The worldwide market for automotive coatings is estimated to grow at a CAGR of 6.4% between 2018 and 2026. Increasing use of coating materials in automobiles owing to its growing popularity as barriers to car paints from extreme heat, acid rain, dust, UV radiations etc. along with its characteristics of enhancing vehicle appearance are expected to be the major factors driving the automotive coatings demand. These products and the specific processes that are used for coating surfaces of automobiles illustrate the ultramodern technologies that are capable of producing durable surfaces of automobile, exceed expectations of customers’ for maximizing efficiency, appearance, along with meeting environmental regulations.
There have been several advancements in coating technologies in the recent past. Some of these include the significant progress of controlling droplets during its application, their attributes of deposition and innovative chemistries of these products etc. are expected to add further demand of automotive coatings. The critical performance factors that are expected to drive development and rising use of several types of newly innovated advanced coatings and their application technologies in automobiles include corrosion protection, enhanced aesthetics, production cost cutting leading to ease of mass production and fulfilling of environmental & regulatory norms along with its traditional characteristics of enhanced durability and performance.
North America Automotive Coatings Market Share By Product Type, 2017-2026
Note: Inside circle depicts data for 2017 & outside circle depicts data for 2026
The comparative importance of these factors is high and perfection of a single one at an expense of the other is not possible. Several formulation developments of these coating substances have been achieved owing to advancements in its production technologies and paint mixtures. Use of automotive coatings has increased significantly as they satisfy and cater to customer expectations along with meeting environmental regulations. These products also help in cutting down ownership and maintenance cost as application of self healing coatings enables the paint surface to heal automatically without the use of external support. The most important evolution have been the utilization of these smart coatings in offering significantly potential and improved surface durability. And this is achieved by these products by adding extra properties or functionalities such as super-hydrophobicity, self-healing, self-stratifying, sound proofing, self-sensing, and vibration damping.
Smart coatings with self healing capacity response to the environmental changes and enhance the coating life. They are very responsive to abrasives, mechanical trigger, corrosion or sound proofing, in which these products self heal and adapt according to diverse environmental responses. Self-healing coatings have become very popular among these product types. These are achieved by employing a particular shape memory polymer that is actually triggered with humidity and temperature manipulation also with UV radiation. Other form of smart coatings includes the ones with capabilities of internal sensing.This entails active or passive triggering of several fluorescent quantum dots or molecules. These advancements in such technologies are projected to further increase the acceptance of these products in the automotive industry.
North America Automotive Coatings Market, By Resin Type, 2017 - 2026 (USD Million)
Asia Pacific is expected to account for the maximum demand for these products in the next eight years. With increasing production of vehicles in the region especially in China, Japan, India, Korea and even Australia demand for these products are anticipated to grow even higher. North America was also a potential market in terms of production of these substances. Consumption of these products have been also been seen increasing on a yearly basis.
Some of the leading industry participants in this category of coating production globally includes Solvay, DSM, Lord Corporation, Jotun A/S, Eastman Chemical Company, Clariant AG, Cabot Corporation, Berger Paints, Beckers Group, Arkema SA, Sherwin-Williams Company, AkzoNobel, Valspar Corporation, KCC Paint, Bayer AG, Nippon Paint, Kansai Paint, PPG Industries, BASF and Axalta Coating Systems.