Automotive Coatings Market

Analysts at GMI Research estimates that the Automotive Coatings Market was worth USD 16.9 billion in 2022, and forecast to touch USD 28.6 billion in 2030, growing at a CAGR of 6.8% from 2023-2030.

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Market Dynamic

Major Automotive Coatings Market Drivers

One of the biggest factors that is expected to drive the growth of the global automotive coatings market is the accelerating production of vehicles. The automotive coatings improves the overall appearance and durability of automobiles and protects them against harsh environmental conditions which include acid rain, UV radiation, and extreme temperature. There has been a rise in the production of automobiles in countries such as India, China, Brazil, Mexico, and South Africa. As per the IBEF, the total number of automobiles sold in Indian for FY 2019 amounted to 26.27 million, which has increased by 1.3 million when compared with FY 2018. This factor will have a positive impact on the growth of the automotive coating market size.

The accelerating demand for electric and hybrid vehicles to reduce carbon emissions around the world is propelling the growth of the global automotive coating market share in terms of revenue. According to a report published by IEA, the global sales for electric cars topped 2.1 million for the year 2019, while the electric cars amounted to 2.6% of the global car sales in the same year. Thus, the increasing preference for electric vehicles will indirectly propel the growth of the market over the coming years.

Restraints in the Global Automotive Coatings Market:

As per the global automotive coatings market report, the difficulty in sourcing raw materials such as pigments, additives, binders, and solvents, is a factor which is having a negative impact on the market.

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Coat Type – Segment Analysis

Based on the coat type, the electrocoat type is predicted to grow at a faster CAGR during the forecast period. This is mainly due to the increasing consumer awareness related to the numerous advantages offered by electrocoating which include high operation speed, uniform coating, and applicability in different sectors. Electrocoating uses an electrical current for the deposition of an organic coating from a paint bath onto a part or assembled product.

Technology – Segment Analysis

Based on the technology, the powder coating technology is projected to dominate the market during the forecast period. Various advantages, such as high resistance to corrosion, chipping, and the protection from chemicals, moisture, and heat are attracting the end-users to opt for coating through this type of technology. On the other hand, the UV-cured coating technology is predicted to grow at a higher CAGR over the forecast period. The UV-cured automotive coating protects paint from fading away due to the prolonged exposure to sun. It protects automobile from environmental susceptibilities which include rust, acid rain, chemicals, moisture, and dirt. All these factors will contribute to the growth of the segment.

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Regional – Segment Analysis

Based on region, Asia-pacific is projected to grow at a faster CAGR during the forecast period. The increasing manufacturing of vehicles specifically in China, India, Japan, and South Korea, is propelling the regional market growth. China is predicted to have strong growth due to the large automobile production. As per OICA, for 2019, the total production of cars in China amounted to over 25 million in 2019. Additionally, extensive presence of key players in the region such as Kansai Paint Co., Ltd, NIPPON PAINT AUTOMOTIVE COATINGS CO., LTD, BASF among others are further supporting market growth with their wide range of offerings.

Top Market Players

The leading players operating in the market, include AXALTA, BASF, PPG Industries, Kansai Paint Co., Ltd., NIPPON PAINT AUTOMOTIVE COATINGS CO., LTD., Covestro AG, KCC CORPORATION, Valspar Automotive, Akzo Nobel N.V., and The Sherwin-Williams Company, among others. 

Key Developments:

• • In 2020, BASF and Jaguar Land Rover entered into a cooperative agreement with Glasurit and R-M, to support the development and implementation of JLR’s Global Body & Paint Programme which include16 countries and markets in the APAC region.

Segments Covered in the Report:

The global automotive coatings market has been segmented on the basis of coat type, technology, resin type, application, and regions. Based on coat type, the market is segmented into electrocoat, primer, basecoat, and clearcoat. Based on technology, the market is segmented into water borne coating, solvent borne coating, powder coating, and UV-cured coating. Based on resin type, the market is segmented into polyurethane, epoxy, acrylic and others. Based on application the market is segmented into OEM and refinish. 

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Key questions answered in this research report:

• • At what pace is global automotive coatings market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in automotive coatings market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global automotive coatings market?
  • Which coat type generated maximum revenues in 2021 and identify the most promising coat type during the forecast period?
  • What are the various technology areas of global automotive coatings market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Automotive Coatings Market by Coat Type

• • Electrocoat
  • Primer
  • Basecoat
  • Clearcoat

Global Automotive Coatings Market by Technology

• • Water borne Coating
  • Solvent borne Coating
  • Powder Coating
  • UV-cured coating

Global Automotive Coatings Market by Resin Type

• • Polyrethane
  • Epoxy
  • Acrylic
  • Others

Global Automotive Coatings Market by Application

• • OEM
  • Refinish

Global Automotive Coatings Market by Region

• • North America Automotive Coatings Market (Option 1: As a part of the free 25% customization)

    • By Coat Type
    • By Technology
    • By Resin Type
    • By Application
    • US Market All-Up
    • Canada Market All-Up

  • Europe Automotive Coatings Market (Option 2: As a part of the free 25% customization)

    • By Coat Type
    • By Technology
    • By Resin Type
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Automotive Coatings Market (Option 3: As a part of the free 25% customization)

    • By Coat Type
    • By Technology
    • By Resin Type
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Automotive Coatings Market (Option 4: As a part of the free 25% customization)

    • By Coat Type
    • By Technology
    • By Resin Type
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Automotive Coatings (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • AXALTA
  • BASF
  • PPG Industries
  • Kansai Paint Co., Ltd.
  • NIPPON PAINT AUTOMOTIVE COATINGS CO., LTD.
  • Covestro AG
  • KCC CORPORATION
  • Valspar Automotive
  • Akzo Nobel N.V.
  • The Sherwin-Williams Company