Automotive coatings market size is predicted to surpass USD 27 billion by 2024 owing to its end-use applications in automotive refinish, light vehicle OEM, and commercial OEM industries. Growing consumer preference towards automobile protection from UV radiations, acid rains, high temperatures, and foreign particles are predicted to drive the industry trends over the coming years. Other key features such as aesthetic appearance of automobile as well as enhanced vehicle durability are predicted to influence the consumer buying trend.
Automotive coatings market size is projected to surpass USD 27 billion by 2024
Automotive coatings industry size estimated at over 3.9 million tons in 2017, is projected to cross around 5.4 million tons by 2024, growing at a CAGR of around 4.5% over the period of 2018-2024. New technological breakthroughs for enhancing product performance along with reduction of manufacturing costs are few of the factors predicted to boost the market growth over the next eight years.
However, cost fluctuations along with a scarce supply of raw materials such as pigments, titanium oxide, additives, and resins are predicted to increase the market price affecting the overall profits.
The market is segmented in terms of end-use applications, technology, applications, products, and regions.
End-use applications segment comprises automotive refinish, light vehicle OEM, and commercial OEM applications.
Automotive coatings application in the automotive refinish segment is predicted to grow at a CAGR of around 4.5% over 2018-2024
The segment growth can be attributed to the rise in number of service stations for repair and overhaul because of a large amount of vehicle breakdowns.
Automotive coatings application in light vehicle OEM industry worth over USD 8 billion in 2017, is expected to witness a significant growth over the forecast timeline due to the rising demand for cars having new features like pre-collision technology, GPS tracking, and automatic light.
Products segment includes Electrocoat, Clearcoat, Primer, and Basecoat products
Electrocoat automotive coatings market is forecast to record a CAGR of around 4.5% over 2018-2024
The product growth is attributed to its properties of displaying high corrosion resistance at low film thickness. Furthermore, its applications in complex parts and assembled items with specific performance criteria is predicted to drive the demand over the coming years.
Basecoat automotive coatings market worth over USD 8 billion in 2017, is predicted to witness substantial growth over the forecast period due to its use in the automobile industry to impart color and metallic finishes to additional vehicle components for providing aesthetic & decorative effects to the vehicles.
Coatings technology segment includes Waterborne, Solventborne, Powder, and UV-Cured coatings technology.
Waterborne coatings technology segment is predicted to grow at a CAGR of around 5% over 2018-2024
Solventborne coatings technology segment worth over USD 7.8 billion in 2017, is predicted to witness a moderate growth over the forecast timeline due to strict norms over VoC emissions in the atmosphere.
Waterborne coatings technology segment is predicted to witness a significant growth over the forecast period due to its beneficial properties like low flammability, low toxicity, and air emission reduction. These are mostly preferred by the automobile industry as it possesses 80% of water and imparts hardness, flexibility, corrosion resistance, stain resistance, and adhesion.
Applications segment comprises Plastics and Metals applications.
Plastics application segment is predicted to record a CAGR of around 5% over 2018-2024
The growth will be driven by the extensive use of plastics for lightweight automobile production, adding to enhanced fuel efficiency along with reduction in emission of greenhouse gases.
Metal application segment worth over USD 13.5 billion in 2017, is predicted to witness a noticeable growth over the forecast period as a result of large-scale use of metals such as aluminum and steel for the automobile production.
Market share North America is predicted to surpass USD 5.5 billion mark by 2024.
The U.S. is predicted to contribute significantly towards the regional growth owing to a large consumer base across this region.
Market in MEA is anticipated to record a CAGR of around 4% over the forecast timeline as a result of rising demand for passenger & commercial vehicles in the region. Saudi Arabia is expected to contribute significantly towards the regional growth owing to the favorable government policies promoting capital investments in the automobile industry and the enhanced sales of vehicles.
Latin America automotive coatings market is predicted to witness noticeable gains over the forecast period. Brazil automotive coatings market size was over 115 kilotons in 2017 and is predicted to record a CAGR of around 4.5% over the period of 2018-2024.
Asia Pacific automotive coatings market size estimated at over 2.2 million tons in 2017, is projected to witness a substantial growth over the forecast timeline. China market worth over USD 4.1 billion in 2017, is predicted to make significant contributions towards the regional growth owing to road expansion, infrastructure growth, and rise in per capita disposable income. In addition to this, favorable government policies promoting FDI in automobile industry to set up production base in countries like Thailand, China, Indonesia, and India are predicted to boost the regional growth.
Key industry participants include Nippon Paint, Axalta Coating Systems, Kansai Paints, Sherwin-Williams, Arkema SA, KCC Paint, Berger Paints, Beckers Group, Valspar Corporation, Clariant AG, Cabot Corporation, Eastman Chemical Company, and Solvay SA.
Segments Covered in this Report:
Market Size(By Technology)
Market Forecast(By Product)
The above information is provided on a regional and country basis for the following: