Dublin, Feb. 08, 2024 (GLOBE NEWSWIRE) -- The "Automotive Coatings Market by Resin Type (Polyurethane, Epoxy, Acrylic), Vehicle Type (Passenger Cars, Commercial Vehicles), Technology Type (Solvent-based, Water-based, Powder-based), Coat Type (Clearcoat, Basecoat) & Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The automotive coatings market size is projected to reach USD 19.0 billion by 2028 at a CAGR of 4.1% from USD 15.5 billion in 2023. Asia pacific is estimated to account for the largest share in terms of value of the automotive coatings market in 2022.
The automotive coatings industry has evolved simultaneously with the automotive industry. Both industries are continuously progressing to provide advanced technologies and eco-friendly products to their buyers.
The demand for automotive coatings is primarily influenced by the demand trends in the automotive industry, environmental regulations, health & safety norms, buyer preferences, lifestyle, and the growing economy.
These factors positively impact the automotive coatings industry. Apart from the appearance of vehicles, automotive coatings play an important role in the protection of the metal surfaces of vehicles from rust and other damage. Attractive colors, textures, and patterns make vehicles more attractive, which can act as the key decision-making factor for buyers.
The key companies profiled in this report are BASF SE (Germany), PPG Industries, Inc. (US), Axalta coating Systems (US), Akzo Nobel N.V. (Netherlands), and Kansai Paint Co., Ltd (Japan).
North America is likely to account for the second-largest share of the automotive coatings market in terms of value.
The region has a well-established automotive industry with high production volumes, a strong focus on innovation and advanced coating technologies, and a growing consumer demand for vehicles with superior aesthetics and durability. Additionally, stringent environmental regulations in the region are driving the adoption of eco-friendly coatings, contributing to the overall market growth.
Ongoing infrastructure projects, including road construction and maintenance, contribute to the demand for coatings used in commercial vehicles and public transportation, further bolstering the automotive coatings market. The region is at the forefront of technological innovations in the automotive sector. Advancements such as electric vehicles (EVs) and smart coatings are driving the need for specialized coatings that protect sensitive electronic components and offer advanced functionalities.
The presence of key players and industry leaders in the automotive coatings sector, along with an increasing focus on research and development initiatives, ensures the continuous growth and competitiveness of the global market.
Basecoat is projected to be the fastest-growing coat type segment of the automotive coatings market.
Advancements in technology have led to the development of high-performance basecoat formulations, allowing for improved color matching, application efficiency, and overall coating quality. consumer preferences for customizable and aesthetically pleasing vehicle finishes have surged, driving the demand for innovative basecoat options that offer a wide range of colors and special effects.
Additionally, the basecoat plays a crucial role in achieving the desired appearance of the vehicle, contributing significantly to its visual appeal. As consumers increasingly prioritize the exterior aesthetics of their vehicles, automotive manufacturers are focusing on enhancing the capabilities of basecoat technologies to meet these demands.
Furthermore, environmental concerns have led to the development of eco-friendly basecoat formulations with reduced levels of volatile organic compounds (VOCs), aligning with stringent environmental regulations. This shift toward sustainability in coating solutions contributes to the rising popularity of advanced basecoats.
China, by country is forecasted to be the largest market of automotive coatings during the forecast period.
The rising affluence of the Chinese middle class has led to increased vehicle ownership. As more consumers in China purchase cars, there is a proportional increase in the demand for automotive coatings to protect and enhance the appearance of these vehicles. China has witnessed significant advancements in coating technologies. Innovations in coatings, such as smart coatings and those tailored for electric vehicles, contribute to the overall growth of the automotive coatings market in the country.
Ongoing urbanization and infrastructure development projects in China contribute to the demand for commercial vehicles and public transportation. This further boosts the need for automotive coatings for both new vehicles and maintenance purposes.
This report provides insights on the following pointers:
- Analysis of key drivers (Growing automotive and EV sales to drive coatings industry, Green, environment-friendly, and healthier coating systems) restraints (Volatility of raw material prices, Revocation of government subsidiaries on EVs), opportunities (Process optimization, Advancement in coating technology), and challenges (Stringent regulatory policies) influencing the growth of the automotive coatings market.
- Product Development/Innovation: Detailed insight of upcoming technologies, research & development activities, and new product launch in the automotive coatings market.
- Market Development: Comprehensive information about markets - the report analyses the automotive coatings market across varied regions.
- Market Diversification: Exclusive information about the new products & service untapped geographies, recent developments, and investments in automotive coatings market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like BASF SE (Germany), PPG Industries, Inc. (US), Axalta coating Systems (US), Akzo Nobel N.V. (Netherlands), and Kansai Paint Co., Ltd (Japan) among other in the automotive coatings market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 315 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $15.5 Billion |
| Forecasted Market Value (USD) by 2028 | $19 Billion |
| Compound Annual Growth Rate | 4.1% |
| Regions Covered | Global |
Company Profiles
- Akzo Nobel N.V.
- Apv Engineered Coatings
- Asian Paints Ltd.
- Axalta Coating Systems
- BASF SE
- Beckers Group
- Berger Paints India Ltd.
- Concept Paints
- Grand Polycoats
- Guangzhou Zhenroumei Chemical Coatings Limited
- Jotun A/S
- Kansai Paint Co. Ltd.
- Kapci Coatings
- Kcc Corporation
- National Paints Factories Co. Ltd.
- Nippon Paint Holdings Co. Ltd.
- Ppg Industries, Inc.
- Qingyuan Baohong Paint Co. Ltd.
- Red Spot Paint and Varnish Co. Inc.
- Rpm International
- Shanghai Kinlita Chemical Co. Ltd.
- The Sherwin-Williams Company
- Titan Coatings International
- US Paints
- Weg SA
For more information about this report visit https://www.researchandmarkets.com/r/axgdim
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