Mexico Automotive OEM Coatings Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Mexico Automotive OEM Coatings Market is segmented by Application (Passenger Vehicles, Commercial Vehicles, ACE), Technology (Waterborne, Solvent-borne, Powder, and UV-Cured), and Resin Type (Acrylic, Alkyd, Epoxy, Polyurethane, Polyester, Others) and by Layer Type ( Base coat, Clear coat, Electro coat, and Primer). The report offers market size and forecasts in terms of revenue (USD million) for all the above segments.

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Mexico Automotive OEM Coatings Market Size

Mexico Automotive OEM Coatings Market Summary
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Study Period 2017-2027
Base Year For Estimation 2022
Forecast Data Period 2023 - 2028
Historical Data Period 2018 - 2021
CAGR > 4.70 %
Market Concentration High

Major Players

Mexico Automotive OEM Coatings Market Major Players

*Disclaimer: Major Players sorted in no particular order
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Mexico Automotive OEM Coatings Market Analysis

The Mexico Automotive OEM Coatings Market was valued at USD 513 million at the end of the year and is projected to register a CAGR of 4.7% during the forecast period. The COVID pandemic negatively affected the automotive OEM coatings market as most automotive manufacturers closed their manufacturing activities. However, after Covid-19, automotive manufacturers resumed production work which helped to revive the market for automotive OEM coatings in the country.

  • Over the long term, the major factor driving the market is the preference for personal transport. The consumer preference for private transport has grown over the recent years due to better development of roads and infrastructure, startup innovations in the car rental industry, and the availability of low-cost cars that are affordable for middle-class people.
  • The harmful environmental impact of conventional coatings is expected to restrain the automotive OEM market in the country.
  • The rising demand for electric vehicles offers various opportunities for market growth during the forecast period.
  • In the application segment, the passenger vehicles segment is expected to dominate the market for automotive OEM coatings in the country.

Mexico Automotive OEM Coatings Market Trends

The Polyurethane Resins Segment to Register Significant Market Growth During the Forecast Period

  • Polyurethane is a thermosetting resin that does not melt when heated. Polyurethane resin-based coatings are largely used in automotive OEM applications. These paints are usually applied over intermediates and primers to provide a lustrous and glossy finish while maintaining resistivity and providing excellent performance against high levels of UV and other extreme weather conditions in areas prone to high wear and resistivity toward a wide range of solvents.
  • Polyurethane coatings are used in the automotive industry as these coatings can withstand environmental impacts such as water and salt or UV radiation. These coatings will help to maintain their superior appearance and high gloss over a long period of time. Also, resistance toward scratches is essential for an automotive clear coat.
  • Automobile coatings include automobile primer, intermediate coat, and finishing paint. According to the coating process, 92% of primer uses cathodic electric deposit (CED). It includes 90% cathode electrophoretic paint. Polyurethane electrophoretic paint has excellent comprehensive performance. Thus, these are used as primers in automotive OEM applications.
  • Polyurethane coatings are easily available in the market and preferred by manufacturing industries. The development of environment-friendly coatings with poly-aspartic and 2K waterborne PU technology has also opened up new avenues for growth.
  • The increased use of polyurethane coatings, due to stringent government regulations for a greener and more sustainable environment, is expected to provide tremendous opportunities for market growth in Mexico in the coming years.
Mexico Automotive OEM Coatings Market : Mexico Automotive OEM Coatings Market, CAGR (%), by Resin, 2022-2027

The Passenger Cars Application Segment to Dominate the Market

  • Passenger cars are vehicles designed for the carriage of passengers and comprising no more than eight seats in addition to the driver's seat. The passenger can carry a maximum mass of 3.5 tons.
  • The automotive coatings are used for coating various interiors and exteriors of cars, such as center clusters, instrument panels, armrests, meter clusters, speaker grills, armrest bezels, steering wheels, door trim, and handles, and to coat the surface of automobiles for both protection of the vehicle's surface as well as to enhance its aesthetic appearance.
  • Mexico is the sixth-largest global passenger vehicle manufacturer. 89% of vehicles produced in Mexico are exported, with 80% exported to the United States. In 2021, Mexico produced 708,242 passenger vehicles at a 27% production decline rate compared to 967,479 units produced in 2020. The high raw material prices, shortage of semiconductor chips, and other logistical factors have resulted in declined production of passenger vehicles in the country.
  • However, the United States-Mexico-Canada Agreement (USMCA) has supported the development of new vehicles in the country. This factor is likely to boost the production and sales of passenger vehicles in the country.
  • Ford announced an investment of USD 50 billion to increase electric vehicle production capacity at its assembly plant in Cuautitlan, State of Mexico. The company aims at tripling it's production capacity from 70,000 to 21,000 units. This will help to further strengthen passenger vehicles market in the country.
Mexico Automotive OEM Coatings Market : Mexico Passenger Vehicles Production Volumes, in Units, 2017-2021

Mexico Automotive OEM Coatings Industry Overview

The Mexico automotive OEM coatings market is consolidated. Some major players in the market include (not in a particular order) Akzo Nobel N.V., Axalta Coating Systems, BASF SE, PPG Industries, Inc., and The Sherwin-Williams Company, among others.

