehicles, and heavy commercial vehicles, is the driving force behind this dominance. Strong economic growth, rising rates of urbanization, and rising disposable incomes benefit the region and increase demand for cars with premium specialty coatings. Furthermore, manufacturers of coatings and automakers are being forced to adopt eco-friendly solutions by strict environmental regulations in nations such as China. 

Region with highest CAGR:

The automotive specialty coatings market is expected to grow at the highest CAGR in North America. A strong auto industry presence in the area, including well-known manufacturers and a thriving aftermarket sector, is advantageous. The market is growing as a result of consumers' growing preference for high-performance cars with cutting-edge coating technologies and strict environmental regulations that encourage the use of eco-friendly coatings. Moreover, the market is also further stimulated by continuous investments in R&D to create novel coating solutions suited to particular vehicle applications.

Key players in the market

Some of the key players in Automotive Specialty Coatings market include Hexion Inc., Clariant, The Sherwin-Williams Company, Akzo Nobel N.V., The Dow Chemical Company, Covestro AG, Solvay S.A., PPG Industries, Inc., Axalta Coating Systems, Electro Tech Coatings, Nippon Paint Holdings Co., Ltd., BASF SE, KCC and Kansai Paint Co.Ltd.

Key Developments:

In March 2024, Clariant, a sustainability-focused specialty chemical company, and its process partner Lummus Technology have been selected by Huizhou Boeko Materials Co. Ltd., to provide their CATOFIN catalyst and process technology for the dehydrogenation of isobutane at the new plant in Huizhou City, China.

In December 2023, AkzoNobel’s Coil and Extrusion Coatings business has signed a strategic agreement with the hi-tech specialists to develop a pioneering process that uses electron beams to cure coatings on metal substrates.  E-beam technology is a fast-growing scientific field and could offer significant advantages over conventional thermal curing methods, such as lower energy consumption, increased productivity with higher quality and reduced environmental impact.
 
In April 2023, The Sherwin-Williams Company announced it has signed a purchase agreement with global coatings company Akzo Nobel N.V. to divest its China architectural paint business. The business manufactures and sells decorative paints under the Huarun® brand name in China, has annual revenue of approximately $100 million USD and employs approximately 300 people. The transaction is expected to close in the second half of 2023, pending customary regulatory approvals.

Vehicle Types Covered:
• Electric Vehicle
• Heavy Commercial Vehicle
• Passenger Car
• Light Commercial Vehicle
• Other Vehicle Types 
 
Substrates Covered:
• Metal
• Plastic 

Resin Types Covered:
• Epoxy
• Polyurethane
• Acrylic
• Other Resin Types 

Technologies Covered:
• Solvent- Borne
• Waterborne
• Powder Coatings
• Other Technologies 
 
Applications Covered:
• Transmission
• Engine & Exhaust
• Wheel Rims
• Interior
• Motor
• Battery and Power Electronics
• Other Applications 

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary            
             
2 Preface            
 2.1 Abstract           
 2.2 Stake Holders           
 2.3 Research Scope           
 2.4 Research Methodology           
  2.4.1 Data Mining          
  2.4.2 Data Analysis          
  2.4.3 Data Validation          
  2.4.4 Research Approach          
 2.5 Research Sources           
  2.5.1 Primary Research Sources          
  2.5.2 Secondary Research Sources          
  2.5.3 Assumptions          
             
3 Market Trend Analysis            
 3.1 Introduction           
 3.2 Drivers           
 3.3 Restraints           
 3.4 Opportunities           
 3.5 Threats           
 3.6 Technology Analysis           
 3.7 Application Analysis           
 3.8 Emerging Markets           
 3.9 Impact of Covid-19           
             
4 Porters Five Force Analysis            
 4.1 Bargaining power of suppliers           
 4.2 Bargaining power of buyers           
 4.3 Threat of substitutes           
 4.4 Threat of new entrants           
 4.5 Competitive rivalry           
             
5 Global Automotive Specialty Coatings Market, By Vehicle Type            
 5.1 Introduction           
 5.2 Electric Vehicle           
 5.3 Heavy Commercial Vehicle           
 5.4 Passenger Car           
 5.5 Light Commercial Vehicle           
 5.6 Other Vehicle Types           
             
6 Global Automotive Specialty Coatings Market, By Substrate            
 6.1 Introduction           
 6.2 Metal           
 6.3 Plastic           
             
7 Global Automotive Specialty Coatings Market, By Resin Type            
 7.1 Introduction           
 7.2 Epoxy           
 7.3 Polyurethane           
 7.4 Acrylic           
 7.5 Other Resin Types           
             
8 Global Automotive Specialty Coatings Market, By Technology            
 8.1 Introduction           
 8.2 Solvent- Borne           
 8.3 Waterborne           
 8.4 Powder Coatings           
 8.5 Other Technologies           
             
9 Global Automotive Specialty Coatings Market, By Application            
 9.1 Introduction           
 9.2 Transmission           
 9.3 Engine & Exhaust           
 9.4 Wheel Rims           
 9.5 Interior           
 9.6 Motor           
 9.7 Battery and Power Electronics           
 9.8 Other Applications           
             
