This report provides prognosis and analysis of the automotive coatings market. It offers historical data along with forecast data for 2027.
Rockville, MD -- (SBWIRE) -- 04/19/2019 -- FactMR has actively published a new research study titled "Automotive Coatings Market Expansion to be Persistent During 2018 to 2027 | Key Players are Behr Process Corp., Kansai Paint Co. Ltd., BASF Coatings, etc." to its broad online database. This assessment works to discourse the major trends, opportunities and drivers motivating the automotive coatings market during 2018-2027. The insights structured for presenting the target market are procured from both primary research and secondary research, and are utilized for validation that is valuable to investors, manufacturers and new entrants. As per research findings, the global automotive coatings market is expected to showcase impressive growth at 4.0% CAGR during the period until 2027.
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Top 5 companies in the automotive coatings market will continue to hold nearly two-fifth market share, with an average revenue range of US$ 5Bn to US$ 8 Bn. This further implies a high consolidation of the automotive coatings market at the brim, whereas a splintered nature at the brink. Robust sales infrastructure, sound operations and established global presence continue to retain buoyancy of Tier 1 players in the automotive coatings market. While product developments and innovations are key strategies adopted by leading automotive coatings manufacturers, small and mid-sized companies are increasingly focusing on the introduction of new products, collaborations with leading players and suppliers to strengthen their manufacturing capabilities and distribution, as key expansion strategies.
Coating process innovation and automotive design continue to drive the demand & supply trends in the automotive coatings market, with automakers exploring materials for creating multi-substrate designs and manufacturing light-weight cars. OEMs are continuously taking efforts to optimize the automotive coating process along with quality retention, as coating is deemed most energy- and cost-intensive process and has largest environmental footprint in the automotive industry. This has further led automotive coatings behemoths such as PPG Industries, Axalta Coating Systems, and BASF to develop compact painting process, which is becoming the standard of choice in order to attain future sustainability targets. Major compact automotive coatings process being implemented worldwide include B1:B2, 2-Wet and 3-Wet processes, and other primer-less technologies that include LCV painting and Eco Concept for cars.
As automakers continue to explore various lightweight material alternatives to the traditional steel, a gradual shift is being witnessed toward multi-material approach in a bid to realize effective weight reduction. Key materials being explored by the automakers include various high-strength plastics and carbon fiber reinforced polymers. Significant challenges are faced by coating formulators and applicators alike, in case of vehicles manufactured from multi-metal substrates. This is further expected to drive innovation across the overall automotive coating process and supply chain.
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Focus on smart coatings in the automotive industry has been increasing in tandem with the use of low-temperature cure coating system, wherein the process requires modification into complete coating system. This further ensures all coating layers to be entirely cured at set specific temperature. Technology of low temperature curing, faster drying, along with high gloss has recently witnessed permeation in the bus and truck manufacturing. Key attributes of smart automotive coatings such as self-cleaning & self-healing, and solar reflective functionalities are expected to further drive their penetration into the industry. However, ability of being painted in large quantities with quality retention over the vehicle's lifetime is a key challenge impeding the market penetration of smart automotive coatings.
Demand for solvent borne automotive coatings is expected to increase at a comparatively higher rate than water-borne coatings in 2018, despite rising environmental and health concerns associated with these variants. Relative preference for solvent-borne solutions is hinged on the fact that these automotive coatings retain the bond between pigments liquid and binding agents. However, substantial efforts being taken to curtail or eliminate emissions at the time of hardening owing to environmental and health concerns allude a decline in future demand for solvent-borne automotive coatings.
Key players profiled in the report include Nippon Paint (USA), Benjamin Moore & Co., Behr Process Corp., Kansai Paint Co. Ltd., BASF Coatings, Axalta Coating Systems, Nippon Paint Holdings Co., RPM International Inc., The Sherwin-Williams Co., AkzoNobel, and PPG.
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