More and more automobile production and more and more coating applications will promote the development of the global automotive specialty coatings market. The automotive specialty coatings market is expected to reach USD 3.02 billion in 2018, and is expected to reach USD 3.75 billion by 2025, with a CAGR of 3.12% from 2018 to 2025.
The demand for the automotive specialty coatings market is driven by the growth in vehicle demand, while technology and R & D investments are affected by government regulations. The increase in sales of pure electric vehicles is a constraint on the growth of the automotive specialty coatings market.
Waterborne coatings market is expected to be the fastest growing market for automotive specialty coatings
Due to the lower VOC content, the main advantages of waterborne coatings are low toxicity and low flammability. Compared with solvent-based coatings, water-based coatings have excellent adhesion and higher heat resistance.
Due to strict VOC emission regulations, regions such as Europe and North America are reducing the use of solvent-based coatings and have turned to environmentally-friendly water-based coatings. Water-based technology can be used in all applications where solvent-based coating technology can be used, such as transmissions, rims, interiors, engines and exhaust.
Passenger car coatings market is expected to be the largest market for automotive specialty coatings
It is estimated that the passenger car coatings market is the largest market for the automotive specialty coatings market. Compared to light commercial vehicles, buses and trucks, passenger cars require less coating. However, compared to other vehicle types throughout the region, passenger car production is very high.
The passenger car coatings market is also driven by growth in high-end and luxury car sales, as these cars are equipped with larger engines, best-in-class interior components, automatic transmissions and larger rims compared to traditional cars.
Oceania to dominate automotive specialty coatings market
The automotive industry in Asia and Oceania has been vibrant over the past few years, with annual production of passenger and commercial vehicles increasing. Most of the vehicles produced in Asia and Oceania are small cars with engines, interiors, manual transmissions and small rims. Compared to other regions, they require very little coating.
Increasing demand for high-end vehicles is expected to provide opportunities for coatings manufacturers, as they require significant coatings compared to small vehicles.
Automotive automotive specialty coatings market participants include PPG (USA), Axalta (USA), AkzoNobel (Netherlands), BASF (Germany), Xuanwei (USA), Kansai (Japan), Covestro (Germany) , Solvay (Belgium), Dow (USA), Nippon (Japan) and KCC (Korea).
The automotive special coatings market is divided into engines and exhausts, interiors, transmissions, rims, etc. by application; solvent-based, water-based, and powder coatings by technology; polyurethane, epoxy, acrylic, and others by resin type ; Divided into metals, plastics and others according to the passing substrate; divided into passenger cars, light commercial vehicles and large commercial vehicles according to the type of vehicle; divided into pure electric, hybrid electric, plug-in hybrid according to the type of electric vehicle, Divided into Asia Oceania, Europe, North America, etc. by region.