The automotive coatings market continues to witness significant transformation ranging from new material developments in the vehicle production to higher popularity of traditional colors compared to “more colorful” alternatives. The automotive coatings market is expected to witness an increase in volume sales of over 3,500 tons in 2018 over 2017, according to a recent Fact.MR study. Refinish formulations continue to gain center stage in the automotive coatings market, while water-borne coatings are gaining increased focus for basecoats.
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Water borne automotive coatings have gained utter prominence over the years of evolution, primarily driven by environmental and health concerns of the solvent-borne automotive coatings. The study estimates nearly 6 in 10 tons of automotive coating sold worldwide in 2018 to be water-borne. However, demand for waterborne coatings as primer surface layer is likely to witness decline in tandem with increasing palpability of UV cure automotive coatings.
UV cure variants, albeit accounting for minor share of the market currently, have emerged as fast-selling automotive coatings and the status quo is likely to prevail in 2018 and beyond. Demand for solvent borne coatings is expected to remain higher than solvent-borne coatings in 2018, despite concerns regarding their environmental and health impacts. Preference for solvent borne automotive coatings is primarily undergird by their relative superiority in retention of pigments liquid and binding agents.
Acrylics to Remain Preferred Resin for Automotive Coatings
Fact.MR study opines that acrylics will remain the top-selling resin in the automotive coatings market, as these resins witness predominant use in passenger cars, trailed by fluoropolymers. However, recent shift in manufacturer preferences have led the demand for amines and poly alkyds, and it is highly likely that these resins will record relatively faster volume sales in 2018 and beyond.
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Shares of the automotive coatings market are expected to remain clustered at the top and splintered at the bottom. Top 5 players will collectively account for nearly 40% share of the automotive coatings market. Supremacy of these players will be upheld by their sound operations and robust sales infrastructure worldwide. Small and mid-sized automotive coatings manufacturers are focused toward collaborations with established players as a key expansion strategy to strengthen their distribution and manufacturing capabilities.
“Lightweighting of vehicles and the shift toward low-temperature curing have been driving advancements in automotive coatings in recent years, with leading manufacturers exploring use of high-strength plastics and carbon fiber-reinforced polymers. Automotive coatings manufacturers are also concentrating on the development of “smart coatings” that feature enhanced performance characteristics including solar-reflective functionalities and self-healing or dirt-phobic,” says a lead analyst at Fact.MR
Fact.MR’s study on the automotive coatings market delivers important information on the demand & supply trends of automotive coatings across the globe, coupled with a scrutinized assessment on competition landscape of the automotive coatings market. Exhaustive analysis on leading and emerging players in the automotive coatings market is offered in the report, which involves company overview, product overview, key financials and recent developments.
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Key players profiled in the report include Nippon Paint (USA), Benjamin Moore & Co., Behr Process Corp., Kansai Paint Co. Ltd., BASF Coatings, Axalta Coating Systems, Nippon Paint Holdings Co., RPM International Inc., The Sherwin-Williams Co., AkzoNobel, and PPG .
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