Automotive Coatings Market Size, Share, Analysis, Trends, Growth, 2032

Automotive Coatings Industry Prospective:

The global automotive coatings market size was worth around USD 15.46 Billion in 2023 and is predicted to grow to around USD 22.03 Billion by 2032 with a compound annual growth rate (CAGR) of roughly 4.01% between 2024 and 2032.

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The report analyzes the global automotive coatings market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the automotive coatings industry. 

The report covers a forecast and an analysis of the automotive coatings market on a global and regional level. The study provides historical information from 2018 to 2022 along with a forecast from 2024 to 2032 based on both volume (Kilotons) and revenue (USD Billion). The study covers the key drivers and restraints of the automotive coatings market and their impact on the market within the forecast period. Furthermore, the study also includes the opportunities accessible within the automotive coatings market on a global level.

In order to offer the users of this report, a comprehensive read of the automotive coatings market, we have enclosed a detailed value chain analysis. To know the competitive landscape within the market, an analysis of Porter’s Five Forces model for the automotive coatings market has additionally been enclosed within the study. The study includes a market attractiveness analysis, wherein all the segments are benchmarked supported their market size, growth rate, and general attractiveness.

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The study also includes the market share of the key participant’s operating in the automotive coatings market across the globe. Additionally, the report covered the strategic development together with acquisitions & mergers, agreements, partnerships, collaborations & joint ventures, and regional growth of key players within the market on a regional basis.

The study provides a crucial view of the automotive coatings market by segmenting it based on the product, technology, coat, and region. All the segments have been analyzed based on present and the future trends and the market is estimated from 2024  to 2032. The regional classification includes Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa.

Automotive Coatings Market: Growth Factors

Automotive coatings are applied on automotive/vehicle metal surfaces to ensure protection against corrosion and rust. Automotive coatings are lightweight in nature apart from being abrasion-resistant, chemical-resistant, and retain gloss.

The global automotive coatings market is likely to experience significant growth over the upcoming years, owing to the growing number of vehicles and substantial developments of protective features like UV-radiation protection, protection from extreme temperature acid rain, and others provided by automotive manufacturers. Rapid urbanization and improving living standards of the global population are also driving the automotive coatings market. However, the volatile raw material prices of automotive coatings may hamper the automotive coatings market growth across the globe to some extent. Alternatively, the flourishing automotive markets in the emerging countries of India and China and ongoing advancements in coating technology are likely to generate new growth opportunities for the automotive coatings market globally.

Automotive Coatings Market: Report Scope

Automotive Coatings Market: Segmentation

The automotive coatings market is mainly fragmented based on technology, product, and coat. By product, the automotive coatings market includes acrylic, epoxy, polyurethane, and others (melamine, saturated polyester resin, and alkyds). The epoxy segment was the fastest growing in the market and accounted for a significant share in 2023.

By technology, the automotive coatings market is categorized into water-borne, powder, solvent-borne, and UV-cured. Water-borne held a major share in 2023. By coat, the automotive coatings market is divided into basecoat, clear coat, e-coat, and primer. In 2023, the clear coat segment was the leading segment of the automotive coatings market globally.

Automotive Coatings Market: Regional Analysis

In 2023, the Asia Pacific held the largest share of the automotive coatings market globally. In terms of value, the region is estimated to show the highest CAGR in the years ahead. China and India have been making vital contributions to the region’s automotive coatings market. Europe held the second-largest automotive coatings market share in 2023, due to stringent vehicle paint regulations and continuously growing automotive industry.

Rapid industrial growth, innovative automotive designing process, developing coating process innovations are leading to huge investments in the automotive sector and increasing the regional demand for eco-friendly coatings, which is also fuelling the automotive coatings market in Europe.

Automotive Coatings Market: Competitive Analysis

Some major players of the automotive coatings market are

• BASF
• Axalta Coating Systems
• Kansai Paint
• Nippon Paints
• Mitsui Chemicals
• PPG Industries
• Sherwin Williams
• 3M Company
• Beckers Group
• KCC Paint
• Arkema
• Jotun
• Clariant, Bayer
• Berger Paints
• Valspar Corporation
• DSM
• Cabot Corporation
• Lord Corporation
• Solvay
• Matrix System Automotive Finishes.
• And Others

This report segments the global automotive coatings market into:

Global Automotive Coatings Market: Product Analysis

• Polyurethane
• Epoxy
• Acrylic
• Others

Global Automotive Coatings Market: Technology Analysis

• Solvent-Borne
• Water-Borne
• Powder
• UV-Cured

Global Automotive Coatings Market: Coat Analysis

• Clear Coat
• Basecoat
• Primer
• E-Coat

Global Automotive Coatings Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa