New York, United States, Jan. 22, 2024 (GLOBE NEWSWIRE) -- The Global Automotive Coatings Market Size to Grow from USD 21.38 Billion in 2022 to USD 43.75 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 7.42% during the forecast period.
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Automotive coating serves two primary functions: protection and decoration. To protect metal from rust, these coatings are applied in a series of steps. To create a transparent and glossy coating, the primer steps, base coat, and clear coat are all used in the coating application. It can withstand ultraviolet rays. Automotive coatings are waterproof dry coatings that are applied to automobiles to protect them from corrosion while also improving performance and appearance. These coatings are made from raw materials derived from petroleum-based chemicals such as titanium dioxide, pigments, and acrylates, and they are used on metal surfaces such as car bodies, wheels, and parts. Due to increased demand from OEMs, the automotive coatings market is expected to grow significantly during the forecast period. Automotive coating are frequently employed in the automotive industry to improve a vehicle's appearance and performance. In the coming years, these factors may increase demand for automotive coatings. Government incentives and subsidies have played an important role in encouraging consumers to switch to more sustainable and environmentally friendly transportation options. These subsidies frequently assist in making electric vehicles more affordable and appealing to consumers. The termination of the subsidies may have an impact on the demand for electric vehicle coatings. Reduced consumer financial incentives may slow the rate of electric vehicle adoption, affecting overall EV production and sales. As a result, demand for specialized coatings for electric vehicles, which frequently require unique formulations to protect sensitive electronic components and advanced systems, may decrease.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on “Global Automotive Coatings Market Size By Resin (Polyurethane, Epoxy, Acrylic, and Others), By Technology (Waterborne coatings, Solvent borne coatings, Powder Coatings, and Others), By Coat Type (Electro coat, Primer, Base coat, and Clear coat), By Application (OEM, Refinish, and Plastic Part), By Geographic Scope And Forecast, 2023 – 2032.”
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Automotive Coatings Market Price Analysis
The Automotive Coatings Market Price Analysis depicts a dynamic landscape influenced by variables such as technological advancements, changes in demand, and global economic conditions. Prices in this industry vary by Automotive Coatings segment, with distinct trends.
Automotive Coatings Market Opportunity Analysis
The automotive industry is experiencing rapid technological advancements, including the development of electric and autonomous vehicles. These developments necessitate the use of specialized coatings to protect sensitive electronic components, contribute to energy efficiency, and meet the unique requirements of advanced vehicle systems.
Insights by Resin
Acrylic held the largest market share from 2023 to 2032. The market is being driven by rising automotive demand, which will drive market growth in the coming years. The rising popularity of new coatings models that offer improved finishing and texture, as well as manufacturers' efforts to introduce various eco-friendly, odorless, dust-proof, and waterproof coatings, have fueled industry growth.
Insights by Technology
Waterborne coatings accounted for the fastest market growth from 2023 to 2032. Due to increased demand from the automotive industries, waterborne technology is expected to be a rapidly developing technology. When compared to solvent-based coatings, waterborne coatings have VOC levels that are below any control limits and can be used to reduce total emissions. In the coming years, these key characteristics will outperform overall industry growth.
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Insights by Region
Asia Pacific is expected to dominate the Automotive Coatings Market from 2023 to 2032. The Asia Pacific region held the largest market share and is expected to maintain its dominance throughout the forecast period. Automotive coatings are in high demand due to rising demand for and production of passenger and commercial vehicles. Furthermore, the government's support for electric vehicles has increased demand for coatings, propelling the market forward.
North America is expecting significant market growth between 2023 and 2032. The growing emphasis on lowering vehicle carbon emissions has shifted the focus of various manufacturers toward electric vehicles, boosting regional market growth. With strict government regulations and norms for carbon emissions, most North American car manufacturers are shifting their vehicle production toward vehicle electrification, which has increased demand for commercial vehicles, and the logistics and e-commerce businesses have benefited the most from this shift, driving regional market growth.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Automotive Coatings Market include 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, and Other Top Key Players.
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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.
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
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