Automotive Protective Body Coating Market: Introduction
- Changing consumer perceptions on low maintenance vehicles and rising demand for cost-effective coating solutions are likely to boost the global automotive protective body coating market. Automotive coatings are easy to apply, cost-effective, and provide long-lasting protective solutions. Automotive coatings help the improve shine of metallic colors on vehicles and enhance the vehicle’s esthetic appeal, which is likely to boost automotive protective coatings market.
Key Drivers of Automotive Protective Body Coating Market
- Rise in trends toward vehicle modification among the younger population is expected to propel the global automotive protective body coating market. Vehicle coatings not only enhance the visual appeal of the vehicle but also protect the vehicle’s exterior paint. Automotive coatings on the underbody section of vehicles offer protection against humidity, moisture, and wet conditions that can seep through the undercarriage of a vehicle through joints or cracks in the paintwork; and cause corrosion.
- Awareness among consumers about the benefits of automotive protective coatings is estimated to propel the market. The automotive protective coating process comprises application of minimum five layers of paint, while the underbody coating process comprises the first two layers in the overall coating process. These two layers provide durable protection against corrosion; however, damage over time requires renewal of these coatings. Automotive aftermarket service providers often provide these services during scheduled vehicle maintenance.
Global Automotive Protective Body Coating Market: Challenge
- Stringent regulations in Europe and North America on use of harmful chemicals and stringent compliances on labeling on vehicles is increasing competition in the automotive coatings market. Industry players are rapidly innovating their product line in an attempt to manufacture solutions that exceed current safety norms.
- Additionally, disruptions in supply chain catering to the automobile industry, owing to the shutdown of production and manufacturing facilities caused by the coronavirus pandemic across the world, is estimated to contract the market in 2020-2021. Consequently, the coronavirus pandemic has hampered the global automotive protective body coating market.
- The market is anticipated to recover by increasing production volume of vehicle components as well as vehicles in 2021. This, in turn, is projected to offer lucrative opportunity to players operating in the supply chain of the automotive protective body coating market during the forecast period.
Asia Pacific to account for major share of global automotive protective body coating market
- In terms of region, the global automotive protective body coating market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa
- Asia pacific is expected to account for a major share of the global automotive protective body coating market. China, Japan, India, and South Korea are major manufacturers of vehicles globally. China leads not only the market in Asia Pacific but globally too, in terms of manufacturing of vehicles. Additionally, Asia Pacific has a prominent aftermarket industry that caters to automotive. This, in turn, is estimated to offer significant opportunities for companies operating in the automotive protective body coating market.
Key Players Operating in Automotive Protective Body Coating Market
The global automotive protective body coating market is highly concentrated due to the presence of top manufacturers. A few key players operating in the global automotive protective body coating market are:
- AkzoNobel N.V.
- Arkema SA
- Axalta Coatings Systems LLC
- BASF SE
- Bayer AG
- Becker Industrial Coatings Ltd.
- Berger Paints India Limited
- Cabot Corporation
- Eastman Chemical Company
- Kansai Paint Co. Ltd.
- KCC Corporation
- Lord Corporation
- Nippon Paint Holdings Co. Ltd.
- PPG Industries, Inc.
- Solvay S.A.
- The Sherwin-Williams Company
- The Valspar Corporation
Global Automotive Protective Body Coating Market: Research Scope
Global Automotive Protective Body Coating Market, by Vehicle Type
- Passenger Vehicles
- Commercial Vehicle
- Medium Duty Commercial Vehicle
- Heavy Duty Commercial Vehicle
Global Automotive Protective Body Coating Market, by Technology
- Solvent borne
- UV – Cured
Global Automotive Protective Body Coating Market, by Application
Global Automotive Protective Body Coating Market, by Product Type
Global Automotive Protective Body Coating Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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