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.
Some of the factors responsible for the growth of this market are:
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:
“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.
Global Automotive Speciality Coatings Market – Industry Trends and Forecast to 2026