GLOBAL AUTOMOTIVE PAINTS & COATINGS MARKET FORECAST 2019-2027

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GLOBAL AUTOMOTIVE PAINTS & COATINGS MARKET FORECAST 2019-2027

Automotive paints and coatings play an essential role in the automotive industry. It along with beautification, acts as a preventive measure by adding an external protection layer to the vehicles. It protects the vehicles from UV radiations, corrosion, chemicals, and many other damages. Global automotive paints & coatings market is expected to grow at a 3.58% CAGR during the forecast period. The base year considered for the market study is 2018 and the estimated period is between 2019 and 2027. The increasing demand for unique coatings used in power-efficient automotive and surging automotive industry are the key market drivers. The booming automotive industry in the Asia Pacific region is also a market booster. In terms of the vehicle type, the passenger car segment accounted for the largest revenue share of the market in 2018.

GLOBAL AUTOMOTIVE PAINTS & COATINGS MARKET FORECAST 2019-2027

Global Automotive Paints & Coatings Market by End User (Automotive Oem, Automotive Refinish) by Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles) by Technology (Solvent-borne, Water-borne, Others) by Video Type (Base Coat, Electro Coat, Clear Coat, Primer) & by Geography.

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Automotive paints and coatings play an essential role in the automotive industry. It along with beautification, acts as a preventive measure by adding an external protection layer to the vehicles. It protects the vehicles from UV radiations, corrosion, chemicals, and many other damages. Global automotive paints & coatings market is expected to grow at a 3.58% CAGR during the forecast period. The base year considered for the market study is 2018 and the estimated period is between 2019 and 2027. Several factors responsible for market advancement are:

  • The surge in the use of coatings specifically for fuel-efficient automotive
  • Expanding demand for the automotive industry
  • The booming automobile industry in the Asia-Pacific region
  • Rising demand for eco-friendly paints & coatings
  • Shifting focus towards UV-curable & nanocoatings

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The increasing demand for unique coatings used in power-efficient automotive and surging automotive industry are the key market drivers. The booming automotive industry in the Asia Pacific region is also a market booster.

According to OICA, the top eight countries of Asia Pacific produce around xx% of the total number of automobiles in 2017. Thus, depicting the dominance of Asia Pacific in the automotive industry. The rapid growth of the automobile and transportation industry in this region has been one of the biggest turnouts for the automotive paints & coatings industry.

In terms of the vehicle type, the passenger car segment accounted for the largest revenue share of the market in 2018. Typically, passenger cars are used for personal purposes. Therefore, factors like durability, quality, fewer VOC emissions, and fuel efficiency of these vehicles matter most to the consumers. Automotive paints and coatings have a crucial role to play when automotive OEM tries to achieve the characteristic mentioned above. Products having low density can be used to reduce the weight of the vehicle. Also, there is a significant increase in the usage of refurbished cars, which in turn is augmenting the demand for passenger cars.

Additionally, passenger cars are the fastest-growing segment and are expected to see an increase in their market share. It is mainly due to the growing preference of consumers for high-quality products to be used in their passenger cars for better appearance and protection. On the other hand, the light commercial vehicle segment is estimated to be the second-largest market. Light commercial vehicles are mostly used for commercial purposes only. Vans, small trucks, and transport vehicles fall under the light commercial vehicles category. These vehicles serve the purpose of public transportation and the transportation of goods from one place to another. Although there is an increase in the personal care segment, public transit still forms the backbone of many countries, which makes the light commercial vehicles segment an important one.

However, stringent regulation imposed on the coating industry, recycling issues of products & increasing costs of raw materials, supply chain, and distribution networks are the main hindrances to the growth of the global automotive paints and coatings market.

Moreover, fluctuating oil prices and a shortage of raw materials such as base chemicals for resins have contributed to rising costs, increasing the manufacturing cost, and decreasing the profit margins of vendors.

