The report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Automotive specialty coatings market is likely to witness a healthy CAGR of 3.2% during the forecast period.
Based on the application type, the market has been segmented into engine & exhaust, interior, transmission, wheel rims, and others. The transmission segment is estimated to grow at the highest rate over the next five years, driven by a host of factors including increasing acceptance of advanced dual-clutch transmission system in the developed economies, such as the USA. The number of components requires coatings on the dual-clutch transmission system and the automatic transmission is more as compared to a manual transmission. Further, trends towards the acceptance of AMTs assure the growth of specialty coatings in the transmission segment in the foreseen future.
Based on the technology type, the market is segmented as solvent-borne, waterborne, and powder coatings. Solvent-borne coatings hold the largest share in the market, whereas waterborne coatings are the fastest-growing segment. Low-cost and quick drying properties of solvent-borne coatings have led their dominance in the global automotive specialty coatings market. However, stringent regulations towards VOC emission during coating production and application are compelling the industry players to switch towards alternative technologies, mainly waterborne and powder coatings.
Based on the resin type, the market is bifurcated into polyurethane, epoxy, acrylic, and other resin systems. In 2018, the polyurethane resin segment dominated the market and is also expected to witness the highest growth during the forecast period. Polyurethane coatings are used in a wide array of applications including metal as well as plastic parts, in the automotive industry. Polyurethane coatings are deployed on plastic parts for achieving high gloss and scratch resistance, where these coatings are deployed on metal parts, such as engine & exhaust, transmission, and wheel rims, to protect them from corrosion.
Based on the substrate type, the market is segmented as metals, plastics, and others. The plastics segment is expected to witness the highest growth during the forecast period. Automakers’ push towards the development of lightweight parts in order to make overall vehicle lightweight to address stringent regulations regarding fuel efficiency enhancements and carbon emission reductions is driving a greater usage of plastic parts in almost all the major sections including automotive body closures. This is corresponding to a greater demand for specialty coatings on these plastic parts.
In terms of regions, Asia-Pacific is expected to remain the largest as well as fastest-growing automotive specialty coatings market during the forecast period. The market is driven by the growing vehicle production in the developing countries such as, India and China. Rising disposable income of consumers and the growing presence of OEMs in the region are likely to boost the demand for automobiles in Asia-Pacific, which, in turn, will stimulate the demand for specialty coatings.
Europe and North America are also likely to generate favorable growth opportunities over the next five years. The USA is likely to remain the largest market in North America over the next five years, whereas Mexico is likely to be the new growth engine of the region. Similar to North America, Germany and France are likely to be the major markets in Europe in the coming years, propelled by the presence of major automakers in these countries.
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