The Global Automotive Specialty Coatings Market is projected to reach around USD 3.8 billion by 2027 at a CAGR of around 2.8%.
Automotive specialty coatings are used on the surface of various vehicle parts to protect them from environmental damage such as UV radiation, corrosion, and for decoration purposes. Benefits of specialty coatings help in improving vehicle performance under extreme temperature, substrate compatibility and enhances durability. It is applied on components such as engine, steering system, brake system, wheel rims, exhaust, suspension system, and others.
Market Driver:
Government has imposed strict regulations for coatings makers such as National Volatile Organic Compound Emission Standards for Architectural Coatings, National Emission Standards for Hazardous Air Pollutants (NESHAP) and others to limit the use of volatile organic compounds (VOCs) in their products. VOCs contain a variety of chemicals that are widely found in products such as solvent-based paints/coatings, sealants, adhesives, organic solvents, and others. VOC-containing products cause air pollution and have adverse health effects. Hence, automotive coating technologies are shifting towards waterborne and powder coatings, as it's eco-friendly and cuts down the amount of VOCs they contain.
Therefore, strict regulations regarding VOC emissions are expected to boost the market growth during the forecast period.
Growing vehicle production increases the number of coating applications which directly helps in propelling the demand for the automotive specialty coatings market. In 2018, India, Malaysia, Thailand, Russia and among others are the prominent countries that have shown positive growth of 8%, 12.2%, 9%, 13.9%, respectively. Moreover, rise in electric vehicle production in developing nations has increased the production of multi-material coating for bodyweight reduction such as aluminum, magnesium, ultra-high-strength steel (UHSS), carbon fiber reinforced polymers and various high-strength plastics.
Thus, the rise in vehicle production is anticipated to drive the market growth during the assessment period.
Market Restraint:
Raw materials such as resins, hardeners, aluminum paste, solvents, additives, catalysts, emulsion polymers, and others are used for the production of specialty coating. The cost of raw materials plays a vital role for coating manufacturers, as more than 50% of the operating costs are allotted to raw materials. Fluctuation in the prices of these materials is a major factor likely to hamper the market growth during the assessment period. Most of the raw materials used in the coatings industry are petroleum-based which adds up the cost on account of the supply-demand gap and uncertain shortages of crude oil.
Thus, the volatility of raw material prices is a major restraining factor for the market growth.
The report on the automotive specialty coatings market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Report Features |
Specifics |
Historical/Estimated/Forecasted Market Size Years |
2018-2027 |
Base Year for Market Calculation |
2019 |
Forecasted Period |
2020-2027 (2020 estimated year, forecasted up to 2027) |
Measured Units |
Value (USD Million), Volume (Kiloton) |
Segments Included |
Layer, Technology, Resin, and Application |
Regional Coverage |
North America, Asia-Pacific, Europe, Middle East & Africa, South Africa |
Automotive Specialty Coatings Market: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Automotive Specialty Coatings Market, by Layer
Automotive Specialty Coatings Market, by Technology
Automotive Specialty Coatings Market, by Resin
Automotive Specialty Coatings Market, Application
Automotive Specialty Coatings Market, by Region
Key Questions answered by the report
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE AUTOMOTIVE SPECIALTY COATINGS MARKET STUDY
Note1: Tentative table of contents, may get updated during the course of research.
Note2: Company financial information is subject to availability in public domain
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE STUDY