Global Automotive Coatings Market Size to Reach USD 22.96 Billion in 2032 | Emergen Research

Rising usage of powder-based coatings in the automotive industry is a key factor driving automotive coatings market revenue growth

Vancouver, Aug. 23, 2023 (GLOBE NEWSWIRE) -- The anticipated trajectory of the global automotive coatings market points towards reaching a valuation of USD 22.96 Billion by the year 2032. This journey is underpinned by a consistent and robust compound annual growth rate (CAGR) of 4.4% throughout the forecast period, as per the latest analysis conducted by Emergen Research. One of the primary drivers of this upward revenue trend is the increasing adoption of powder-based coatings within the automotive sector.

Powder coating has found substantial utilization across various segments of the automobile landscape, encompassing elements such as hubcaps, bumpers, wheels, cosmetic trim, door handles, truck beds, accent components, filters, radiators, and assorted engine parts. This widespread application is attributed to the exceptional attributes of powder-coated surfaces. These surfaces exhibit heightened resistance against scratches, chipping, wear, and fading. Such traits make them particularly suitable for deployment in automotive contexts, wherein their elevated levels of abrasion and corrosion resistance are of paramount importance.

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Furthermore, the escalating demand for ceramic coatings serves as an additional propeller for the surge in market revenue. These coatings, known for their robustness, are frequently employed to safeguard car surfaces from an array of detriments, including dirt, grime, scratches, and various forms of blemishes that tend to afflict rigid vehicle exteriors such as the paint, wheels, and calipers.

The adoption of ceramic coatings yields manifold benefits, both for the vehicle's interior and exterior. For instance, the application of a ceramic coating provides a protective shield against the detrimental effects of Ultraviolet (UV) radiation, which can lead to adverse outcomes like oxidation, paint deterioration, and loss of luster. Moreover, this specialized coating also functions as a barrier against chemical stains and acidic contaminants stemming from sources like insects, atmospheric pollutants, or other contributing factors.

Beyond its protective attributes, a ceramic coating also significantly streamlines the process of vehicle cleaning. However, it's worth noting that the adoption of high-performance coatings does come at a cost, with their relatively elevated price point emerging as a notable factor that might temper the rapid growth of market revenue.

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Scope of Research

Report DetailsOutcome
Market Size in 2022USD 15.00 Billion
CAGR (2023–2032)4.4%
Revenue Forecast To 2032USD 22.96 Billion
Base Year For Estimation2022
Historical Data2019–2021
Forecast Period2023–2032
Quantitative UnitsRevenue in USD Billion and CAGR in % from 2023 to 2032
Report CoverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments CoveredResin type, technology, coat type, application, and region
Regional ScopeNorth America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country ScopeU.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
Key Companies ProfiledThe Sherwin-Williams Company, KCC PAINTS SDN BHD, Bayer AG, Beckers Group, Cabot Corporation, Berger Paints India Limited, Eastman Chemical Company, Valspar, CLARIANT, and Solvay 
Customization Scope10 hours of free customization and expert consultation

Major Companies and Competitive Landscape

The global automotive coatings market is fragmented with large and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective in the market. Some major players included in the global automotive coatings market report are:

  • The Sherwin-Williams Company
  • Bayer AG
  • Beckers Group
  • Cabot Corporation
  • Berger Paints India Limited
  • Eastman Chemical Company
  • Valspar
  • Solvay

Strategic Development

On 18 August 2022, Axalta Coating Systems Ltd., a leading global coatings manufacturer, announced the launch of Cromax Gen, its next-generation basecoat technology, for the Latin American Automotive Refinish industry. The company offers customers innovative, colorful, beautiful, and long-lasting coating solutions. The coatings are designed to prevent corrosion, increase productivity, and enhance durability in a wide range of applications, including light automobiles, commercial vehicles, and refinish applications, as well as electric motors, building facades, and other industrial uses.

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Some Key Highlights From the Report

  • The polyurethane segment accounted for largest revenue share in the global automotive coatings market in 2022. This is due to increasing use of polyurethane coating, which is highly resistant to a wide range of chemicals, including acids, alkalis, solvents, and oils. The abrasion and weathering resistance of polyurethane paint is used for an automobile's protective undercoating, and most automobiles have a polyurethane clear coat that seals and protects the color. These coatings are unaffected by UV radiation, high temperatures, or chemicals. Polyurethane coatings in the automotive industry provide external high gloss and color retention, as well as resistance to scratches and corrosion,.
  • The solvent-based segment is expected to register steadily fast revenue growth rate in the global automotive coatings market during the forecast period. This is due to rising demand for solvent-based paints, which are resistant to weather conditions, such as humidity or high temperatures, increase drying times. In solvent-based paints, organic compounds are utilized as solvents. The organic components provide a hard and long-lasting layer that is resistant to scratches and abrasions. These coatings also provide a high level of gloss and clarity, resulting in a visually pleasing and sparkling appearance for cars.
  • The e-coat segment is expected to account for significantly large revenue share in the global automotive coatings market during the forecast period due to rising demand for E-coating as these provide corrosion resistance. E-coat protects against harsh salt spray, provides dielectric and acid resistance, and has outstanding adhesion levels. This makes it highly effective in preventing rust and extending the lifespan of automotive components. E-Coat also provides a consistent coating thickness, reducing the risk of uneven coverage and potential weak points that can lead to corrosion.

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For the purpose of this report, Emergen Research has segmented the global automotive coatings market on the basis of resin type, technology, coat type, application, and region:

  • Resin Type Outlook (Revenue, USD Billion; 2019–2032)
    • Polyurethane
    • Epoxy
    • Acrylic
    • Others
  • Technology Outlook (Revenue, USD Billion; 2019–2032)
    • Solvent-based
    • Water-based
    • Powder-based
  • Coat Type Outlook (Revenue, USD Billion; 2019–2032)
    • Clear coat
    • Basecoat
    • Primer
    • E-coat
  • Application Outlook (Revenue, USD Billion; 2019–2032)
    • Interior Coatings
    • Exterior coatings
  • Regional Outlook (Revenue, USD Billion, 2019–2032)
    • North America
      • U.S.
      • Canada
      • Mexico
    • Europe
      • Germany
      • UK
      • France
      • Spain
      • BENELUX
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • South Korea
      • Rest of APAC
    • Latin America
      • Brazil
      • Rest of LATAM
    • Middle East & Africa
      • Saudi Arabia
      • UAE
      • Israel
      • Rest of Middle East & Africa

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