An automotive coating is employed for covering automobiles for protection and to enhance look of a vehicle. Various automobile manufacturers have their own inbuilt paint in their factory premises, where multiple coatings processes are conducted. However, on-road, numerous external factors are affecting outer body of vehicles such as road mishaps, temperature, and accidents due to natural disasters, human error, or any unexplainable faults. Recoating is done at aftermarket and repair centers to retain its original look.
The global automotive coatings market report has been segmented on the basis of resin type, coat type, technology, end-use application, and region.
On the basis of resin type, the global automotive coatings market has been segmented into polyurethane, epoxy, acrylic, and others (silicone and alkyd). The polyurethane segment is estimated to account for highest share in terms of revenue in the global automotive coatings market during the forecast period. However, acrylic segment is expected to grow at highest CAGR over the forecast period in terms of revenue.
On the basis of technology, the global automotive coatings market has been segmented into solvent-borne, water-borne, and others (powder coating and UV-cured coating). The water-borne segment is anticipated to account for major share in the global automotive coatings market in terms of revenue. This can be attributed to its low VOC levels, low toxicity, and low HAP emissions, which helps reduce air emission.
On the basis of region, the global automotive coatings market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Market in Asia Pacific is projected to account for significant revenue share in the global automotive coatings market, and is expected to register highest growth in terms of revenue in the next five years, owing to increasing demand for vehicles from various developing economics such as China and India in this region.
Key players operating in the global market include BASF SE, PPG Industries, Inc., Akzonobel N.V., Kansai Paint Co., Ltd, Axalta Coating Systems, The Valspar Corporation, Nippon Paint Holdings Co., Ltd., KCC Corporation, The Sherwin-Williams Company, and Jotun.