Global Automotive Coatings Market, Forecast to 2026

Global Automotive Coatings Market, Forecast to 2026

Rapid Motorization and Robust Passenger Car Production in Asia-Pacific Drive Market Growth

RELEASE DATE
26-May-2020
REGION
Global
Research Code: MF50-01-00-00-00
SKU: CM01770-GL-MR_24259

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Description

The automotive coatings market is bifurcated into OEM and refinish applications. The OEM market is further divided by product type into e-coat, primer, basecoat, and clearcoat, by technology type into solvent-borne, water-borne, and powder coatings, and by chemistry type into polyurethane (PU), epoxy, polyester, and acrylic. The refinish segment is further divided by product type into undercoat, basecoat, clearcoat, and thinners/hardeners, by technology type into solvent-borne and water-borne coatings, and by chemistry type into polyurethane (PU), epoxy, polyester, and acrylic. The market for automotive coatings used in OEM applications contributed to the largest share in the automotive coatings market in 2019 and is slated to register higher growth compared to refinish applications during the forecast period, underpinned by increasing passenger car production, especially in Asia-Pacific countries such as China, India, Japan, and South Korea. However, the ongoing global economic slowdown, coupled with the rising incidence of coronavirus infections is expected to hamper the automotive OEM coatings market globally during the short and medium terms of the forecast period. Within the OEM segment, by product type, the clearcoat market accounted for the largest volume share in 2019, primarily due to its high demand for improving the aesthetic appearance and enhancing the durability of the coating system. Moreover, by chemistry type, acrylic is expected to remain the largest market in the automotive OEM coatings industry throughout the forecast period, owing to its excellent crosslinking features compared to other resins. The market for automotive refinish coatings in developed countries of North America and Europe is slated to register negative volume growth during the forecast period. The rate of accidents has been declining in these regions, owing to improved traffic management systems and advancement in car safety features. This, in turn is expected to reduce collision repair rates and hampers the subsequent consumption volume of automotive coatings in the refinish market. Within the refinish segment, by product type, the basecoat market accounted for the largest revenue share in 2019, mainly due to the increasing consumption of higher-priced and quality-intensive water-borne basecoat systems worldwide. Moreover, by chemistry type, PU is the most preferred choice of resin for refinish applications, due to its excellent pigment wetting, color matching, and color retention properties.

For both OEM and refinish applications, water-borne coatings are expected to grow at the fastest rate, primarily due to increasingly stringent government regulations worldwide against the use of coatings with high VOC content.

Asia-Pacific accounted for the largest volume share in the automotive coatings market, for both OEM and refinish applications in 2019 and is expected to continue its dominance during the forecast period. Increasing urbanization and demographic growth, coupled with robust automotive vehicle production and increasing road traffic are largely responsible for driving the demand for automotive coatings in the region.

The market for automotive coatings in North America and Europe is already in a mature stage. However, increasing demand for environmentally sustainable and value-added coating products in these regions is expected to boost revenue growth, for both OEM and refinish applications, in these regions.

A majority of the demand for automotive coatings in the Middle East and ROW is from Turkey, Russia, Brazil, Argentina, Mexico, Morocco, South Africa, Algeria, Iran, Saudi Arabia, United Arab Emirates, and Bahrain. The increasing demand for technologically advanced products is expected to create a higher demand for both OEM and refinish automotive coatings in these countries.

Regulatory authorities, such as the US Environmental Protection Agency (EPA), the Canadian Council of Ministers of the Environment (CCME), the European Parliament (EP), and the Chinese Ministry of Ecology and Environment (MEE), enforce regulations against emission of volatile organic compounds (VOC) from automotive coatings. Chemicals with low VOC content are increasingly being selected by automotive coating manufacturers based on the need to adhere to these standards.

Owing to the complexity of production process and severity of application areas, the market for a majority of the automotive coatings is highly consolidated with strong presence of branded companies having excellent manufacturing expertise. Rather than developing alternate chemistries, coating manufacturers are more focused on improving the performance characteristics of existing formulations, with the ultimate goal of improving the color, finish, and aesthetics based on specific requirements of customers worldwide. These factors, in turn, help companies develop value-added coatings with advanced features, such as shorter curing times and faster application process. Moreover, leading companies are set to strengthen their market share by vertical integration, partnerships, or mergers & acquisitions (M&A) and improving customer collaboration.

