Automotive Coatings Market Research, 2032
The global automotive coatings market was valued at $18.8 billion in 2022, and is projected to reach $37.4 billion by 2032, growing at a CAGR of 7.2% from 2023 to 2032.
Report Key Highlighters:
- The automotive coatings market is fragmented in nature with few players such as include Arkema, akzonobel, PPG Industries Inc, Solvay, Clariant AG, Nippon Paint Holdings Co., Ltd., Kansai Paints Co. Ltd., Axalta Coating Systems LLC., BASF India Ltd, Cabot Corporation, and Beckers Group AB., which hold a significant share of the market.
- The report provides complete analysis of the market status across key regions and more than 15 countries across the globe in terms of value ($ Million) and volume (Kilotons)
- Top winning strategies are analyzed by performing a thorough study of the leading players in the automotive coatings market. Comprehensive analysis of recent developments and growth curves of various companies helps us to understand the growth strategies adopted by them and their potential effect on the market.
- The report provides competitive dynamics by evaluating business segments, product portfolios, target market revenue, geographical presence and key strategic developments by prominent manufacturers.
Automotive coatings are materials applied on the surface of vehicles to provide protection against corrosion, enhance aesthetics, and improve durability. These coatings play a crucial role in the automotive industry by contributing to the overall appearance and performance of vehicles.
The global automotive industry has witnessed steady growth in vehicle production and ownership. The demand for coatings has increased during the forecast period with a rise in vehicle production and purchase.
More number of people can afford to own and maintain vehicles with surge in global population and rise in disposable incomes. This increased ownership leads to higher demand for automotive coatings for both new and used vehicles.
The use of certain chemicals in automotive coatings can pose health risks to workers involved in the manufacturing and application processes. Exposure to harmful substances may lead to respiratory issues, skin irritation, or other health problems.
The application of automotive coatings can be a complex process that requires specialized equipment and skilled labor. Achieving uniform coverage and a flawless finish can be challenging, and improper application may result in defects like orange peel or runs.
On the contrary, the global vehicle fleet continues to expand, especially in emerging markets. The demand for automotive coatings for regular maintenance and repair has increased with increase in vehicle usage. The development of autonomous vehicles presents opportunities for coatings that enhance the performance and reliability of sensors, cameras, and other components crucial for autonomous driving.
Coatings that resist dirt, water, and environmental contaminants while maintaining optical clarity are in demand for these applications. These factors are anticipated to offer remunerative opportunities for the automotive coatings market during the forecast period.
The automotive coatings market is segmented on the basis of resin type, vehicle type, application, and region. By resin type, the market is categorized into epoxy, acrylic, polyurethane, and others. By vehicle type, it is divided into passenger cars, light commercial vehicles, and heavy commercial vehicles (HCVs). On the basis of technology, the market is classified into solvent-borne, water-borne, powder coating, and UV cured coatings. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The major companies profiled in the report include Arkema, AkzoNobel, PPG Industries Inc, Solvay, Clariant AG, Nippon Paint Holdings Co., Ltd., Kansai Paints Co. Ltd., Axalta Coating Systems LLC., BASF India Ltd, Cabot Corporation, and Beckers Group AB.
The Asia-Pacific automotive coatings market accounted for a major market share in 2022 with more than 40% share in the global market and is projected to grow at the highest CAGR during the forecast period and. Coating manufacturers may focus on providing solutions that balance quality with affordability to cater to the diverse consumer base. Environmental considerations, including regulations related to emissions and sustainability, influence the choice of coatings in the Australian market. The adoption of eco-friendly coatings aligns with global environmental trends.
Similar to Japan, South Korea is known for its technological advancements. Coating manufacturers may focus on introducing coatings with advanced properties, including durability and environmental sustainability. These factors are anticipated to boost the growth of the Asia-Pacific automotive coatings industry during the forecast period.
In 2022, the acrylic resin segment was the largest revenue generator, and is anticipated to grow at a high CAGR during the forecast period. This is attributed to the fact that, Acrylic-based coatings are used to provide an excellent topping to metal. This is expected to boost the demand for solvent-based acrylic coatings in the automotive industry.
