Automotive Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The market is segmented by Resin Type (Polyurethane, Epoxy, Acrylic, and Other Resin Types), Technology (Solvent-Borne, Water-Borne, and Powder), Layer (E-coat, Primer, Base Coat, and Clear Coat), Application (OEM and Refinish), and Geography (Asia-Pacific, North America, South America, Europe, and Middle East & Africa).

Market Snapshot

automotive coatings market
Study Period:

2016 - 2026

Base Year:

2020

Fastest Growing Market:

Asia Pacific

Largest Market:

North America

CAGR:

<4 %

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Market Overview

The automotive coatings market is expected to register a CAGR of around 4% during the forecast period. One of the major factors driving the market growth is increasing production from the automotive industry in Asia-Pacific. However, stringent regulations regarding VOC emissions are likely to restrict market growth.

  • Growing demand for water-borne technology is also likely to boost the demand for automotive coatings.
  • Investment opportunities in the Middle East & Africa are expected to provide opportunities for market growth in the future.
  • Asia-Pacific is expected to account for the fastest growth rate during the forecast period.

Scope of the Report

The automotive coatings market report includes:

Resin Type
Polyurethane
Epoxy
Acrylic
Other Resin Types
Technology
Solvent-borne
Water-borne
Powder
Layer
E-coat
Primer
Base Coat
Clear Coat
Application
OEM
Refinish
Geography
Asia-Pacific
China
India
Japan
South Korea
Australia & New-Zealand
Indonesia
Malaysia
Thailand
Rest of ASEAN
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Saudi Arabia
South Africa
Egypt
Rest of Middle East & Africa (MEA)

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Key Market Trends

Water-borne Technology is Expected to Witness the Highest Growth Rate

  • Though solvent-borne technology is currently accounted for the major market share, it is expected to witness a sluggish growth rate during the forecast period.
  • One of the key reasons that are restraining the growth of solvent-borne automotive coatings is the regulations regarding the VOC emissions from hazardous air pollutants present in them like toluene, xylene, ethylbenzene, and methyl ethyl ketone.
  • The constantly evolving environmental standards are resulting in an increasing demand for water-based automotive coatings. Meanwhile, the water-based coatings are identical to the solvent-based coatings, in terms of pigments and binders, they differ in carrying agent.
  • Over the last few years, mild co-solvent reducers and additives are being introduced to improve performance and drying times of water-based coatings.
  • Hence, the aforementioned reasons are likely to result in the highest growth rate for water-borne technology during the forecast period.
Automotive Coatings Market Revenue Share

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Asia-Pacific is Expected to Witness the Highest Growth Rate

  • Asia-Pacific was the largest market for automotive coatings, followed by North America and Europe.
  • The automotive production in India and ASEAN countries is likely to boost the demand for automotive coatings in Asia-Pacific.
  • Increasing sales of pre-owned vehicles, growing cab services, and increasing vehicle repair and body shops in Asian countries are also likely to boost the demand for automotive coatings.
  • Coming into 2019, the automotive production in China was affected and automotive sales declined in India. This trend continued throughout 2019 and is also likely to be the same over the firsst half of 2020. However, the automotive industry is projected to recover by second half of 2020.
  • Moreover, the Asia-Pacific region is likely to witness the highest growth during the forecast period.
Automotive Coatings Market Regional Trends

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Competitive Landscape

The automotive coatings market is consolidated, as the majority of the market share is divided among a few of the companies. Some of the key players of the market include Axalta Coating Systems Ltd, BASF SE, Akzo Nobel NV, The Sherwin-Williams Company, and PPG Industries Inc., among others.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Growing Demand for Water-borne technology

      2. 4.1.2 Others

    2. 4.2 Restraints

      1. 4.2.1 Stringent Environmental Regulations Regarding VOC Emissions

    3. 4.3 Industry Value-Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Resin Type

      1. 5.1.1 Polyurethane

      2. 5.1.2 Epoxy

      3. 5.1.3 Acrylic

      4. 5.1.4 Other Resin Types

    2. 5.2 Technology

      1. 5.2.1 Solvent-borne

      2. 5.2.2 Water-borne

      3. 5.2.3 Powder

    3. 5.3 Layer

      1. 5.3.1 E-coat

      2. 5.3.2 Primer

      3. 5.3.3 Base Coat

      4. 5.3.4 Clear Coat

    4. 5.4 Application

      1. 5.4.1 OEM

      2. 5.4.2 Refinish

    5. 5.5 Geography

      1. 5.5.1 Asia-Pacific

        1. 5.5.1.1 China

        2. 5.5.1.2 India

        3. 5.5.1.3 Japan

        4. 5.5.1.4 South Korea

        5. 5.5.1.5 Australia & New-Zealand

        6. 5.5.1.6 Indonesia

        7. 5.5.1.7 Malaysia

        8. 5.5.1.8 Thailand

        9. 5.5.1.9 Rest of ASEAN

        10. 5.5.1.10 Rest of Asia-Pacific

      2. 5.5.2 North America

        1. 5.5.2.1 United States

        2. 5.5.2.2 Canada

        3. 5.5.2.3 Mexico

      3. 5.5.3 Europe

        1. 5.5.3.1 Germany

        2. 5.5.3.2 France

        3. 5.5.3.3 United Kingdom

        4. 5.5.3.4 Italy

        5. 5.5.3.5 Spain

        6. 5.5.3.6 Russia

        7. 5.5.3.7 Rest of Europe

      4. 5.5.4 South America

        1. 5.5.4.1 Brazil

        2. 5.5.4.2 Argentina

        3. 5.5.4.3 Rest of South America

      5. 5.5.5 Middle East & Africa

        1. 5.5.5.1 Saudi Arabia

        2. 5.5.5.2 South Africa

        3. 5.5.5.3 Egypt

        4. 5.5.5.4 Rest of Middle East & Africa (MEA)

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 BASF SE

      2. 6.4.2 Akzo Nobel NV

      3. 6.4.3 Axalta Coating Systems Ltd

      4. 6.4.4 Beckers Group

      5. 6.4.5 Bollig & Kemper

      6. 6.4.6 Cabot Corporation

      7. 6.4.7 Eastman Chemical Company

      8. 6.4.8 HMG Paints Limited

      9. 6.4.9 Jotun

      10. 6.4.10 Kansai Nerolac Paints Limited

      11. 6.4.11 KCC Corporation

      12. 6.4.12 Lord Corporation

      13. 6.4.13 Nippon Paint Holdings Co. Ltd

      14. 6.4.14 PPG Industries Inc.

      15. 6.4.15 Shanghai Kinlita Chemical Co. Ltd

      16. 6.4.16 The Sherwin-Williams Company

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Automotive Coatings Market market is studied from 2016 - 2026.

The Automotive Coatings Market is growing at a CAGR of <4% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

  • Axalta Coating Systems Ltd
  • BASF SE
  • Akzo Nobel NV
  • PPG Industries Inc.
  • The Sherwin-Williams Company

Are the major companies operating in Automotive Coatings Market.

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