Global Automotive Specialty Coatings Market 2023-2030

Global Automotive Specialty Coatings Market 2023-2030

Global Automotive Specialty Coatings Market Size, Share & Trends Analysis Report by Resin Type (Polyurethane, Epoxy, Acrylic, Polyester and Other), by Technology (Waterborne Coatings, Solvent-borne Coatings, Powder Coatings and UV-cured Coatings), by Application (Anticorrosion, Heat Protection, Liquid & Stain Repellents and Scratch Resistance), and by End-user(Passenger Vehicle and Commercial Vehicle), Forecast Period (2023-2030)

The global automotive specialty coatings market is anticipated to grow at a CAGR of 11.1% during the forecast period (2023-2030). Automotive specialized coatings are designed to provide vehicles with enhanced aesthetics, protection, and performance, catering to the evolving demands of consumers. The growing adoption of such protective coating is the key factor supporting the growth of the market globally. Protective coatings are a simple way to reduce corrosion, by limiting the exposure of the metal to a corrosive environment. Paint is a very common protective coating, though tar, pitch, bitumen and plastics are also used. Hence, the market players are also focusing on introducing protecting automotive specialty coatings solutions, further bolstering the market growth. For instance, in May 2023, Covestro AG launched a new production line the new Desmopan®UP TPU series for Paint Protection Film in the automotive and wind sector. The series offers high durability, adaptability and aesthetics, protecting automotive surface coatings from harsh environmental conditions. The material can also be used to protect wind blades or screens of smart devices.

Segmental Outlook

The global automotive specialty coatings market is segmented on the resin type, technology, application, and end users. Based on the resin type, the market is sub-segmented into polyurethane, epoxy, acrylic, polyester and others. Based on the technology, the market is sub-segmented into waterborne coatings, solvent-borne coatings, powder coatings and UV-cured coatings. Based on the application, the market is sub-segmented into anti-corrosion, heat protection, liquid & stain repellents, and scratch resistance. Further, on the basis of end users, the market is sub-segmented into passenger vehicle and commercial vehicle. Among the application, the anticorrosion sub-segment is anticipated to hold a considerable share of the market owing to the rise in development of sample containing P-EC microcapsules showed the best anticorrosion resistance. Novel epoxy-based coating that provides superior adhesion and corrosion resistance on lightweight materials like aluminum and composites for automotive industry.

The Powder Coatings Sub-Segment is Anticipated to Hold a Considerable Share of the Global Automotive Specialty Coatings Market

Among the technology, the powder coatings sub-segment is expected to hold a considerable share of the global automotive specialty coatings market. The segmental growth is attributed to the growing adoption of the powder coatings used in automotive applications owing to their enduring abrasion and corrosion resistance. In some applications, powder coatings tend to maintain their appearance and performance properties longer than liquid coatings. The coating has a tough, textured, low-gloss matte finish that is durable and flexible. It features a long shelf life, quick curing time, superior fade resistance and UV stability, and meets VOC regulations in all US states. For instance, in October 2023, PPG Industries, Inc. launched GLADIATOR™ XC Matte Extreme coating, a premium, low-gloss urethane protective coating that can be used in industries and applications including automotive, light industrial, marine, RVs, emergency vehicles, and recreational equipment.

Regional Outlook

The global automotive specialty coatings market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, North America is anticipated to hold a prominent share of the market across the globe, owing to the increasing demand for electric and hybrid vehicles in light of carbon emissions.

The Asia-Pacific Region is Expected to Grow at a Significant CAGR in the Global Automotive Specialty Coatings Market

Among all regions, the Asia-Pacific regions is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to rising vehicle production in developing economies such as India and China. Increasing consumer disposable income and the rapid expansion of OEMs in the region are expected to drive market growth for automobiles in Asia-Pacific, that drive growth for specialty coatings.

The requirement for automotive specialty coatings and developments in coatings technology is highly influenced by an increase in vehicle production, a rise in the number of applications that require coating, and a rise in premium vehicle sales. An increase in the use of Polyurethane resins frequently provides a glossy finish and scratch resistance to plastic components used in automotive vehicle interior decoration. Furthermore, polyurethane resins are used to create metal highly corrosive in uses including engine & exhaust, and transmitter. The key market players include Asian Paints Ltd., Berger Paints India Ltd., Kansai Paint Co., Ltd., KCC Corp., Nippon Paint Holdings Co., Ltd., and others.

Market Players Outlook

The major companies serving the automotive specialty coatings market include Akzo Nobel N.V., Axalta Coating Systems Ltd., BASF SE, PPG Industries, Inc., Sherwin-Williams, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in May 2023, PPG Industries, Inc. delivered paint and clear film solutions for automotive and industrial customers through PPG Advanced Surface Technologies, a new joint venture formed with Entrotech, Inc., a provider of technology-driven film solutions. PPG retains a majority stake in the joint venture.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global automotive specialty coatings market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.