Global automotive paints & coatings market has been segmented based on Product type, End Users, coat type, and vehicle type. They are further sub-segmented as follows:

Market By Technology

  • Automotive OEM
  • Automotive Refinish

Market By Technology

  • Solvent-borne
  • Water-borne
  • Other (powder coatings, radiation-cured and others)

Market By Coat Type

  • Basecoat
  • Electro coat
  • Clearcoat
  • Primer

Market By Vehicle Type

  • Passenger Cars
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles

The total market revenue in the report is calculated based on sales of automotive paints & coatings only.

On the basis of geography, the global automotive paints & coatings market has been segmented into four major regions:

  • North America: the United States, & Canada
  • Europe: United Kingdom, France, Germany, Italy, Spain, & Rest of Europe
  • Asia Pacific: China, India, Japan, South Korea, Australia & Rest of Asia Pacific
  • Rest of World: Latin America, Middle East & Africa

The Asia Pacific has dominated the regional paradigm. Asia Pacific is the global leader, withholding a XX% revenue share of the global market in 2018. Asia Pacific is also expected to be the fastest-growing market with CAGR XX%, over the forecast period of 2019-2027. Urbanization, lower interest rates, growth in the economy, and increased per capita income of the people has considerably increased the sales and production of automobiles in the Asia Pacific. China is the largest market in the Asia Pacific as it is the largest producer of automobiles globally and is also one of the key producers of automotive paints and coatings. Japan has the presence of some of the key vendors of the automotive paints and coatings market and is also a base for their technological innovations in automotive paints and coatings.

Other countries of the Asia Pacific, such as Thailand, Indonesia, Taiwan, Malaysia, and Australia, are also contributing to the market growth. The presence of critical automakers such as Toyota (Japan), Suzuki Motor (Japan), Honda Motor (Japan), Nissan (Japan), Mazda Motor (Japan), Mitsubishi Motors (Japan), Dongfeng Motor (China), Changan Automobile (China), GEELY (China), Tata Motors (India), Mahindra & Mahindra (India), and Hyundai Motor (South Korea) has helped the Asia Pacific to be the dominant leader in both the automotive as well as the automotive paints & coatings market.

Overall automotive paints & coatings market is segmented by its product type, namely, solvent-borne, water-borne, and others. Furthermore, the market is segmented into coat type and vehicle type. The coat type segment includes a Base coat, Electro coat, Clearcoat, and others. The vehicle type segment includes passenger cars, light commercial vehicles, and heavy commercial vehicles. The end-user segment comprises Automotive OEM & Automotive Refinish.

The key companies operating in the global automotive paints & coatings market are:

  • PPG Industries
  • BASF Coatings
  • Axalta Coating Systems
  • Nippon Paint Holdings
  • Kansai Paints
  • And others

Company profiles of the prominent market players are discussed in detail. Companies are consistently engaging in strategies such as merger & acquisition, contracts, new product launch, and agreements to sustain their competitive position in the market. For Instance, In November 2018, AkzoNobel acquired 100% shares in Colourland Paints Sdn Bhd and Colourland Paints (Marketing) Sdn Bhd to strengthen its position in the Asian market. It home-grown paints and coatings manufacturer and is widespread across Malaysia. In October 2018, Axalta entered into a partnership in Australia with Volgren, a leading bus manufacturer owned by the Brazilian company Marcopolo S.A. Axalta signed an agreement to be the sole supplier of coatings to Volgren for both newly manufactured buses and the repair of existing buses across all its facilities in Australia. In September 2018, KCC signed and agreed to acquire U.S.-based global silicone manufacturer Momentive Performance Materials Inc. In July 2018, PPG launched PPG ENVIRO-PRIME® 8000 – a next-generation electrocoating (e-coat) primer – to automotive original equipment manufacturers (OEMs) serving the Chinese market.