Mexico Automotive OEM Coatings Market Leaders

  1. Akzo Nobel N.V.

  2. Axalta Coating Systems

  3. BASF SE

  4. PPG Industries, Inc.

  5. The Sherwin-Williams Company

*Disclaimer: Major Players sorted in no particular order

Mexico Automotive OEM Coatings Market Concentration

Mexico Automotive OEM Coatings Market News

  • May 2021: PPG announced it had completed its acquisition of Worwag company, a global coatings manufacturer for industrial and automotive applications. The acquisition will help PPG to further strengthen its position in Mexico.

Mexico Automotive OEM Coatings Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Mobility Preference for Personal Transport

      2. 4.1.2 Growing Demand for Better Interiors in Vehicles

    2. 4.2 Restraints

      1. 4.2.1 Fluctuating Automotive Industry

      2. 4.2.2 Harmful Environmental Impact of Conventional Coatings

    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 Buyers

      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 (Value in USD Million)

    1. 5.1 Application

      1. 5.1.1 Passenger Vehicles

      2. 5.1.2 Commercial Vehicles

      3. 5.1.3 ACE

    2. 5.2 Technology

      1. 5.2.1 Waterborne

      2. 5.2.2 Solventborne

      3. 5.2.3 Powder

      4. 5.2.4 UV-Cured

    3. 5.3 Resin Type

      1. 5.3.1 Acrylic

      2. 5.3.2 Alkyd

      3. 5.3.3 Epoxy

      4. 5.3.4 Polyurethane

      5. 5.3.5 Polyester

      6. 5.3.6 Other Resin Types

    4. 5.4 Layer

      1. 5.4.1 Basecoat

      2. 5.4.2 Clearcoat

      3. 5.4.3 Electrocoat

      4. 5.4.4 Primer

  6. 6. COMPETITIVE LANDSCAPE

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

    2. 6.2 Market Share (%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Akzo Nobel N.V.

      2. 6.4.2 Axalta Coating Systems

      3. 6.4.3 BASF SE

      4. 6.4.4 Henkel AG & Co. KGaA

      5. 6.4.5 Hemple A/S

      6. 6.4.6 Jotun

      7. 6.4.7 Mankiewicz Gebr. & Co.

      8. 6.4.8 Nippon Paint Holdings Co., Ltd.

      9. 6.4.9 PPG Industries

      10. 6.4.10 Sika AG

      11. 6.4.11 The Sherwin-Williams Company

    5. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 The rising demand for electric and hybrid passenger vehicles

    2. 7.2 Increasing demand for eco-friendly coatings

**Subject to Availability

Mexico Automotive OEM Coatings Industry Segmentation

Automotive OEM coatings are used to protect the vehicle body from corrosion. The coating applications include steps such as primer, basecoat, and clear coat, and top coat. Automotive OEM coatings will help to improve the appearance and performance of vehicles. The automotive OEM coatings market is segmented by application, technology, resin type and layer type. By application, the market is segmented into passenger vehicles, commercial vehicles, and ACE. By technology, the market is segmented into water-borne, solvent-borne, powder, and UV-cured. By resin type, the market is segmented into acrylic, alkyd, epoxy, polyurethane, polyester, and others. By layer type, the market is segmented into base coat, clear coat, electro coat, and primer. For each segment, the market sizing and forecasts have been done based on value (USD million).

Application
Passenger Vehicles
Commercial Vehicles
ACE
Technology
Waterborne
Solventborne
Powder
UV-Cured
Resin Type
Acrylic
Alkyd
Epoxy
Polyurethane
Polyester
Other Resin Types
Layer
Basecoat
Clearcoat
Electrocoat
Primer

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Mexico Automotive OEM Coatings Market Research FAQs

The Mexico Automotive OEM Coatings Market is projected to register a CAGR of greater than 4.7% during the forecast period (2023-2027).

Akzo Nobel N.V., Axalta Coating Systems, BASF SE, PPG Industries, Inc. and The Sherwin-Williams Company are the major companies operating in the Mexico Automotive OEM Coatings Market.

Mexico Automotive OEM Coatings Industry Report

Statistics for the 2023 Mexico Automotive OEM Coatings market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Mexico Automotive OEM Coatings analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

Mexico Automotive OEM Coatings Report Snapshots

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