Table of Contents

Executive Summary—Key Findings

Executive Summary—Strategic Factsheet

Market Engineering Measurements

Market Engineering Measurements (continued)

CEO’s Perspective

CEO’s Perspective (continued)

Market Definitions

Market Definitions (continued)

Market Definitions (continued)

Market Definitions (continued)

Market Definitions (continued)

Geographic Scope

Key Questions This Study Will Answer

Market Engineering Measurements

Market Engineering Measurements (Continued)

Forecast Assumptions

Revenue Forecast

Unit Shipment Forecast

Unit Shipment and Revenue Forecast Discussion

Unit Shipment and Revenue Forecast Discussion (continued)

Pricing Trends and Forecast

Pricing Trends and Forecast Discussion

Percent Revenue Forecast by Application Type

Revenue Forecast by Application Type

Percent Unit Shipment Forecast by Application Type

Unit Shipment Forecast by Application Type

Unit Shipment and Revenue Forecast Discussion by Application Type

Percent Revenue Forecast by Region

Revenue Forecast by Region

Percent Unit Shipment Forecast by Region

Unit Shipment Forecast by Region

Unit Shipment and Revenue Forecast Discussion by Region

Dynamic SWOT Analysis

Key Regulations

Key Regulations (Continued)

Key Regulations (continued)

Key Regulations (continued)

Technology and Product Trends

Technology and Product Trends (continued)

Technology and Product Trends (continued)

Value Chain—Automotive OEM Coatings Market

Value Chain—Automotive Refinish Coatings Market

Key Value Chain Takeaways for Both Automotive OEM and Refinish Coatings Markets

Indicative List of Market Participants

Market Share

Competitive Environment

Competitive Factors and Assessment

Growth Opportunity 1—Increasing Passenger Car Production and Road Traffic in Developing Countries

Growth Opportunity 2—Demand for Higher-quality Automotive Coatings in the Developed World

Strategic Imperatives for Success and Growth

Key Findings

Market Engineering Measurements

Market Drivers

Drivers Explained

Drivers Explained (continued)

Drivers Explained (continued)

Market Restraints

Restraints Explained

Restraints Explained (continued)

Restraints Explained (continued)

Graphical Summary of the Drivers and Restraints

Unit Shipment and Revenue Forecast

Unit Shipment and Revenue Forecast Discussion

Unit Shipment and Revenue Forecast Discussion (continued)

Pricing Trends and Forecast

Pricing Trends and Forecast Discussion

Percent Revenue Forecast by Region

Revenue Forecast by Region

Percent Unit Shipment Forecast by Region

Unit Shipment Forecast by Region

Unit Shipment and Revenue Forecast Discussion by Region

Unit Shipment and Revenue Forecast Discussion by Region (continued)

Percent Revenue Forecast by Product Type

Revenue Forecast by Product Type

Percent Unit Shipment Forecast by Product Type

Unit Shipment Forecast by Product Type

Unit Shipment and Revenue Forecast Discussion by Product Type

Percent Revenue Forecast by Technology Type

Revenue Forecast by Technology Type

Percent Unit Shipment Forecast by Technology Type

Unit Shipment Forecast by Technology Type

Unit Shipment and Revenue Forecast Discussion by Technology Type

Percent Revenue Forecast by Chemistry Type

Revenue Forecast by Chemistry Type

Percent Unit Shipment Forecast by Chemistry Type

Unit Shipment Forecast by Chemistry Type

Unit Shipment and Revenue Forecast Discussion by Chemistry Type

Market Share

Competitive Environment

Key Findings

Market Engineering Measurements

Market Drivers

Drivers Explained

Drivers Explained (continued)

Drivers Explained (continued)

Market Restraints

Restraints Explained

Restraints Explained (continued)

Restraints Explained (continued)

Restraints Explained (continued)

Summary of the Drivers and Restraints

Unit Shipment and Revenue Forecast

Unit Shipment and Revenue Forecast Discussion

Pricing Trends and Forecast

Pricing Trends and Forecast Discussion

Percent Revenue Forecast by Region

Revenue Forecast by Region

Percent Unit Shipment Forecast by Region

Unit Shipment Forecast by Region

Unit Shipment and Revenue Forecast Discussion by Region

Unit Shipment and Revenue Forecast Discussion by Region (continued)

Unit Shipment and Revenue Forecast Discussion by Region (continued)

Percent Revenue Forecast by Product Type

Revenue Forecast by Product Type

Percent Unit Shipment Forecast by Product Type

Unit Shipment Forecast by Product Type

Unit Shipment and Revenue Forecast Discussion by Product Type

Percent Revenue Forecast by Technology Type

Revenue Forecast by Technology Type

Percent Unit Shipment Forecast by Technology Type

Unit Shipment Forecast by Technology Type

Unit Shipment and Revenue Forecast Discussion by Technology Type

Percent Revenue Forecast by Chemistry Type

Revenue Forecast by Chemistry Type

Percent Unit Shipment Forecast by Chemistry Type

Unit Shipment Forecast by Chemistry Type

Unit Shipment and Revenue Forecast Discussion by Chemistry Type

Market Share

Competitive Environment

The Last Word—3 Big Predictions

Legal Disclaimer

Market Engineering Methodology

Abbreviations and Acronyms Used

List of Exhibits

List of Exhibits (continued)