Key findings of the global automotive paints & coatings market:

  • The Asia Pacific accounts for the largest share of the automotive paints & coatings market. Moreover, it is also the fastest evolving region.
  • The booming automotive industry is augmenting the demand for automotive paints and coatings market.
  • High growth in developing countries has a significant impact on the automotive paints and coatings market, due to the rapid increase in business investment. India, Japan, and China are the central regions to target the automotive paints and coatings industry.
  • The automotive paints & coatings market is witnessing a significant makeover regarding investments for both R&D activities and product development.
  • A significant rise in demand has been noticed for the tailor-made and innovative automotive paints and coatings.

  1. RESEARCH SCOPE
    • STUDY GOALS
    • SCOPE OF THE MARKET STUDY
    • WHO WILL FIND THIS REPORT USEFUL?
    • STUDY AND FORECASTING YEARS
  2. RESEARCH METHODOLOGY
    • SOURCES OF DATA
      • SECONDARY DATA
      • PRIMARY DATA
    • TOP-DOWN APPROACH
    • BOTTOM-UP APPROACH
    • DATA TRIANGULATION
  3. EXECUTIVE SUMMARY
    • MARKET SUMMARY
    • KEY FINDINGS
      • ASIA PACIFIC – MOST DYNAMIC REGIONAL MARKET
      • GROWING DEMAND FROM AUTOMOTIVE INDUSTRY
      • INCREASING DEMAND FROM THE EMERGING NATIONS
  1. MARKET DYNAMICS
    • MARKET DEFINITION
    • MARKET DRIVERS
      • GROWING DEMAND OF COATINGS SPECIFICALLY FOR FUEL-EFFICIENT AUTOMOTIVE
      • BOOMING AUTOMOBILE INDUSTRY IN ASIA-PACIFIC REGION
      • RISING DEMAND FOR ECO-FRIENDLY PAINTS & COATINGS
    • MARKET RESTRAINTS
      • STRINGENT REGULATIONS FOR VOC & CO2 EMISSIONS
      • REDUCTION IN THE CONSUMPTION VOLUME OF AUTOMOTIVE PAINTS & COATINGS
    • MARKET OPPORTUNITIES
      • SHIFTING FOCUS TOWARDS UV-CURABLE & NANOCOATINGS
      • RISE IN DEMAND FOR CUSTOM-MADE & INNOVATIVE AUTOMOTIVE PAINTS & COATINGS
    • MARKET CHALLENGES
      • COSTS ASSOCIATED WITH AUTOMOTIVE PAINTS & COATINGS
      • ENVIRONMENTAL & RECYCLING ISSUES
  1. MARKET BY END-USER
    • AUTOMOTIVE OEM
    • AUTOMOTIVE REFINISH
  2. BY VEHICLE TYPE
    • PASSENGER CARS
    • LIGHT COMMERCIAL VEHICLES
    • HEAVY COMMERCIAL VEHICLES
  3. MARKET BY TECHNOLOGY
    • SOLVENT-BORNE
    • WATER-BORNE
    • OTHERS
  4. MARKET BY COAT TYPE
    • BASE COAT
    • ELECTRO COAT
    • CLEAR COAT
    • PRIMER
  5. KEY ANALYTICS
    • PORTER’S FIVE FORCE MODEL
      • THREAT OF NEW ENTRANTS
      • THREAT OF SUBSTITUTES
      • BARGAINING POWER OF SUPPLIERS
      • BARGAINING POWER OF BUYERS
      • THREAT OF COMPETITIVE RIVALRY
    • OPPORTUNITY MATRIX
    • VENDOR LANDSCAPE
    • VALUE CHAIN ANALYSIS
      • VENDORS/SUPPLIERS/PRODUCT OR SERVICE PROVIDERS
      • END USERS
  1. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • UNITED STATES
      • CANADA
    • EUROPE
      • GERMANY
      • UNITED KINGDOM
      • FRANCE
      • ITALY
      • SPAIN
      • ITALY
      • REST OF EUROPE
    • ASIA PACIFIC
      • CHINA
      • JAPAN
      • INDIA
      • SOUTH KOREA
      • AUSTRALIA
      • REST OF ASIA-PACIFIC
    • REST OF THE WORLD
      • LATIN AMERICA
      • MIDDLE EAST & AFRICA
  1. COMPANY PROFILES
    • AXALTA COATING SYSTEMS
    • AKZONOBEL
    • BASF SE
    • COVESTRO
    • DOWDUPONT INC.
    • FORTECH PRODUCTS INC.
    • KANSAI PAINT CO. LTD.
    • KCC CORPORATION
    • NIPPON PAINT HOLDINGS LTD
    • PPG INDUSTRIES, INC.
    • RPM INTERNATIONAL
    • SOLVAY GROUP
    • THE SHERWIN WILLIAMS COMPANY
    • VALSPAR CORPORATION

