Global Automotive Coatings Market Insights Forecasts to 2032

• The Global Automotive Coatings Market Size was valued at USD 21.38 Billion in 2022
• The Market Size is growing at a CAGR of 7.42% from 2022 to 2032
• The Worldwide Automotive Coatings Market Size is expected to reach USD 43.75 Billion by 2032
• North America Market is expected to grow at significant pace during the forecast period

 

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The Global Automotive Coatings Market Size is expected to reach USD 43.75 Billion by 2032 at a CAGR of 7.42% during the forecast period of 2022–2022. 

 

The primary purposes of automotive coating are protection and decoration. These coatings are applied in a series of steps to protect metal from rust. The primer steps, base coat, and clear coat are all used in the coating application to create a transparent and glossy coating. It has the ability to withstand UV rays. Automotive coating is widely used in the automobile industry to improve the appearance and performance of a vehicle. These factors may drive up demand for automotive coatings in the coming years. Furthermore, automotive coatings are waterproof dry coatings that are used to protect automobiles from corrosion while also improving performance and appearance. These coatings are made from raw materials such as titanium dioxide, pigments, and acrylates derived from petroleum-based chemicals, and they are used on metal surfaces such as car bodies, wheels, and parts. The automotive coatings market is expected to grow significantly during the forecast period due to increased demand from OEMs.

 

Market Outlook

Automotive Coatings Market Price Analysis

The Automotive Coatings Market Price Analysis demonstrates a dynamic landscape impacted by variables such as advances in technology, changes in demand, and global economic conditions. Prices in this industry vary according to automotive coatings segments exhibiting distinct trends.

 

Automotive Coatings Market Opportunity Analysis

Rapid technological advancements are occurring in the automotive industry, including the development of electric and autonomous vehicles. These advancements necessitate the use of specialized coatings to protect sensitive electronic components, contribute to energy efficiency, and meet the specific needs of advanced vehicle systems.

 

Market Dynamics

Automotive Coatings Market Dynamics

Development in the automotive industry combined with EV sales

The automotive coatings market is being driven by the growth of the automotive industry as well as the increasing sales of electric vehicles (EVs). The overall expansion of the automotive market, as evidenced by increased production and sales of traditional and electric vehicles, directly increases demand for automotive coatings. As more vehicles are manufactured, the demand for coatings to protect and enhance their surfaces grows. A notable factor is the growing market share of electric vehicles. Electric vehicles frequently necessitate coatings that address the specific needs of their components, such as battery systems and lightweight materials, adding to the overall demand for advanced coatings. The demand for advanced coatings is being driven by consumers' preferences for high-quality finishes and visually appealing vehicles. This trend is especially noticeable in the automotive industry, where aesthetics are important in consumer decision-making. 

 

Restraints & Challenges

Revocation of government subsidies for EVs

Government incentives and subsidies have played a critical role in promoting electric vehicle adoption, encouraging consumers to switch to more sustainable and environmentally friendly transportation options. These subsidies frequently help to make electric vehicles more cost-effective and appealing to consumers. The cancellation of the subsidies could have a knock-on effect on the demand for electric vehicle coatings. Reduced financial incentives for consumers may slow the rate of adoption of electric vehicles, affecting overall EV production and sales. As a result, demand for specialized coatings designed for electric vehicles, which frequently necessitate unique formulations to protect sensitive electronic components and advanced systems, may fall.

 

Regional Forecasts

Asia Pacific Market Statistics

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Asia Pacific is anticipated to dominate the Automotive Coatings Market from 2023 to 2032. The Asia Pacific region accounted for the largest market share and is expected to continue to dominate the market during the forecast period. Due to rising demand for affordable vehicles in the region, China, Japan, India, and South Korea are driving market growth in the region.  Furthermore, the increasing demand for and production of passenger and commercial vehicles has increased the demand for automotive coatings. Furthermore, the government's support for electric vehicles has increased demand for coatings and driven market growth.   

 

North America Market Statistics

North America is witnessing the significant market growth between 2023 to 2032. The automotive sector in North America is being driven by rising sales and production in countries such as Canada, Mexico, and the United States. With strict government regulations and norms for carbon emissions, most car manufacturers in North America are shifting their vehicle production toward vehicle electrification, which has increased demand for commercial vehicles, and the logistics and e-commerce business has benefited the most from this shift, driving regional market growth. Furthermore, the growing emphasis on reducing vehicle carbon emissions has shifted the focus of various manufacturers toward electric vehicles, boosting market growth in the region.    

 

Segmentation Analysis

Insights by Resin

The acrylic segment accounted for the largest market share over the forecast period 2023 to 2032. The market is being driven by increasing demand from the automotive sector, which will drive market growth in the coming years. The increasing popularity of new coatings models that provide better finishing and texture, as well as manufacturers' efforts to introduce various eco-friendly, odorless, dust-proof, and waterproof coatings, have fueled industry growth. Acrylic resin is primarily used in automotive OEM and refinish clearcoats to provide an excellent combination of chemical resistance, mar resistance, and light stability, resulting in increased product demand.   

 

Insights by Technology

The waterborne coatings segment accounted for the fastest market growth over the forecast period 2023 to 2032. Waterborne technology is projected to be the rapidly developing technology due to increased demand from the automotive industries. Waterborne coatings have VOC levels that are below any control limits and can be used to reduce total emissions when compared to solvent-based coatings. These key characteristics will outperform overall industry growth in the coming years. Because of the high water content, these coatings are both environmentally friendly and simple to apply. Furthermore, because of their heat and abrasion resistance, they make an excellent primer. They create a strong adhesive and can be applied to thick or thin coats. The increasing demand for waterborne coatings from the automotive industries in China, India, Malaysia, South Korea, Indonesia, and Vietnam is expected to drive overall market growth.    

 

Recent Market Developments

• In August 2022, In Latin America, Axalta introduced next-generation basecoat technology for the automotive refinish industry.
• In July 2022, AkzoNobel has acquired Lankwitzer Lackfabrik's aluminum wheel liquid coatings business segment in order to strengthen its performance coatings portfolio, which will complement its existing powder coatings product portfolio and expand its range of innovative products.

 

Competitive Landscape

Major players in the market

• BASF SE 
• PPG Industries, Inc. 
• Nippon Paint Holdings Co., Ltd. 
• AkzoNobel 
• The Sherwin-Williams Company 
• Axalta Coating Systems, Ltd. 
• ppg asianpaints 
• Kansai Paint Co., Ltd. 
• Kansai Nerolac Paints Limited 
• DSM
• Others

 

Market Segmentation

This study forecasts revenue at global, regional, and country levels from 2023 to 2032.

 

Automotive Coatings Market, Resin Analysis

• Polyurethane
• Epoxy
• Acrylic
• Others

 

Automotive Coatings Market, Technology Analysis

• Waterborne coatings
• Solvent borne coatings
• Powder coatings
• Others

 

Automotive Coatings Market, Coat Type Analysis

• Electro coat
• Primer
• Base coat
• Clear coat

 

Automotive Coatings Market, Application Analysis

• OEM
• Refinish
• Plastic Part

 

Automotive Coatings Market, Regional Analysis

• North America

• US

• Canada

• Mexico

• Europe

• Germany

• Uk

• France

• Italy

• Spain

• Russia

• Rest of Europe

• Asia Pacific

• China

• Japan

• India

• South Korea

• Australia

• South America

• Brazil

• Argentina

• Colombia

• Middle East & Africa

• UAE

• Saudi Arabia

• South Africa