The worldwide market for automotive coatings is undergoing tremendous upheaval, from new material advancements in vehicle production to the increased adoption of conventional hues over “more colorful” alternatives, according to a recent Fact.MR research. In the automotive coatings business, refinish formulas continue to take centre stage, while water-borne coatings are gaining traction as basecoats.
Water-borne automotive coatings have risen to prominence in recent years, owing mostly to environmental and health concerns about solvent-borne vehicle coatings. However, as the palpability of UV cures automotive coatings increases, demand for aqueous coatings as priming surface layers is expected to drop. Despite worries about their environmental and health implications, demand for solvent-borne coatings is likely to stay higher during the forecast period. The preference for solvent-borne automotive coatings is principally based on their greater retention of pigments, liquids, and binding agents.
According to Fact.MR, acrylics will continue to be the most popular resin in the automotive coatings industry due to their widespread use in passenger vehicles, followed by Fluoropolymers. However, recent changes in manufacturer preferences have driven demand for amines and poly alkyds, and it is extremely expected that these resins will sell at a quicker rate over the forecast period.
Key Takeaways from the Market Study
- By 2022, Fact.MR expects demand for automotive coatings to reach US$ 17 Billion.
- By 2032, the market for automotive coatings is likely to be valued at US$ 30 Billion.
- China is expected to register a 5.7% CAGR with regard to the automotive coatings industry.
- Japan is expected to document a CAGR worth 5.5% in the automotive coatings market
- According to Fact.MR, acrylics are predicted to account for around 5.5% of the market
- By coat type, primers and basecoats to comprise 66.3% of global automotive coatings market demand
“Vehicle lightweighting and a trend toward low-temperature curing have driven improvements in automotive coatings in recent years, with top manufacturers investigating the use of high-strength plastics and carbon fiber-reinforced polymers,” says a Fact.MR analyst.
Automotive coatings market shares are predicted to remain concentrated at the top and dispersed at the bottom. The top five competitors will account for roughly 40% of the automotive coatings industry. These companies’ dominance will be maintained through their strong operations and extensive sales infrastructure around the world.
- In January 2022, Axalta Coating Systems introduced its new Global Automotive Color of the Year 2022 series of automotive coatings- specifically the Royal Magenta The new coatings shade is not only designed to enhance aesthetic appeal, but also provide more robust finish, protecting automotive bodies from abiotic conditions.
- PPG Industries announced in April 2022 its decision to introduce the PPG ENVIROCRONTM P8 Series Anti-Graffiti Coating at the PaintExpo 2022. The product is a hybrid powder coating that stands up to the harshest cleaners and chemicals and is designed to leave no trace of surface damage or graffiti residues. Since it is formulated without block agents, they contain no carcinogenic, mutagenic or toxic-to-reproduction (CMR) substances commonly found in other products.
More Insights Available
Fact.MR, in its new report, offers an unbiased analysis of the global automotive coatings market, analyzing historical demand from 2015-2021 and forecast statistics for 2022–2032.
The study reveals growth projections on the automotive coatings market on the basis of resin type (acrylics, fluoropolymers, urethanes, epoxy, poly alkyds and amines), coat type (top coat, primer, basecoat and clearcoat), by vehicle type (passenger cars and commercial vehicles), and technology (water borne, solvent borne and UV cure) across six major regions (North America, Latin America, Europe, APEJ, Japan and Middle East & Africa).
About the Automotive Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned automobile team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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