In addition, acrylic coatings are used for general protection from dirt and grime in both indoor and outdoor applications and they tend to form a thin protecting layer on concrete due to which it is widely used in commercial buildings, residential, and non-residential sectors. This is anticipated to increase the sales of solvent-based concrete sealers; thus, creating remunerative opportunities for the market.
By vehicle type, the market is divided into passenger cars, light commercial vehicles, heavy commercial vehicles, and others. The passenger vehicle type segment is dominating the global market, in terms of revenue in 2022. This is attributed to the factors such as, Automotive coatings are used to protect frame components, interior, and exterior parts. These parts are critical for the vehicle's performance and safety, and automotive coatings helps to maintain their life span under varying driving conditions.
Automotive coatings can also be applied to interior components such as seat frames, seat tracks, and hinges, especially in areas where durability and corrosion resistance are important. These factors are anticipated to boost the market growth during the forecast period; thus, offering the most lucrative opportunities for the market.
By application, the market is divided into solvent-borne, water-borne, powder coating, and UV cured coatings. The water-borne segment is dominating the global market, in terms of revenue in 2022 with more than 30% share in the global market. This is due to the, increase in renovation activities based on modern theme infrastructure has surged the popularity of DIY projects, where water-based epoxy coatings are used to make slip-resistant, versatile, and aesthetically-pleasing floors and walls. This is anticipated to increase in sales of water-based epoxy coatings among various DIY projects; thus, creating lucrative opportunities for the market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the automotive coatings market analysis from 2022 to 2032 to identify the prevailing automotive coatings market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the automotive coatings market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global automotive coatings market trends, key players, market segments, application areas, and market growth strategies.
Automotive Coatings Market Report Highlights
| Aspects | Details |
 Market Size By 2032 | USD 37.4 billion |
 Growth Rate | CAGR of 7.2% |
 Forecast period | 2022 - 2032 |
 Report Pages | 376 |
 By Technology |
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 By Resin Type |
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 By Vehicle Type |
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 By Region |
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 Key Market Players | Nippon Paint Holdings Co., Ltd., BASF India Ltd, Beckers Group AB, Solvay, akzonobel, Axalta Coating Systems LLC., PPG Industries Inc, Kansai Paints Co. Ltd., Cabot Corporation, Arkema |
Analyst Review
According to CXOs of leading companies, the global automotive coatings market is expected to exhibit high growth potential. Automotive coatings are extensively used for automotive parts, including body panels, chassis components, and other metal parts. The process provides a uniform and durable protective layer, that helps prevent corrosion and extend the lifespan of vehicles. Transportation and industrial equipment that require high strength, corrosion protection, and abrasion resistant properties can be accomplished with the use of automotive coatings In addition, automotive coatings possess excellent significant properties such as high mechanical strength, adhesion to metals, thermal resistance, chemical resistance, and corrosion resistance that makes it best suited for transmission lubrication applications. CXOs further added that sustained economic growth and development of the automotive sector have increased the popularity of automotive coatings.
Automotive coatings refer to specialized materials applied to the surfaces of vehicles, primarily automobiles, to provide a protective and decorative layer. These coatings help protect the exterior of the vehicle from environmental elements, along with enhancing aesthetics, and overall durability. Automotive coatings are crucial for maintaining the appearance and integrity of vehicles over time.
Asia-Pacific is the largest regional market for automotive coatings.
The automotive coatings market is segmented on the basis of resin type, vehicle type, application, and region. By resin type, the market is categorized into epoxy, acrylic, polyurethane, and others. By vehicle type, it is divided into passenger cars, light commercial vehicles, and heavy commercial vehicles. On the basis of technology, the market is classified into solvent-borne, water-borne, powder coating, and UV cured coatings. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Automotive coating application techniques were evolving, with a focus on automation and precision. Robotic application systems were becoming more common in manufacturing processes, ensuring consistent and high-quality coatings.
Arkema, Akzonobel, PPG Industries Inc, Solvay, Clariant AG, Nippon Paint Holdings Co., Ltd., Kansai Paints Co. Ltd., Axalta Coating Systems LLC., BASF India Ltd, Cabot Corporation, and Beckers Group AB.
Passenger vehicle application is the leading segment in automotive coatings market
The global automotive coatings market was valued at $18.8 billion in 2022, and is projected to reach $37.4 billion by 2032, growing at a CAGR of 7.2% from 2023 to 2032.
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