Global Automotive Specialty Coatings Market: Rising Production of Vehicles Augments the Market Growth

Global Automotive Specialty Coatings Market

For protection against oxidation and better performance at high temperatures, automotive specialty coatings are applied to vehicle components.  They have the ability to increase the durability and appearance of the vehicles. They are mainly applied on the surface of the automobiles in order to provide them protection against different factors such as weather, mechanical and corrosion. Some of the common types of the automotive specialty coatings are powder coatings, solvent-borne, waterborne among others. Because of their low toxicity and flammability, the waterborne coatings have low VOC levels. They are widely used in application such as transmission, wheel rims and engine & exhaust. Many people prefer solvent- borne coating because they are cost effective and have fast drying abilities.

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Some of the factors responsible for the growth of this market are:

  • Increasing production of the vehicles worldwide: With increasing urbanization and changing lifestyle of the people worldwide there rising demand for vehicles worldwide. Today people prefer their own personal vehicle so they can easily and conveniently travel from one place to another. Manufacturers are also focused towards providing the customer with cars with different sizes at an affordable range which is also increasing their demand in the market.  Improvement in the transportation sector is also affecting the demand for the vehicles worldwide
  • Increasing demand for specialty coating among consumer: Specialty coatings are those coatings which have the ability to perform as per different applications. These coatings usually have excellent adhesives properties, compatibility, antireflection, sealing, substrate among others. These coatings are widely used in different applications such as oil & gas, aerospace & defense, petrochemical, pipeline, railway, marine, architecture and other. These specialty coatings are facing high demand especially from the construction industry

The global automotive speciality coatings market is segmented on the basis of applications as engine & exhaust, interior, transmission, wheel rims; type as solvent- borne, waterborne, & powder coatings; resin type as polyurethane, epoxy, & acrylic; substrate as metal,& plastic; electric & hybrid Vehicle Type as HEV, PHEV, & BEV and vehicle type as passenger car, LCV, and HCV

Some of the launches and acquisition in the market are as follow:

  • In September 2015, Henkel Adhesive Technologies India Private Limited announced the launch of their 4 TEROSON products which is specially designed for the automotive aftermarket. These products consist of TEROSON WX 157 (Heavy Cut HP), TEROSON WX 150 (Fast Cut), TEROSON WX 175 Glaze HP and TEROSON WX 180 Polish Wax. These are scraping and polishing products will remove stains and sanding marks, provide excellent glossy finishes and protect the painted surface with easy application. This will be beneficial for the vehicle repair practitioners restore the original high-painted vehicle shine, shorten turnaround times and maximize coverage with less quantity
  • In April 2015, PPG Industries announced the acquisition of REVOCOAT. This acquisition will help the company to strengthen their automotive adhesive and sealants product and technology offerings, and they will be able to offer better services and products to their customers

“According to Data Bridge Market Research, global automotive specialty coating market is set to witness a steady CAGR of 3.31% in the forecast period of 2019- 2026”

Few of the major competitors currently working in the automotive speciality coatings market are Akzo Nobel N.V., Axalta Coatings Systems, Cabot Corporation, Carboline Company, Coolshield International Pty., Ltd, Delta T & Protective Products, Excel Enterprise, General Coatings, Jotun, Kansai Nerolac Paints Limited, Lincoln Industries, Mascoat,  Mathur Corr Tech Private Limited, Nippon Paint Holdings Co., Ltd., Sharpshell Industrial Solutions.

Rising sales of BEV and growing popularity of engine downsizing are the factors which is positively affecting the market. On the other hand, rising coating application will also propel the demand for specialty coatings. There is also increasing R&D investments and technological advancements which will also accelerate the market growth creating better avenues for this market in the forthcoming period.