LIST OF TABLES

TABLE 1: GLOBAL AUTOMOTIVE PAINTS & COATINGS MARKET, BY GEOGRAPHY, 2019-2027 (IN $ BILLION)

TABLE 2: AUTOMOBILE PRODUCTION IN ASIA PACIFIC, 2017 (IN MILLION UNITS)

TABLE 3: GLOBAL AUTOMOTIVE PAINTS & COATINGS MARKET, BY END-USER 2019-2027 (IN $ BILLION)

TABLE 4: GLOBAL AUTOMOTIVE OEM MARKET, BY REGION, 2019-2027 (IN $ BILLION)

TABLE 5: GLOBAL AUTOMOTIVE REFINISH MARKET, BY REGION, 2019-2027 (IN $ BILLION)

TABLE 6: GLOBAL AUTOMOTIVE PAINTS & COATINGS MARKET, BY TECHNOLOGY 2019-2027 (IN $ BILLION)

TABLE 7: GLOBAL SOLVENT BORNE MARKET, BY REGION, 2019-2027 (IN $ BILLION)

TABLE 8: GLOBAL WATER BORNE MARKET, BY REGION, 2019-2027 (IN $ BILLION)

TABLE 9: GLOBAL OTHER TYPE MARKET, BY REGION, 2019-2027 (IN $ BILLION)

TABLE 10: GLOBAL AUTOMOTIVE PAINTS & COATINGS MARKET, BY VEHICLE TYPE, 2019-2027 (IN $ BILLION)

TABLE 11: GLOBAL PASSENGER CARS MARKET, BY REGION, 2019-2027 (IN $ BILLION)

TABLE 12: GLOBAL LIGHT COMMERCIAL VEHICLE MARKET, BY REGION, 2019-2027 (IN $ BILLION)

TABLE 13: GLOBAL HEAVY COMMERCIAL VEHICLE MARKET, BY REGION, 2019-2027 (IN $ BILLION)

TABLE 14: GLOBAL AUTOMOTIVE PAINTS & COATINGS MARKET, BY COAT TYPE 2019-2027 (IN $ BILLION)

TABLE 15: GLOBAL BASE COAT MARKET, BY REGION, 2019-2027 (IN $ BILLION)

TABLE 16: GLOBAL ELECTRO COAT MARKET, BY REGION, 2019-2027 (IN $ BILLION)

TABLE 17: GLOBAL CLEAR COAT MARKET, BY REGION, 2019-2027 (IN $ BILLION)

TABLE 18: GLOBAL PRIMER MARKET, BY REGION, 2019-2027 (IN $ BILLION)

TABLE 19: GLOBAL AUTOMOTIVE PAINTS & COATINGS MARKET, BY GEOGRAPHY, 2019-2027 (IN $ BILLION)

TABLE 20: NORTH AMERICA AUTOMOTIVE PAINTS & COATINGS MARKET, BY COUNTRY, 2019-2027 (IN $ BILLION)

TABLE 21: EUROPE AUTOMOTIVE PAINTS & COATINGS MARKET, BY COUNTRY,2019-2027 (IN $ BILLION)

