New York City, NY, 18 February, 2020/ 24 Market Reports: It is estimated for global automotive speciality coatings market to grow from USD 3.08 billion in the year 2018 and reach that of USD 3.71 billion by the year 2025, witnessing the growth at a CAGR of 3.17% during the forecast period of 2018 to 2025. Growing vehicle production, increasing application of coatings, and the increasing adoption rate of AMTs are the factors that are driving the growth of the market during the forecast period.
During the forecast period, it is estimated for waterborne technology to be the fastest-growing market for automotive speciality coatings. Owing to their lower price and quick-drying properties the solvent-borne coatings are been preferred. However, with the growth of the VOC emission regulations monitoring the coating production, eco-friendly coating technologies such as waterborne are been preferred by the industry stakeholders.
Based on the resin type, the polyurethane resin segment is expected to be the fastest-growing segment in the market. In providing of high gloss and scratch resistance to plastic parts that are mostly used in the interior applications of cars the application of polyurethane resins takes place. Also, on metal for applications such as engine & exhaust, transmission, and wheel rims to make them corrosion-resistant the use of polyurethane resin takes place. As polyurethane is the only resin that can be used in the direct to metal coating technology, the advancement in technology, such as “direct to metal” coating will have a huge impact on the polyurethane market.
Based on applications, it is estimated for wheel rims to hold the largest share in the market. Wheel rim size and the number of wheels required per vehicle are the two factors on which the amount of coating required for wheel rims is dependent upon. Passenger cars and LCVs in Europe and North America are mostly sedans, SUVs, and pick-up trucks, which use bigger rims. Whereas, passenger cars and LCVs that are produced in the Asia Oceania region mostly require less amount of coating. This difference will impact the market in these respective regions.
Based on substrate, the plastics & others segment is estimated to grow at the fastest rate in the automotive speciality coatings market. The adoption of plastic components to reduce the overall vehicle weights is the factor that is driving the growth of the market during the forecast period.
Based on electric & hybrid vehicle type, the HEV segment is estimated to hold the largest share in the global market. The higher market share of HEVs compared to BEVs and PHEVs across all the regions is propelling the growth of the market during the forecast period. The growth in the HEVs will drive the growth in the automotive speciality coatings market. Hence, these markets are expected to be the largest markets for automotive speciality coatings for HEVs.
Based on geography, it is estimated for Asia Oceania to be the largest market for automotive speciality coatings during the forecast period. Asia Oceania region is the largest producer of cars and this factor is driving the growth of the market. China is estimated to lead the market in the region during the forecast period. It is estimated for wheel rims coating to hold the largest share in the market in the region during the forecast period. However, the increasing sale of BEV is the factor that is hindering the growth of the automotive speciality coatings market, globally as BEVs are not equipped with engine & exhaust system and it is the major application area for speciality coatings.