The global automotive powder coating market is anticipated to grow at a significant CAGR during the forecast period (2022-2028). The rise in the production of passenger and commercial vehicles coupled with government incentives for automotive components is anticipated to drive the growth of the global automotive powder coating market. As per the data published by India Brand Equity Foundation (IBEF) in 2022, India has sold 3.49 million units in passenger and commercial vehicle categories. In October 2021, the total production volume of passenger vehicles reached 2,214,745 units. The luxury car market had registered sales between 28000-33000 units in 2021, up from 20000-21000 units sold in 2020. Moreover, the automotive industry attracted foreign direct investment worth $30.51 billion between April 2000 and June 2021 accounting for 5.5% of the total FDI during the period according to the data released by the Department of Promotion of Industry and Internal Trade (DPIIT). Also, in September 2021, the Indian Government issued a notification regarding a PLI scheme for automobile and auto components worth $3.49 billion. Further, the Government of India projects the automobile sector to attract $8-10 billion in local and foreign investment by 2023.
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Automotive powder coating consists of several benefits over liquid or solvent-based coatings. The powder coating consists of a relatively low Volatile Organize Compounds count. Further, the powder coating offers a uniform finish that eliminates runs or sags and it produces less hazardous waste as compared to liquid paints. In addition, the powder coating is resistant to fading from sunlight, scratches, cracks, and others. Thus, such benefits offered by powder coatings are anticipated to drive the growth of the global automotive powder coating market.
Looking toward the demand for the automotive powder coating, key market players are adopting various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in April 2021, Axalta Coating Systems Llc launched Axalta Mobility Coatings, a rebranding of its transportation coatings business unit. This business will focus on supporting the demand for e- mobility and evolving coating needs of established and emerging light and commercial vehicle original equipment manufacturers, fleet owners, and shared mobility providers. Thus such launches are anticipated to drive the growth of the global automotive powder coating market.
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- 3M Co., PPG Industries Inc., and Axalta Coating Systems LLC among others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Automotive Powder Coating Market Report by Segment
By Type
- General Powder Coating
- Functional Powder Coating
By Application
- Automotive Body
- Automotive Accessories
- Others
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