Pune, India, June 21, 2022 (GLOBE NEWSWIRE) —
According to a recent industry report presented by Graphical Research, the European automotive coatings market is expected to register its name in the billion-dollar fraternity within seven years, surpassing $5 billion in revenue by 2026.
The growing trend towards vehicle restoration and the use of custom coatings is expected to boost the market forecast. The automotive industry is undoubtedly the flagship of European production. For decades, European automobiles have combined cutting-edge engineering with aesthetic flair to produce world-class machines.
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Some of the leading manufacturers and suppliers of automotive coatings in Europe. European automotive coatings market the size is expected to exceed USD 5 billion through 2026. Below are the four factors shaping industry trends:
Improved electrocoating product capabilities
In 2019, the electrocoat segment generated more than USD 870 million for the automotive coatings industry in Europe. The use of electroplating has increased in the automotive sector due to its potential to provide faster and more efficient coating capabilities. Electroplating, often referred to as e-coating, is a type of dip painting that uses an electric current to adhere the paint to the car body.
E-Coating is used by major automotive manufacturers due to its ability to paint complex shaped parts and provide film consistency. For example, Maserati, the premium vehicle division of Fiat Chrysler Automobiles (FCA), was building a paint shop at its headquarters in Modena, Italy, for a variety of electric models.
Commercial OEM end use to increase on all electric vehicles
Share of automotive coating industry in Europe of the commercial OEM segment was worth over $1 billion in 2019. It could grow at a CAGR of 4.5% through 2026. European OEMs are beginning to restructure their coatings and other manufacturing processes in anticipation of an increase significant in the demand for electric cars. (EV) and hybrid car sales. This has led to an increased demand for automotive paint for commercial vehicle applications.
Regional manufacturers are investing in efficient coatings processes to benefit from reduced costs, reduced waste, and reduced emissions of volatile organic compounds (VOCs) to air pollutants. Another important aspect is the need to follow digitalization and automation in order to maintain the stature of the European automotive industry. Volkswagen, Europe’s largest automaker, has transformed an entire factory in Germany, including a paint shop, to produce around 300,000 electric vehicles each year.
Traction on the base layers segment
The market share of automotive coatings in Europe in the basecoat segment was valued at around USD 1.5 billion in 2019. Basecoat is a coloring layer that greatly influences the overall look of the paint finish. The basecoat is the most important paint coat in terms of quantity and it can be applied in three ways: solid, metallic or pearlescent. Solid base coats are colored and have no shiny effects; they are mainly used on utility vehicles. Metallic basecoats provide a shiny, lustrous look that solid basecoats do not.
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Growing demand for water-based coatings
The waterborne automotive coatings market size is expected to grow at a CAGR of over 5% between 2020 and 2026 in Europe. Water-based automotive coatings are becoming increasingly popular among car manufacturers, due to the growing emphasis on reducing the use of volatile organic compounds, which are harmful to the environment. These coatings are also beneficial in terms of improving air quality and reducing health risks. Due to these advantages, the use of water-based automotive paints has increased dramatically, defining a transition in the outlook for the automotive coatings industry in Europe.
The COVID-19 outbreak has had a severe impact on the global automotive sector. With challenges such as the halt in shipments of Chinese spare parts, widespread industrial disruption has become inevitable across Europe. According to the International Organization of Motor Vehicle Manufacturers, European automotive production fell by an average of 21% in 2020. Despite the slowdown, industry resilience is pushing forecasts for the automotive coatings industry in Europe.
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