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Asia Pacific Automotive Paints & Coatings Market Size By Coating Type (Basecoat, Primer, Electrocoat, Clearcoat), By Technology (Solvent-borne, Waterborne, UV Cured, Powder), By Texture Type (Matte, Solid, Metallic), By Distribution Channel (Aftermarket, OEM), By Raw Material (Epoxy, Polyurethane, Acrylic), By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles) Industry Analysis Report, Price Trends, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026
Published Date: January 2021 | Publisher: Graphical Research Report ID: GR1635 | Delivery : PDF  Request Free Sample

Industry Trends

Asia Pacific Automotive Paints & Coatings Market share was valued at USD 7.2 Bn in 2019 and is anticipated to grow with a 5.5% CAGR between 2020 and 2026. The growth is attributable to the rising vehicle sales and increasing traction in the demand for used and refurbished vehicles in the region.


Asia Pacific Automotive Paints & Coatings Market

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The demand for automotive paints and coatings is majorly driven by their efficacy along with additional benefits, such as UV protection and color retaining properties. Due to the extensive usage of coatings in vehicles, growth in the production of automobiles is likely to have a direct positive impact on the demand for automotive paints and coatings.

Additionally, a surge in the demand for used or refurbished vehicles has been observed witnessed in the Asia Pacific, which is anticipated to fuel the market progress. In 2018, China – a major manufacturer of automobiles in the region, observed a 12.8% upsurge in the demand for used vehicles compared to the previous year. Therefore, shifting consumer preference for refurbished or used vehicles is driving the demand for automotive paints and coatings for repair and maintenance applications. The rising adoption of used vehicles can be ascribed to the reduced consumer costs and convenient financing alternatives.

However, the impact of the COVID-19 pandemic hampered the industry growth by decreasing the revenue generation potential. The manufacturing operations in the region had to observe a period of abeyance upon the imposition of lockdowns by governments of several countries. Lockdowns and seized operations across the region, led to a major disruption in the supply chain, thereby, affecting manufacturing operations. The automotive sector in the Asia Pacific observed a drop in vehicle demand majorly owing to the alleviated consumer spending power. As a result, the demand for automotive paint and coatings reduced significantly in 2020. China – a major supplier in the region is, however, has entered into a recovery phase, which is probably expected to take the supply chain and manufacturing activities to their normal course in a longer period. Considering that all nations are on the track of recovery, the automotive paints and coatings market is anticipated to rebound with a recovery growth rate of over 4.5% in 2021.

Based on vehicle types, passenger cars held over 60% of the market share and accounted for the major revenue-generating segment in 2019. The passenger cars market is witnessing high growth as a result of surging vehicle production and rising disposable income. These factors along with the availability of a range of vehicle models are reflecting robust growth scenarios for the market improvement. Moreover, to achieve better protection from extreme heat, acid rains, and UV radiation, consumers are adopting advanced coatings, which is supposed to further contribute to the market expansion.

Based on coating type, from the passenger vehicle segment, primer has been anticipated to grow with over 7.1% CAGR and is likely to be the fastest-growing market in the coating segment. The increasing demand for a superior gloss finish and the introduction of a comprehensive range of exterior textures, coupled with the growing need to protect vehicles from micro-scratches, will stimulate the product demand, thereby, escalating the demand for paints and coatings.

Based on technology, the waterborne paints & coating segment managed to acquire a large percentage of the market share of over 47%. The large revenue generation potential of the segment is attributable to the increasing use of water-borne coatings by auto manufacturers. These coatings are efficient in providing safeguards to vehicles against extreme weather conditions and are obtainable at reasonable costs. This technology allows lower temperature processing, offers sufficient chemical resistance, lets manufacturers prepare solvent-free automotive coatings.

Among the various raw materials, polyurethane is predicted to showcase the fastest growth rate and also accounted for a significant revenue-generating segment with a market share of more than 22% in 2019. The high growth rate is primarily expected due to the utilization of polyurethane-based coating by automotive manufacturers. The extensive use of the coating can be ascribed to its excellent solvent resistance, effective mechanical properties, suitable cure rates at ambient temperature, and weather lability. Also, due to the several texture options and color shades, the growing preference for polyurethane-based paints for refinishing services is significantly contributing to the market growth.

Key players in the Asia Pacific automotive paints & coatings market include 3M, Akzo Nobel, Axalta Coating Systems, BSAF SE, Berger Paints India Limited, Cabot Corporation, Clariant, Covestro AG, Donglai Coating Technology (Shanghai) Co., Ltd., DuPont de Nemours, Inc, Kansai Paint Co., Ltd., Kansai Nerolac Paints Limited, KCC corporation, Eastman chemical company, Nippon Paint (M) SDN BHD, and PPG Industries Inc, among others.
 

Frequently Asked Question(FAQ) :

The market size of Asia Pacific automotive paints & coatings was valued USD 7.2 billion in 2019.
The industry share of Asia Pacific automotive paints & coatings is projected to witness more than 5.5% growth rate during 2020 to 2026.
The passenger vehicle segment, primer has been anticipated to grow with over 7.1% CAGR and is likely to be the fastest-growing market in the coating segment.

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