Automotive Paints and Coatings Market Size, Share, Growth, Trends, Production, Revenue, Sales and Forecast 2020 to 2027

Published Date : Jan 2020 | No. of Pages : 180 Pages | Category : Automation and Transport

The global automotive paints and coatings market size is expected to reach overUS$ 28.6 billion by 2027 and anticipated to grow at a CAGR around 4.2% during the forecast period 2020 to 2027.

The global automotive paints & coatings market will rise exponentially from 2020 to 2027, augmented by a rising number of refurbishment and repair activities due to continuously increasing accident cases and crashes, along with the customer's desire to restore the vehicle to the original working condition and aesthetics.

Shifting consumer preference towards improved aesthetic appearance and attractive paint textures for vehicles is augmenting the automotive paints & coatings market growth. Beneficial properties including coatings providing UV protection, easy to use and color retention capabilities are gaining higher visibility. Introduction of numerous vehicle exterior shades and coating solutions are providing potential growth prospects for the market. Industry participants are continuously engaged in developing latest processing technologies to provide cost effective products.

Increasing vehicle production of passenger and commercial vehicles is providing potential opportunities for automotive paints and coatings market expansion over the forecast timeframe. Proliferating consumer disposable income along with increasing urbanization is providing potential opportunities for vehicle adoption. Growing vehicle registrations in conjunction with higher color customization requirements from consumers is significantly bolstering the market size.

Increasing disposable income has propelled demand for automobiles worldwide, offering lucrative growth opportunities to automotive paints & coatings market size. Paints facilitate protection to the vehicle base from corrosion along with enhanced finishing, supplementing global product demand.

Consistent R&D and technological advancements in the automobile sector have complemented innovations in automotive coating products. Additionally, stringent regulation regarding adoption of sustainable ingredients aimed at minimizing the VOC content in the products will amplify the automotive paints & coatings market share.

Increasing requirements for repair, maintenance and restoration of vehicles is augmenting the automotive paints & coatings market demand. Growing inclination towards utilization of pre-owned cars owing to favorable financing options and lower prices is providing a positive outlook for refinishing paints and coatings. Moreover, industry participants are entering into strategic agreements and partnerships for strengthening their foothold in the market. For instance, in January 2018, BASF entered into a strategic agreement with Sirrus Inc for development of high-performance automotive coatings based on methylene malonate technology.

Stringent regulations pertaining with volatile organic compound (VOC) emission are formulated by environment protection agencies to promote the utilization of eco-friendly coatings. For instance, U.S. Environmental Protection Agency (EPA) has specified National VOC Emission Standards for limiting the environmental impacts from automotive refinishing coatings.

The Europe automotive paints & coatings market is expected to evolve as one of the most significant regional markets in the coming years mainly due to stringent regulations regarding vehicle paints.

The passenger vehicles segment is showcasing widespread traction in the global automotive paints & coatings market share owing to the availability of several vehicle model options at different price ranges. The presence of simplified vehicle financing options coupled with discounts provided by the manufactures during festive season will boost the sale of cars over time. Innovations in passenger vehicles such as the introduction of environment-friendly green cars and the launch of driverless vehicles will positively influence market demand.

Several key players are venturing into the market such as BNB coatings, a subsidiary of Berger Paints, which entered the car painting industry in the year 2016. Automotive paints & coatings are available in various forms such as basecoat, primer, clear coat and electrocoat. The automotive paints & coatings market size is likely to garner substantial revenues from clearcoats in the coming years owing to benefits offered by the product in protecting primer and base coats from severe environmental conditions.

Clearcoat products are non-pigmented and provide glossy and high-quality mirror finish to vehicles. Moreover, clear coatings consist of UV blockers that protect the base coat from harmful sun rays that may fade the paint of the cars. Market players are constantly enhancing their portfolio with an aim to improve their industry scale. For example, BASF, Audi and Covestro in March 2017, announced the introduction of an advanced combining technology that provides eco-friendly and superior quality clear coat finishing.

In terms of technology, water-borne paints represent increasing significance for global automotive paints & coatings market outlook. Reduced toxic material content and strict rules regarding reducing VOC emissions from paintings are the pivotal factors influencing the demand for the products. Additionally, the need to comply with stringent emission laws and indoor air quality standards along with high corrosion resistance and enhanced durability will support the product demand between 2020-2027.

The widespread prevalence of automobile OEMs offering a plethora of car options with diversified paint schemes at different costs will bolster the demand for passenger cars and light commercial vehicles, fueling the market forecast. Prominent key players underscoring the industry's competitive dynamics include PPG Industries Inc., BAFS SE, Nippon Paints Holdings Co. Ltd., Covestro, Eastman and Dupont, among others.

Key Players & Strategies

Nippon Paint Holdings Co. is also a few of the industry participants in the car layers and coatings market. The other major actors are Wanda Refinish, Akzo Nobel NV, Axalta Coating Systems, KCC Corporation, PPG Industries Inc., Donglai Coating Technology, Clariant AG, and Valspar Corporation, Covestro, Cabot Corp., Eastman, Dupont and BASF SE. Strategic joint ventures and partnerships between industry players are one of the strategies for increasing their market share in the industry. In February 2019, for example, Nippon announced that it is providing car painting services to India in its strategic joint venture with Blue Bird Automotive.

In order to develop advanced paint technologies, industry participants collaborate with and invest continuously in R&D to increase market shares. For example, BASF joined Sirrus in 2018 to develop high-performance automotive coatings based on methylene malonate technology. These coatings significantly reduce emissions and provide smooth finishing in vehicles.

The Automotive Paints and Coatings market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Automotive Paints and Coatings market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Automotive Paints and Coatings market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Automotive Paints and Coatings market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Automotive Paints and Coatings market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Automotive Paints and Coatings capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Automotive Paints and Coatings by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Automotive Paints and Coatings market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Automotive Paints and Coatings market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Automotive Paints and Coatings market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Automotive Paints and Coatings industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

Automotive Paints and Coatings market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Automotive Paints and Coatings market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Automotive Paints and Coatings market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Automotive Paints and Coatings market. These factors have benefited the growth of the global market for Automotive Paints and Coatings. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Automotive Paints and Coatings. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

Market Segmentation

By Vehicle

  • Light Commercial Vehicles
  • Heavy Commercial Vehicles
  • Passenger Cars

By Coating

  • Primer
  • Electrocoat
  • Basecoat
  • Clearcoat

By Technology

  • Waterborne
  • Powder
  • Solvent borne
  • UV Cured

By Texture

  • Matte
  • Solid
  • Metallic

By Distribution Channel

  • OEM
  • Aftermarket

By Raw Material

  • Epoxy
  • Acrylic
  • Polyurethane
  • Other Resins

By Geography

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • Australia
    • Rest of Asia-Pacific
  • Latin America
    • Brazil
    • Chile
    • Rest of Latin America
  • Middle East and Africa (MEA)
    • South Africa
    • Saudi Arabia
    • Rest of MEA

In this study, the years considered to estimate the market size of Automotive Paints and Coatings are as follows:

  • History Year: 2016-2019
  • Base Year: 2019
  • Estimated Year: 2020
  • Forecast Year 2020 to 2027

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2016-2019) and forecast (2020-2027);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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