The Global Automotive Speciality Coating Market was worth US$ 3.37 billion in 2022 and is anticipated to reach a valuation of US$ 4.18 billion by 2028 and is predicted to register a CAGR of 3.92% during 2023-2028.
Market Growth:
The global automotive speciality coating market has increased rapidly since 2017 due to the increasing population of nations, production of vehicles and application of coating. The automotive industry is also attached to the coating market. Increasing the production of vehicles or all other components is the main reason for market growth. Various types of coatings are available in the market so consumers can easily decide which is preferable for their work. The increasing adoption rate of automated manual transmission (AMTs) drives the market. Water Borne technique is the largest as well as most used technique. Also, solvent-borne techniques are used for coating, it is preferred for less price and quick drying nature and is also eco-friendly.
Market Drivers:
In Automotive speciality Coating Market, there are some important factors that drive the whole market. The first factor is, the increasing demand for vehicles and the production of vehicles or components of vehicles is leading to the growth of the market. Also, the population of every nation is increasing rapidly so demand for different components and automotive applications which have coating is the main factor.
The second most important driver of the market is the increasing number of coating applications. Different types of coating are available in the market and it is preferable for customers, so the market size is increasing day by day. Some are eco-friendly for the environment. The most important growth factor is the increasing number of sales of premium vehicles.
Market Restraints:
In the Automotive speciality Coating Market, there are some factors that limit the whole market. Now in every production and manufacturing industry, a new trend rapidly increases which is engine downsizing. This trend is the first restraint factor in this market. Then the increasing number of sales of BEV and FCEV models of application. Also the up and down of the cost of raw material of coating components are the most important factor. The production of coating material may use hazardous chemicals and limitations on the use of such material are standing as restraints factors on the production of coating material.
Market Recent Developments:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022 – 2028 |
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Base Year |
2022 |
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Forecast Period |
2023 - 2028 |
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CAGR |
3.92% |
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Segments Covered |
By Application, Technology Type, Resin Type, Substrate, Hybrid and Electric Vehicle, Vehicle Type, and Region. |
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Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
PPG (US), Axalta (US), AkzoNobel N.V. (Netherlands), BASF SE (Germany), Sherwin Williams (US), Kansai (Japan), Covestro (Germany), Solvay AG (Belgium), DOW Chemical (US), Nippon Paints (Japan), and KCC (South Korea), and Others. |
Market Segmentation:
Engine downsizing is a restraining factor in this segment. But wheel rims and others are playing a vital role in market growth. As well as transmission and interior are creating a new market for coating. The increasing number of industries and the production of vehicles gives new opportunities for these sectors. The wheel rims segment expected the most considerable share. The amount of coating required for the wheel rims depends on two factors the size of the wheel and the number of the required wheel for the vehicle.
The production or manufacturing of coating components plays the most important role because of the technology the market growth is also secured. The first technology is solvent-borne which prefers low market price rather than other technology and it is easily available in the market. In 2018, solvent-borne technology held the largest share of the market. Water coating technology is the largest as well as fastest-growing market technology in the world. It’s eco-friendly for the environment. Then powder coating technology holds a stable amount of market share. For powder coating technology, different types of components are needed so it will directly affect powder coating technology.
Polyurethane is highly used in high gloss and scratch resistance for plastic components which is used in the interior or internal part of the application. Polyurethane is used on metal so it will apply to interior parts and wheel rims of vehicles for corrosion resistance. Also, polyurethane is used directly on metal and is creating a big market for coating.
Plastic is used for lightweight materials. The metal is used for the anti-corrosive and hardness and it will long live material.
All type of vehicles has a different market in different regions. HEV Segment is the expected segment to have the largest share in the global market.
In the Asia market, passenger cars and LCVs are the most used applications so the coating market for LCVs and Passenger cars is high in Asian Region. Also, in other countries, the LCV is the most used application by people so market participation is high.
Market Reginal Analysis:
The Global Automotive Speciality Coating Market Report includes the segmentation of regions:
In the Asia Pacific region, the high market of Automotive Speciality Coating is for LCV. It is also the largest market for automotive speciality coatings. Passenger cars and LCVs are having major production in this area. China is the leading country in this market. Wheel rim coating is estimated largest share in this area in the coming years.
Market Key Players:
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