TABLE 22: ASIA PACIFIC AUTOMOTIVE PAINTS & COATINGS MARKET, BY COUNTRY, 2019-2027 (IN $ BILLION)

TABLE 23: AUTOMOTIVE PRODUCTION IN JAPAN, 2015-2025 (IN MILLION UNITS)

TABLE 24: AUTOMOTIVE PRODUCTION IN SOUTH KOREA, 2015-2025 (IN MILLION UNITS)

TABLE 25: AUTOMOTIVE PRODUCTION IN AUSTRALIA, 2015-2025 (IN MILLION UNITS)

TABLE 26: REST OF WORLD AUTOMOTIVE PAINTS & COATINGS MARKET, BY REGION, 2019-2027 (IN $ BILLION)

LIST OF FIGURES

FIGURE 1: GLOBAL AUTOMOTIVE PAINTS & COATINGS MARKET, BY VEHICLE TYPE, 2019-2027 (IN $BILLION)

FIGURE 2: ANTICIPATED GROWTH IN GDP OF EMERGING NATIONS

FIGURE 3: GLOBAL AUTOMOTIVE PAINTS & COATINGS MARKET, BY AUTOMOTIVE OEM, 2019-2027 (IN $BILLION)

FIGURE 4: GLOBAL AUTOMOTIVE PAINTS & COATINGS MARKET, BY AUTOMOTIVE REFINISH, 2019-2027 (IN $BILLION)

FIGURE 5: GLOBAL AUTOMOTIVE PAINTS & COATINGS MARKET, BY WATER BORNE, 2019-2027 (IN $BILLION)

FIGURE 6: GLOBAL AUTOMOTIVE PAINTS & COATINGS MARKET, BY SOLVENT BORNE, 2019-2027 (IN $BILLION)

FIGURE 7: GLOBAL AUTOMOTIVE PAINTS & COATINGS MARKET, BY OTHER TYPE, 2019-2027 (IN $BILLION)

FIGURE 8: GLOBAL AUTOMOTIVE PAINTS & COATINGS MARKET, BY PASSENGER CARS, 2019-2027 (IN $BILLION)

FIGURE 9: GLOBAL AUTOMOTIVE PAINTS & COATINGS MARKET, BY LIGHT COMMERCIAL VEHICLE, 2019-2027 (IN $BILLION)

FIGURE 10: GLOBAL AUTOMOTIVE PAINTS & COATINGS MARKET, BY HEAVY COMMERCIAL VEHICLE, 2019-2027 (IN $BILLION)

FIGURE 11: GLOBAL AUTOMOTIVE PAINTS & COATINGS MARKET, BY BASE COAT, 2019-2027 (IN $BILLION)

FIGURE 12: GLOBAL AUTOMOTIVE PAINTS & COATINGS MARKET, BY CLEAR COAT, 2019-2027 (IN $BILLION)

FIGURE 13: GLOBAL AUTOMOTIVE PAINTS & COATINGS MARKET, BY ELECTRO COAT, 2019-2027 (IN $BILLION)

FIGURE 14: GLOBAL AUTOMOTIVE PAINTS & COATINGS MARKET, BY PRIMER, 2019-2027 (IN $BILLION)

FIGURE 15: GLOBAL AUTOMOTIVE PAINTS & COATINGS MARKET, REGIONAL OUTLOOK, 2018 & 2027 (IN %)

FIGURE 16: UNITED STATES AUTOMOTIVE PAINTS & COATINGS MARKET, 2019-2027 (IN $ BILLION)

FIGURE 17: AUTOMOTIVE PRODUCTION IN UNITED STATES, 2015-2025

FIGURE 18: CANADA AUTOMOTIVE PAINTS & COATINGS MARKET, 2019-2027 (IN $ BILLION)

FIGURE 19: AUTOMOTIVE PRODUCTION IN CANADA, 2015-2025

FIGURE 20: GERMANY AUTOMOTIVE PAINTS & COATINGS MARKET, 2019-2027 (IN $ BILLION)

