PUBLISHER: The Business Research Company | PRODUCT CODE: 1641556
PUBLISHER: The Business Research Company | PRODUCT CODE: 1641556
Automotive coatings serve as protective layers applied to the surfaces of automobiles, aimed at preventing corrosion and enhancing their visual appeal. These coatings are utilized both internally and externally, employing either powdered or liquid substances to augment the durability and aesthetics of vehicles while ensuring heat and shock resistance.
The primary types of automotive coatings include clearcoat, basecoat, e-coat, and primer. The clear coat is the final layer applied after the primer and pigmented paint, providing a transparent, lustrous finish to enhance the vehicle's appearance and shield it from environmental damage. These coatings are developed using various technologies such as solvent-borne, water-borne, and powder coatings, incorporating materials like polyurethane, epoxy, and acrylic resins. Automotive coatings are specifically designed for application on metal and plastic substrates, catering to original equipment manufacturer (OEM) and refinishing requirements.
The automotive coatings market research report is one of a series of new reports from The Business Research Company that provides automotive coatings market statistics, including automotive coatings industry global market size, regional shares, competitors with an automotive coatings market share, detailed automotive coatings market segments, market trends and opportunities, and any further data you may need to thrive in the automotive coatings industry. This automotive coatings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The automotive coatings market size has grown strongly in recent years. It will grow from $21.85 billion in 2024 to $23.69 billion in 2025 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to automotive industry growth, environmental regulations, consumer preferences, oem and aftermarket demand, globalization of automotive trade.
The automotive coatings market size is expected to see strong growth in the next few years. It will grow to $34.23 billion in 2029 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to electrification of vehicles, rising autonomous vehicles, economic market growth, rising urbanization, rising disposable income. Major trends in the forecast period include waterborne coatings, advanced color customization, self-healing coatings, antimicrobial coatings, uv-cured coatings.
The rising demand for lightweight vehicles is a significant driver of growth in the automotive coatings market. Stringent emission regulations and the increasing need to reduce fuel consumption have fueled this demand for lightweight vehicles. The surfaces of lightweight vehicles are coated with various types of coatings for both protective and decorative purposes. Automotive coatings not only protect the vehicle's surface from corrosion but also help decrease the overall weight of the vehicles. For example, in August 2024, the Federal Reserve Economic Data, a U.S. government organization, reported that in January 2024, sales of lightweight vehicles, including cars and light trucks, rose to 15.002 million units, compared to 13.431 million units in January 2023, representing an approximate year-over-year growth of 11.7%. Thus, the increasing demand for lightweight vehicles is expected to bolster the growth of the automotive coatings market in the future.
The escalating global production of automobiles is anticipated to act as a catalyst for the expansion of the automotive coatings market. Vehicle production encompasses the manufacturing, assembly, and construction of various vehicle types, including automobiles, trucks, buses, motorcycles, and other motorized vehicles. Automotive coatings play a vital role in enhancing aesthetics, protecting against corrosion, ensuring durability, and prolonging the lifespan while preserving the vehicle's appearance. Data from the European Automobile Manufacturers Association in November 2022 revealed a noteworthy increase, with 16.4 million cars manufactured in China from January to September, reflecting a 15.1% rise compared to the same period in 2021. This boost in global automobile production significantly drives the growth of the automotive coatings market.
Strategic collaborations between companies have emerged as a significant trend gaining traction in the automotive coatings market. Industry players within the automotive coating sector are actively engaging in various collaborative efforts to develop novel technologies and products. An instance of this trend is witnessed in March 2023, as AkzoNobel N.V., a Netherlands-based paints and coatings company, announced a strategic partnership with a major automotive manufacturer to jointly develop innovative coatings specifically tailored for electric vehicles. This collaboration underscores the increasing significance of partnerships in driving innovation within the automotive coatings industry.
Leading companies in the automotive coatings market are prioritizing technological innovations, particularly nanotechnology-based solutions, to meet the burgeoning demand for automotive coatings. Nanotechnology-based automotive coatings involve the application of coatings or surface treatments at the nanoscale level utilizing nanomaterials or nanoparticles. For example, in July 2023, Hyundai Motor Company, a South Korea-based automotive manufacturer, unveiled an innovative nanotechnology-based self-healing coating for automobiles. This cutting-edge feature applies macromolecules to a car's surface that can revert to their original form, effectively mending scratches or dents, contributing to the vehicle's appearance and protection.
In July 2024, Axalta, a U.S.-based manufacturer of photonic devices and systems, acquired The CoverFlexx Group for an undisclosed sum. The purpose of Axalta's acquisition is to strengthen its offerings in the automotive refinish coatings market and foster growth in that sector, with a particular emphasis on economy customers in North America. The CoverFlexx Group is a Netherlands-based manufacturing company that specializes in coatings specifically designed for automotive refinish and aftermarket applications.
Major companies operating in the automotive coatings market include The Valspar Corporation, Solvay SA, Sherwin-Williams Company, Pittsburgh Plate Glass Company, Nippon Paint Automotive Coatings Co. Ltd., Korea Chemical Co. Ltd., Kansai Paint Co. Ltd., Arkema SA, Eastman Chemical Co., Clariant AG, Berger Paints India Limited, Becker Industrial Coatings LLC, BASF SE, Axalta Coating Systems Ltd., Akzo Nobel N.V, The Sherwin-Williams Company, Bollig & Kemper GmbH & Co.KG, HMG Paints Limited, Jotun India Pvt. Ltd., Shanghai Kinlita Chemical Co. Ltd., Carpoly Chemical Group Co. Ltd., Kangnam Jevesco Co. Ltd., Mankiewicz India Private Limited, Shawcor Ltd., Samhwa Paints Industries Co. Ltd., Nihon Toksuhu Toryo Co. Ltd., National Paint Factories Pvt. Ltd., Teknos Coatings And Paints Private Limited, Corporate Identification Number, Kelly-Moore Paints, Hempel AS, Deutsche Amphibolin-Werke von Robert Murjahn Stiftung & Co KG, Tiger Coatings GmbH & Co.
Asia-Pacific was the largest region in the automotive coatings market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive coatings market research report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries covered in the automotive coatings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
The automotive coatings market consists of sales of automotive coating technology, including UV-cured coating. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Automotive Coatings Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive coatings market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive coatings ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The automotive coatings market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.