Automotive Specialty Coatings Market Size, Share, & Forecast | 2020-25

Automotive Specialty Coatings Market Insights

Automotive specialty coatings market is likely to witness a healthy CAGR of 3.2% during the forecast period. Mounting automotive production across the world, rising temperature of the vehicle due to engine downsizing, increasing number of applications of specialty coatings, trends towards 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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Automotive Specialty Coatings Market Share: By Application Type

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 system in the 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 towards the acceptance of AMTs assure the growth of specialty coatings in the transmission segment in the foreseen future.

Automotive Specialty Coatings Market Share: By Technology Type

Based on the technology type, the market is segmented as solvent-borne, waterborne, and powder coatings. Solvent-borne coatings hold the largest share in the market, whereas waterborne coatings are the fastest-growing segment. Low-cost and quick drying properties of solvent-borne coatings have led 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.

Automotive Specialty Coatings Market Share: By Resin Type

Based on the resin type, the market is bifurcated into polyurethane, epoxy, acrylic, and other resin systems. In 2018, 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 for achieving high gloss and scratch resistance, where these coatings are deployed on metal parts, such as engine & exhaust, transmission, and wheel rims, to protect them from corrosion.

Automotive Specialty Coatings Market Share: By Substrate Type

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 vehicle lightweight to address stringent regulations regarding fuel efficiency enhancements and carbon emission reductions is driving a greater usage of plastic parts in almost all the major sections including automotive body closures. This is corresponding to a greater demand for specialty coatings on these plastic parts.  

Automotive Specialty Coatings Market Share: By Region

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 the developing countries such as, India and China. 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.

Some of the major automotive specialty coating manufacturers are PPG Industries, Inc., BASF SE, Axalta Coating Systems, Akzo Nobel N.V., The Sherwin-Williams Company, Solvay S.A., The Dow Chemical Company, Nippon Paint Holdings Co., Ltd., Clariant, and Hexion Inc. The development of high-temperature-resistant coatings and formation of strategic alliances are the major strategies adopted by the industry players in order to remain competitive in the market.

Market Scope & Segmentation

Automotive Specialty Coating can be mainly termed as a primer or a topcoat that is known of delivering performance depending upon the applications. It not only protects but also helps in beautifying the application area.

Automotive Specialty Coating is made up of metal, plastic, and other ingredients and can be solvent-based, waterborne, or powder coatings. Engine, exhaust, interiors, transmission, wheel rims, and others are some of the application areas where the specialty coatings are being used.

This report studies the market covering a period of 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. 

Automotive Specialty Coatings Market Size, Share, & Forecast, by Application Type:

• Engine & Exhaust (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Interior (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Transmission (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Wheel Rims (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Automotive Specialty Coatings Market Size, Share, & Forecast, by Technology Type:

• Solvent-borne (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Waterborne (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Powder Coatings (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Automotive Specialty Coatings Market Size, Share, & Forecast, by Resin Type:

• Polyurethane (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Epoxy (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Acrylic (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Automotive Specialty Coatings Market Size, Share, & Forecast, by Substrate Type:

• Metals (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Plastics (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Automotive Specialty Coatings Market Size, Share, & Forecast, by Vehicle Type:

• Passenger Car (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• LCV (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• M&HCV (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Automotive Specialty Coatings Market Size, Share, & Forecast, by Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Argentina, and Others)

Research Methodology

This report offers high-quality insights and is the outcome of 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 book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the 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 the market dynamics and will enable strategic decision making for the 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, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Report Customization Options

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 [email protected]om.