FIGURE 21: AUTOMOTIVE PRODUCTION IN GERMANY, 2015-2025

FIGURE 22: UNITED KINGDOM AUTOMOTIVE PAINTS & COATINGS MARKET, 2019-2027 (IN $ BILLION)

FIGURE 23: AUTOMOTIVE PRODUCTION IN UNITED KINGDOM, 2015-2025

FIGURE 24: FRANCE AUTOMOTIVE PAINTS & COATINGS MARKET, 2019-2027 (IN $ BILLION)

FIGURE 25: AUTOMOTIVE PRODUCTION IN FRANCE, 2015-2025

FIGURE 26: ITALY AUTOMOTIVE PAINTS & COATINGS MARKET, 2019-2027 (IN $ BILLION)

FIGURE 27: AUTOMOTIVE PRODUCTION IN ITALY, 2015-2025

FIGURE 28: SPAIN AUTOMOTIVE PAINTS & COATINGS MARKET, 2019-2027 (IN $ BILLION)

FIGURE 29: AUTOMOTIVE PRODUCTION IN SPAIN, 2015-2025

FIGURE 30: REST OF EUROPE AUTOMOTIVE PAINTS & COATINGS MARKET, 2019-2027 (IN $ BILLION)

FIGURE 31: CHINA AUTOMOTIVE PAINTS & COATINGS MARKET, 2019-2027 (IN $ BILLION)

FIGURE 32: AUTOMOTIVE PRODUCTION IN CHINA, 2015-2025

FIGURE 33: JAPAN AUTOMOTIVE PAINTS & COATINGS MARKET, 2019-2027 (IN $ BILLION)

FIGURE 34: INDIA AUTOMOTIVE PAINTS & COATINGS MARKET, 2019-2027 (IN $ BILLION)

FIGURE 35: AUTOMOTIVE PRODUCTION IN INDIA, 2015-2025 (IN MILLION)

FIGURE 36: SOUTH KOREA AUTOMOTIVE PAINTS & COATINGS MARKET, 2019-2027 (IN $ BILLION)

FIGURE 37: AUSTRALIA AUTOMOTIVE PAINTS & COATINGS MARKET, 2019-2027 (IN $ BILLION)

FIGURE 38: REST OF ASIA-PACIFIC AUTOMOTIVE PAINTS & COATINGS MARKET, 2019-2027 (IN $ BILLION)

FIGURE 39: LATIN AMERICA AUTOMOTIVE PAINTS & COATINGS MARKET, 2019-2027 (IN $ BILLION)

FIGURE 40: AUTOMOTIVE PRODUCTION IN MEXICO, 2015-2025

FIGURE 41: MIDDLE EAST & AFRICA AUTOMOTIVE PAINTS & COATINGS MARKET, 2019-2027 (IN $ BILLION)

  1. MARKET BY END-USER
    • AUTOMOTIVE OEM
    • AUTOMOTIVE REFINISH
  2. BY VEHICLE TYPE
    • PASSENGER CARS
    • LIGHT COMMERCIAL VEHICLES
    • HEAVY COMMERCIAL VEHICLES
  3. MARKET BY TECHNOLOGY
    • SOLVENT-BORNE
    • WATER-BORNE
    • OTHERS
  4. MARKET BY COAT TYPE
    • BASE COAT
    • ELECTRO COAT
    • CLEAR COAT
    • PRIMER
  5. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • UNITED STATES
      • CANADA
    • EUROPE
      • GERMANY
      • UNITED KINGDOM
      • FRANCE
      • ITALY
      • SPAIN
      • ITALY
      • REST OF EUROPE
    • ASIA PACIFIC
      • CHINA
      • JAPAN
      • INDIA
      • SOUTH KOREA
      • AUSTRALIA
      • REST OF ASIA-PACIFIC
    • REST OF THE WORLD
      • LATIN AMERICA
      • MIDDLE EAST & AFRICA

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