Topcoat Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Topcoat Market Analysis
The market for topcoat is expected to grow at a CAGR of more than 5% during the forecast period. The major factor driving the growth of the market studied is the increasing demand from the aerospace industry. However, the decline in the automotive industry is expected to hinder the market's growth.
- By end-user industry, the automotive segment dominated the market and the aerospace segment is expected to witness significant growth.
- Asia-Pacific dominated the market and is expected to witness the fastest growth during the forecast period.
Topcoat Market Trends
This section covers the major market trends shaping the Topcoat Market according to our research experts:
Automotive Industry Dominated the Market
- Priming layer clear coat is the final layer of coating for any vehicle and the main aim of this coat is to protect the body from the environment, chemicals, scratches, corrosion, UV resistance, etc.
- The coats are available as 1K, 2K, and powder (not common) systems, and are primarily acrylic- or polyurethane-based coatings. For instance, 2K SUPACYRLIC TOP COAT by Goldstar Paints is a 2k Acrylic Hi-gloss enamel, is used for automobile coatings.
- Furthermore, robust demand from the automotive industry during production and aftermarket has boosted the market to a great extent.
- However, decreasing automotive production and sales across the globe are likely to have a negative impact on the topcoats market.
- On a brighter side, 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 top coat coatings.
Asia-Pacific to Dominate the Market
- 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.
- Coming into 2019, 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 in 2020 owing to COVID-19. However, the automotive industry is projected to recover by the second half of 2020.
- Additionally, stall in the global aerospace industry due to coronavirus breakdown is also expected to act as hindering factor to the market.
- However, the Asia-Pacific region is likely to witness the highest growth during the forecast period.
Topcoat Industry Overview
The market studied is consolidated among the top players. Some of the prominent players in the market includes Akzo Nobel N.V., Hempel A/S, BASF SE, PPG Industries, Inc., and The Sherwin-Williams Company, among others.
Topcoat Market Leaders
BASF SE
Akzo Nobel N.V.
Hempel A/S
PPG Industries, Inc
The Sherwin-Williams Company
*Disclaimer: Major Players sorted in no particular order
Topcoat Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Assumptions
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Drivers
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4.1.1 Increasing Demand From Aerospace Industry
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4.1.2 Other Driver
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4.2 Restraints
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4.2.1 Decline in Automotive Industry
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4.2.2 Impact of COVID-19 Pandemic
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4.3 Industry Value-Chain Analysis
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4.4 Porter's Five Forces Analysis
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4.4.1 Bargaining Power of Suppliers
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4.4.2 Bargaining Power of Consumers
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4.4.3 Threat of New Entrants
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4.4.4 Threat of Substitute Products and Services
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4.4.5 Degree of Competition
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5. MARKET SEGMENTATION
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5.1 Resin Type
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5.1.1 Polyurethane
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5.1.2 Acrylic
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5.1.3 Epoxy
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5.1.4 Other Resin Types
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5.2 End-user Industry
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5.2.1 Automotive
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5.2.2 Aerospace
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5.2.3 Marine
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5.2.4 Other End-user Industries
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5.3 Geography
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5.3.1 Asia-Pacific
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5.3.1.1 China
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5.3.1.2 India
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5.3.1.3 Japan
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5.3.1.4 South Korea
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5.3.1.5 Rest of Asia-Pacific
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5.3.2 North America
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5.3.2.1 United States
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5.3.2.2 Canada
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5.3.2.3 Mexico
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5.3.3 Europe
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5.3.3.1 United Kingdom
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5.3.3.2 France
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5.3.3.3 Germany
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5.3.3.4 Italy
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5.3.3.5 Rest of Europe
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5.3.4 South America
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5.3.4.1 Brazil
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5.3.4.2 Argentina
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5.3.4.3 Rest of South America
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5.3.5 Middle-East and Africa
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5.3.5.1 South Africa
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5.3.5.2 Saudi Arabia
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5.3.5.3 Rest of Middle-East and Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
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6.2 Market Share/Ranking Analysis**
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6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
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6.4.1 Akzo Nobel N.V.
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6.4.2 BASF SE
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6.4.3 Chugoku Marine Paints, Ltd.
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6.4.4 Hempel A/S
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6.4.5 Jotun
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6.4.6 Kansai Paint Co.,Ltd.
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6.4.7 NIPPON PAINT
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6.4.8 PPG Industries, Inc.
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6.4.9 The Sherwin-Williams Company
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Topcoat Industry Segmentation
The topcoat market report includes:
| Resin Type | |
| Polyurethane | |
| Acrylic | |
| Epoxy | |
| Other Resin Types |
| End-user Industry | |
| Automotive | |
| Aerospace | |
| Marine | |
| Other End-user Industries |
| Geography | |||||||
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Topcoat Market Research FAQs
What is the current Topcoat Market size?
The Topcoat Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Topcoat Market?
BASF SE, Akzo Nobel N.V., Hempel A/S, PPG Industries, Inc and The Sherwin-Williams Company are the major companies operating in the Topcoat Market.
Which is the fastest growing region in Topcoat Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Topcoat Market?
In 2024, the Asia Pacific accounts for the largest market share in Topcoat Market.
What years does this Topcoat Market cover?
The report covers the Topcoat Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Topcoat Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Topcoat Industry Report
Statistics for the 2024 Topcoat market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Topcoat analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