10 Global Automotive Specialty Coatings Market, By Geography            
 10.1 Introduction           
 10.2 North America           
  10.2.1 US          
  10.2.2 Canada          
  10.2.3 Mexico          
 10.3 Europe           
  10.3.1 Germany          
  10.3.2 UK          
  10.3.3 Italy          
  10.3.4 France          
  10.3.5 Spain          
  10.3.6 Rest of Europe          
 10.4 Asia Pacific           
  10.4.1 Japan          
  10.4.2 China          
  10.4.3 India          
  10.4.4 Australia          
  10.4.5 New Zealand          
  10.4.6 South Korea          
  10.4.7 Rest of Asia Pacific          
 10.5 South America           
  10.5.1 Argentina          
  10.5.2 Brazil          
  10.5.3 Chile          
  10.5.4 Rest of South America          
 10.6 Middle East & Africa           
  10.6.1 Saudi Arabia          
  10.6.2 UAE          
  10.6.3 Qatar          
  10.6.4 South Africa          
  10.6.5 Rest of Middle East & Africa          
             
11 Key Developments            
 11.1 Agreements, Partnerships, Collaborations and Joint Ventures           
 11.2 Acquisitions & Mergers           
 11.3 New Product Launch           
 11.4 Expansions           
 11.5 Other Key Strategies           
             
12 Company Profiling            
 12.1 Hexion Inc.           
 12.2 Clariant           
 12.3 The Sherwin-Williams Company           
 12.4 Akzo Nobel N.V.           
 12.5 The Dow Chemical Company           
 12.6 Covestro AG           
 12.7 Solvay S.A.           
 12.8 PPG Industries, Inc.           
 12.9 Axalta Coating Systems           
 12.10 Electro Tech Coatings           
 12.11 Nippon Paint Holdings Co., Ltd.           
 12.12 BASF SE           
 12.13 KCC           
 12.14 Kansai Paint Co.Ltd           
             
List of Tables             
1 Global Automotive Specialty Coatings Market Outlook, By Region (2022-2030) ($MN)            
2 Global Automotive Specialty Coatings Market Outlook, By Vehicle Type (2022-2030) ($MN)            
3 Global Automotive Specialty Coatings Market Outlook, By Electric Vehicle (2022-2030) ($MN)            
4 Global Automotive Specialty Coatings Market Outlook, By Heavy Commercial Vehicle (2022-2030) ($MN)            
5 Global Automotive Specialty Coatings Market Outlook, By Passenger Car (2022-2030) ($MN)            
6 Global Automotive Specialty Coatings Market Outlook, By Light Commercial Vehicle (2022-2030) ($MN)            
7 Global Automotive Specialty Coatings Market Outlook, By Other Vehicle Types (2022-2030) ($MN)            
8 Global Automotive Specialty Coatings Market Outlook, By Substrate (2022-2030) ($MN)            
9 Global Automotive Specialty Coatings Market Outlook, By Metal (2022-2030) ($MN)            
10 Global Automotive Specialty Coatings Market Outlook, By Plastic (2022-2030) ($MN)            
11 Global Automotive Specialty Coatings Market Outlook, By Resin Type (2022-2030) ($MN)            
12 Global Automotive Specialty Coatings Market Outlook, By Epoxy (2022-2030) ($MN)            
13 Global Automotive Specialty Coatings Market Outlook, By Polyurethane (2022-2030) ($MN)            
14 Global Automotive Specialty Coatings Market Outlook, By Acrylic (2022-2030) ($MN)            
15 Global Automotive Specialty Coatings Market Outlook, By Other Resin Types (2022-2030) ($MN)            
16 Global Automotive Specialty Coatings Market Outlook, By Technology (2022-2030) ($MN)            
17 Global Automotive Specialty Coatings Market Outlook, By Solvent- Borne (2022-2030) ($MN)            
18 Global Automotive Specialty Coatings Market Outlook, By Waterborne (2022-2030) ($MN)            
19 Global Automotive Specialty Coatings Market Outlook, By Powder Coatings (2022-2030) ($MN)            
20 Global Automotive Specialty Coatings Market Outlook, By Other Technologies (2022-2030) ($MN)            
21 Global Automotive Specialty Coatings Market Outlook, By Application (2022-2030) ($MN)            
22 Global Automotive Specialty Coatings Market Outlook, By Transmission (2022-2030) ($MN)            
23 Global Automotive Specialty Coatings Market Outlook, By Engine & Exhaust (2022-2030) ($MN)            
24 Global Automotive Specialty Coatings Market Outlook, By Wheel Rims (2022-2030) ($MN)            
25 Global Automotive Specialty Coatings Market Outlook, By Interior (2022-2030) ($MN)            
26 Global Automotive Specialty Coatings Market Outlook, By Motor (2022-2030) ($MN)            
27 Global Automotive Specialty Coatings Market Outlook, By Battery and Power Electronics (2022-2030) ($MN)            
28 Global Automotive Specialty Coatings Market Outlook, By Other Applications (2022-2030) ($MN)            
             
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.             

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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