Market Definition
Automotive coatings are applied on vehicle surfaces for both aesthetic & protection purposes to enhance the vehicle's durability and resistance to heat, UV rays, dust, corrosion, & other foreign particles. Nowadays, automotive OEMs employ multiple layers of coatings on modern vehicles in order to ensure their long-lasting protection.
The growing trend of customized vehicle colors worldwide is compelling more and more companies to expand their production capacities for automotive coatings to cater to the ever-growing end-user requirements, which, in turn, is positively impacting the industry's expansion globally.
Market Insights
The Global Commercial Vehicle Coatings Market is expected to grow at a CAGR of around 4% during the forecast period, i.e., 2022-27. The growth of the market is driven primarily by the swift expansion of various end-user industries like construction, e-commerce, and transportation & logistics, among others, globally, i.e., leading to the burgeoning production of commercial vehicles and augmenting the demand for paints & coatings for them.
Besides, the increasing focus of governments worldwide on vehicle scrappage programs, their massive investments in infrastructure developments, and stringent regulations for commercial vehicle length & loading limits are further contributing to the expanding size of the commercial vehicle coatings industry. In addition, the growing demand for tippers & trucks owing to a rapid rise in mining activities is further augmenting the production & sales of automotive coatings for commercial vehicles globally.
Simultaneously, the soaring demand for both small and medium & heavy commercial vehicles for the booming transportation & logistics sector, owing to the growing e-commerce & retail businesses, is another prominent aspect expected to continue escalating the expansion of the commercial vehicle coatings market through 2027.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2017-20 |
| Base Year: 2021 | |
| Forecast Period: 2022-27 | |
| CAGR (2022-2027) | 4% |
| Regions Covered | North America: The US, Canada, Mexico |
| Europe: Germany, The UK, France, Italy, Spain, Rest of Europe | |
| Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific | |
| South America: Brazil, Argentina, Rest of South America | |
| Middle East & Africa: UAE, Saudi Arabia, South Africa, Egypt, Rest of MEA | |
| Key Companies Profiled |
Axalta Coating Systems, BASF, PPG Industries, Kansai Paint, Akzo Nobel, Valspar Corporation, Cabot Corporation, Clariant AG, Eastman Chemical Company, Lord Corporation, Nippon Paints, Arkema SA, Beckers Group, Berger Paints, Clariant AG, Others. |
| Unit Denominations | USD Million/Billion |
Latest Trend in the Global Commercial Vehicle Coatings Market
The automotive sector worldwide is undergoing rapid technological advancement along with creative discoveries. Swift transitions in society, technologies, & growing environmental concerns are transforming the way we travel or how products are transported globally. The emerging trend toward sustainability is compelling automakers to adopt more environmentally conscious materials in their manufacturing processes.
The surging demand for commercial vehicles across different end-user industries, such as retail, e-commerce, logistics, construction, etc., especially across countries like China, India, South Korea, Mexico, & Brazil, is leading to the burgeoning production & sales of automotive coatings globally.
As a result, there are increasing concerns over mounting carbon emissions, owing to which automotive coating manufacturers are focusing actively on developing eco-friendly products in order to lower the environmental degradation caused by their product offerings. Moreover, several government organizations are also taking active initiatives toward encouraging the utilization of efficient technologies to reduce emission levels.
Hence, bio-based polyurethane dispersions & water-based coatings, which have low VOC levels, are gaining traction and replacing the conventionally used solvent-borne solutions in automotive manufacturing. Moreover, the growing end-user requirements for aesthetic & comfortable interiors are further contributing to the mounting demand for waterborne coatings that offer a luxury look & feel to vehicles.
Furthermore, the ever-growing inclination of automakers toward using thermal spray technologies & advanced powder coatings is another prominent aspect expected to boost the growth of the commercial vehicle coatings market through 2027.
