International. According to a report by MarketsandMarkets, the automotive specialty coatings market is estimated to be $3.02 billion in 2018 and is projected to reach $3.75 billion by 2025, at a CAGR of 3.12%, from 2018 to 2025.
Increasing vehicle production, increasing sales of premium vehicles, and increasing adoption rate of AMTs are projected to drive the automotive specialty coatings market and advancements in coating technology.
Polyurethane-based coating is widely used in automotive applications due to its excellent properties such as good elasticity at low temperatures, abrasion resistance, water and solvent resistance, and dry cleaning and machine washing capabilities. Polyurethane resins are mainly used to provide high gloss and scratch resistance of plastic parts that are mainly used in the interior applications of a car.
The transmission applications segment is anticipated to grow at the fastest growth rate during the forecast period. The amount of coating required for transmission in Europe and North America is higher, as dual-clutch transmission (DCT) and automatic transmission (AT) are preferred in these regions. Therefore, the number of components that require coating also increases.
