The Global Automotive coating industry witnessed lucrative growth owing to the intensifying sales of automotive paint coating in widespread countries such as China, India, Brazil, etc. Additionally, the top companies are introducing unique cost-effective, quality automotive paints, and high-performance coating solutions. These innovative solutions facilitate curtailing volatile emissions. This growing initiative of automotive coating companies propels the growth of the industry as per the automotive industry analysis. However, one of the leading chemical companies PPG Industries Inc., a company that manufactures and distributes automotive paint coatings, optical products, and specialty materials. In 2023, the company launched Gladiator XC Matte Extreme coating, a low-gloss urethane protective coating. This coating can be used in fields including automotive, light industrial, marine, RVs, emergency vehicles, and recreational equipment. This results in catalyzing the exponential growth of the global automotive coating industry.
Better Understanding of Automotive Coating: Types and Advantages
Automotive coatings are the coating components used or recommended for utilization in motor vehicles or mobile equipment refinishing, service, maintenance, repair, restoration, or modification, except metal plating activities.
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Types of Automotive Coating Products:
· Primer: Primer coat is the initial layer of preparation paint applied to a freshly sanded or raw surface. It protects the surface from stains so that the color can shine better. Much like paint, different types of automotive primer can be applied with a spray gun or a brush and are allowed to dry thoroughly between coats.
· Electro coat: E-Coat is an electrically applied paint coating, developed originally for the automotive industry, owing to facilitate superior coverage, adhesion, and corrosion resistance. It coats any metal such as aluminum, zinc, brass, steel, etc., that conducts electricity.
· Basecoat: Base costs are just like the actual colored paint of the vehicle that would be utilized on the top of the primer layer. It never contains any strengtheners or hardeners, as it works as raw paint, applied on the top of the primer.
· Clear coat: Clear coat is the final coat of paint applied to your car, going over the primer and the pigmented paint. It offers a glossy coating with transparent material which further helps enhance the overall look and protects from the environment.
Detailed Analysis of the Global Automotive Coating Industry, Reveals Growth
As per the report published by Markntel Advisors, “Global Automotive Coatings Market Analysis Report: Global Automotive Coatings Industry Bifurcations – By Resin Type (Acrylic, Polyurethane, Epoxy, Others (Saturated Polyester Resin, etc.)), By Technology (Water-Borne, Solvent-Borne, Powder Coating, UV-Cured Coatings), By Product (Primer, Electrocoat, Basecoat, Clearcoat), By Application (Plastic Parts, Metal Parts), By End-User (Automotive Body Shops and Repair Centers, Light Vehicle OEM, Commercial Vehicle OEM), and Others Forecast (2024-2030)”, The Global Automotive Coatings Market size was valued at USD 14.5 billion in 2023 and is projected to reach USD19.8 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 4.44% during the forecast period, i.e., 2024-30. The market growth is also driven by a surge in demand for automotive coatings solutions are the increasing customer awareness to guard their vehicle against rust, water, and snow.
Leading Segmentation Analysis Based On Application, End Users, and Region
The Global Automotive Market is segmented into six segments based on Product, technology, end-users, resin type, application, and region.
· Based on Application, the market is segmented into Plastic Parts and metal Parts, in 2024, Metal Parts are expected to dominate the Global Automotive Coating Market
· Based on End Users, the market is segmented into OEMs and Refinish in 2024, OEMs are expected to dominate the Global Automotive Coating Market
· Based on Region, the market is segmented into North America, South America, Europe, the Middle East & Africa, and Asia-Pacific in 2024, Asia-Pacific is expected to dominate the Global Automotive Coating Market
Recent Updates: Strengthening the Industry Growth
Additionally, highlighting the recent update that demonstrates the further growth and market expansion:
- BASF SE declares the expansion of its e-coat production facility in Mangalore in 2024. E-coat is used to secure a car’s body from corrosion.
What’s new in the Growing Market
The inclination of the younger population i.e., the Gen Z population towards influencers and celebrities, due to rising trends of sports cars or supercar-related vlogging content led to increasing interest in customized vehicles. The customization requires new designs, prints, and car coloring, favoring the automotive coating requirement. Along with this, the car racing events are getting exponential hype, which signifies the team’s identity, augments the growth, and promotes opportunistic growth for the global automotive coating market.
Summary
The article comprises global market players in the Automotive Coatings industry and industry product information. This article details the prominent factors behind the surging demand for futuristic growth and new opportunities that facilitate market development. Market players such as BASF SE, Axalta Coating Systems, PPG Industries, Inc., Kansai Paint Co., Ltd, Nippon Paint Holdings Co., Ltd., The Valspar Corporation, KCC Corporation, The Sherwin-Williams Company, Akzonobel N.V., Covestro AG, Arkema SA, Cabot Corporation, Clariant AG, Lord Corporation, Solvay S.A, including other leading companies, facilitate revolutionizing the global market and promoting a secure future for the Automotive Coatings Industry.