List of Exhibits (continued)

List of Exhibits (continued)

List of Exhibits (continued)

List of Exhibits (continued)

Related Research
The automotive coatings market is bifurcated into OEM and refinish applications. The OEM market is further divided by product type into e-coat, primer, basecoat, and clearcoat, by technology type into solvent-borne, water-borne, and powder coatings, and by chemistry type into polyurethane (PU), epoxy, polyester, and acrylic. The refinish segment is further divided by product type into undercoat, basecoat, clearcoat, and thinners/hardeners, by technology type into solvent-borne and water-borne coatings, and by chemistry type into polyurethane (PU), epoxy, polyester, and acrylic. The market for automotive coatings used in OEM applications contributed to the largest share in the automotive coatings market in 2019 and is slated to register higher growth compared to refinish applications during the forecast period, underpinned by increasing passenger car production, especially in Asia-Pacific countries such as China, India, Japan, and South Korea. However, the ongoing global economic slowdown, coupled with the rising incidence of coronavirus infections is expected to hamper the automotive OEM coatings market globally during the short and medium terms of the forecast period. Within the OEM segment, by product type, the clearcoat market accounted for the largest volume share in 2019, primarily due to its high demand for improving the aesthetic appearance and enhancing the durability of the coating system. Moreover, by chemistry type, acrylic is expected to remain the largest market in the automotive OEM coatings industry throughout the forecast period, owing to its excellent crosslinking features compared to other resins. The market for automotive refinish coatings in developed countries of North America and Europe is slated to register negative volume growth during the forecast period. The rate of accidents has been declining in these regions, owing to improved traffic management systems and advancement in car safety features. This, in turn is expected to reduce collision repair rates and hampers the subsequent consumption volume of automotive coatings in the refinish market. Within the refinish segment, by product type, the basecoat market accounted for the largest revenue share in 2019, mainly due to the increasing consumption of higher-priced and quality-intensive water-borne basecoat systems worldwide. Moreover, by chemistry type, PU is the most preferred choice of resin for refinish applications, due to its excellent pigment wetting, color matching, and color retention properties. For both OEM and refinish applications, water-borne coatings are expected to grow at the fastest rate, primarily due to increasingly stringent government regulations worldwide against the use of coatings with high VOC content. Asia-Pacific accounted for the largest volume share in the automotive coatings market, for both OEM and refinish applications in 2019 and is expected to continue its dominance during the forecast period. Increasing urbanization and demographic growth, coupled with robust automotive vehicle production and increasing road traffic are largely responsible for driving the demand for automotive coatings in the region. The market for automotive coatings in North America and Europe is already in a mature stage. However, increasing demand for environmentally sustainable and value-added coating products in these regions is expected to boost revenue growth, for both OEM and refinish applications, in these regions. A majority of the demand for automotive coatings in the Middle East and ROW is from Turkey, Russia, Brazil, Argentina, Mexico, Morocco, South Africa, Algeria, Iran, Saudi Arabia, United Arab Emirates, and Bahrain. The increasing demand for technologically advanced products is expected to create a higher demand for both OEM and refinish automotive coatings in these countries. Regulatory authorities, such as the US Environmental Protection Agency (EPA), the Canadian Council of Ministers of the Environment (CCME), the European Parliament (EP), and the Chinese Ministry of Ecology and Environment (MEE), enforce regulations against emission of volatile organic compounds (VOC) from automotive coatings. Chemicals with low VOC content are increasingly being selected by automotive coating manufacturers based on the need to adhere to these standards. Owing to the complexity of production process and severity of application areas, the market for a majority of the automotive coatings is highly consolidated with strong presence of branded companies having excellent manufacturing expertise. Rather than developing alternate chemistries, coating manufacturers are more focused on improving the performance characteristics of existing formulations, with the ultimate goal of improving the color, finish, and aesthetics based on specific requirements of customers worldwide. These factors, in turn, help companies develop value-added coatings with advanced features, such as shorter curing times and faster application process. Moreover, leading companies are set to strengthen their market share by vertical integration, partnerships, or mergers & acquisitions (M&A) and improving customer collaboration.
More Information
No Index No
Podcast No
Author Sayantan Sengupta
Industries Chemicals and Materials
WIP Number MF50-01-00-00-00
Is Prebook No
GPS Codes 9800-A6,9100-A2,9869-A2,9595,9AF6-A6