(EMAILWIRE.COM, August 10, 2019 ) The Automotive Specialty Coatings Market is estimated to be USD 3.02 billion in 2018 and is projected to reach USD 3.75 billion by 2025, at a CAGR of 3.12%, from 2018 to 2025. The growing vehicle production, increasing the application of coatings, and the increasing adoption rate of AMTs are projected to drive the automotive specialty coatings industry and the advancements in the coating technology.

Automotive specialty coatings market consists of manufacturers such as PPG (US), Axalta (US), AkzoNobel (Netherlands), BASF (Germany), Sherwin Williams (US), Kansai (Japan), Covestro (Germany), Solvay (Belgium), DOW Chemical (US), Nippon Paint (Japan), and KCC (South Korea).

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The Asia Oceania region is estimated to be the largest market for automotive specialty coatings during the forecast period. Asia Oceania region is estimated to be the largest producer of passenger cars and LCVs, which are the largest contributors in this market.

In Asia Oceania, China is the leading country in this market where passenger car & LCV are the leading vehicle types. Wheel rims coating is estimated to have the largest market share and transmission coating is estimated to be the fastest-growing application area in the Asia Oceania region.

Waterborne technology is expected to be the largest as well as the fastest-growing market for automotive specialty coatings by 2025. Solvent-borne coating technology has the largest market share in 2018. Solvent-borne coatings were preferred due to their lower price and quick-drying properties. However, with the growing stringency of VOC emission regulations monitoring the coating production, the industry stakeholders are preferring eco-friendly coating technologies, such as waterborne.

The polyurethane resin segment is expected to be the largest as well as the fastest-growing market, by resin type. Polyurethane resins are mostly used to provide high gloss and scratch resistance to plastic parts that are mostly used in the interior applications of cars. Moreover, polyurethane resins are also used on metal for applications such as engine & exhaust, transmission, and wheel rims to make them corrosion-resistant. Advancement in technology such as “direct to metal” coating will have a huge positive impact on the polyurethane market as polyurethane is the only resin that can be used in the direct to metal coating technology.

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Wheel rims market is expected to be the largest, by applications. The amount of coating required for wheel rims is dependent on two factors, namely, wheel rim size and the number of wheels required per vehicle. 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.

Plastics & others segment is estimated to be the fastest-growing market by the substrate. This growth is attributed to the adoption of plastic components to reduce the overall vehicle weights.

The HEV segment is estimated to hold the largest market share in the global market, by electric & hybrid vehicle type. The large market share is attributed to the higher sales of HEVs than BEVs and PHEVs in all the regions. The market is also estimated to grow with the HEV market. Asia Oceania and North America are the largest markets for HEV, in terms of vehicle sales. Hence, these markets are expected to be the largest markets for automotive specialty coatings for HEVs.