Automotive Specialty Coatings Market Analysis | 2022-2028

Market Insights

The automotive specialty coatings market was estimated at USD 2.77 billion in 2022 and is likely to grow at a CAGR of 3.48% during 2022-2028 to reach USD 3.43 billion in 2028.

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Market Dynamics

Introduction

Automotive specialty coatings are advanced materials applied to vehicle surfaces to improve protection, performance, and appearance. These coatings are used in a variety of vehicle parts, including the exterior, interior, underbody, and engine components. They are designed to meet specific needs such as corrosion resistance, durability, UV protection, chemical resistance, and enhanced appearance.

Market Drivers 

Mounting automotive production across the world, the rising temperature of the vehicle due to engine downsizing, the increasing number of applications of specialty coatings, and trends toward the development of advanced transmission systems, such as automated manual transmission (AMT), are the major factors driving the specialty coatings market in the automotive industry.

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Key Players

The following are the key players in the automotive specialty coatings market:

• Axalta Coating Systems
• Akzo Nobel N.V
• BASF SE
• Hexion Inc.
• Nippon Paint Holdings Co., 
• PPG Industries, Inc.
• Solvay S.A.
• The Sherwin-Williams Compan
• The Dow Chemical Company

The development of high-temperature-resistant coatings and the formation of strategic alliances are the major strategies adopted by the industry players to remain competitive in the market

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Application Type

"Transmission segment is estimated to grow at the highest rate during the forecast period"

Based on the application type, the market has been segmented into engine & exhaust, interior, transmission, wheel rims, and others. The transmission segment is estimated to grow at the highest rate over the next five years, driven by a host of factors including increasing acceptance of advanced dual-clutch transmission systems in developed economies, such as the USA. The number of components requires coatings on the dual-clutch transmission system and the automatic transmission is more as compared to a manual transmission. Further, trends toward the acceptance of AMTs assure the growth of specialty coatings in the transmission segment in the foreseen future.

By Technology Type

"Solvent-borne coatings hold the largest share of the market"

Based on the technology type, the market is segmented as solvent-borne, waterborne, and powder coatings. Solvent-borne coatings hold the largest share of the market, whereas waterborne coatings are the fastest-growing segment. The low-cost and quick-drying properties of solvent-borne coatings have led to their dominance in the global automotive specialty coatings market. However, stringent regulations towards VOC emission during coating production and application are compelling the industry players to switch towards alternative technologies, mainly waterborne and powder coatings.

By Resin Type

"Polyurethane resin segment dominated the market during the forecast period"

Based on the resin type, the market is bifurcated into polyurethane, epoxy, acrylic, and other resin systems. In 2022, the polyurethane resin segment dominated the market and is also expected to witness the highest growth during the forecast period. Polyurethane coatings are used in a wide array of applications including metal as well as plastic parts, in the automotive industry. Polyurethane coatings are deployed on plastic parts to achieve high gloss and scratch resistance, whereas these coatings are deployed on metal parts, such as engine & exhaust, transmission, and wheel rims, to protect them from corrosion.

By Substrate Type

"Plastics segment is expected to witness the highest growth during the forecast period"

Based on the substrate type, the market is segmented as metals, plastics, and others. The plastics segment is expected to witness the highest growth during the forecast period. Automakers’ push towards the development of lightweight parts in order to make overall vehicles lightweight to address stringent regulations regarding fuel efficiency enhancements and carbon emission reductions is driving greater usage of plastic parts in almost all the major sections including automotive body closures. This corresponds to a greater demand for specialty coatings on these plastic parts.  

Regional Analysis

"Asia-Pacific is expected to remain the largest as well as fastest-growing market during the forecast period"

In terms of regions, Asia-Pacific is expected to remain the largest as well as fastest-growing automotive specialty coatings market during the forecast period. The market is driven by the growing vehicle production in developing countries such as India and China. The rising disposable income of consumers and the growing presence of OEMs in the region are likely to boost the demand for automobiles in Asia-Pacific, which, in turn, will stimulate the demand for specialty coatings.

Europe and North America are also likely to generate favorable growth opportunities over the next five years. The USA is likely to remain the largest market in North America over the next five years, whereas Mexico is likely to be the new growth engine of the region. Similar to North America, Germany and France are likely to be the major markets in Europe in the coming years, propelled by the presence of major automakers in these countries.

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Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s automotive specialty coatings market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The automotive specialty coatings market is segmented into the following categories:

By Application Type 

• Engine & Exhaust
• Interior
• Transmission
• Wheel Rims
• Others

By Technology Type 

• Solvent-Borne
• Waterborne
• Powder Coatings

By Resin Type 

• Polyurethane
• Epoxy
• Acrylic
• Others

By Substrate Type

• Metals
• Plastics
• Others

By Vehicle Type 

• Passenger Car
• LCV,
• M&HCV

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

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Customization Option

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the application types by technology type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com