The global automotive paints and coatings market size accounted for USD 17.41 bn in 2022 and it is expected to reach around USD 34.41 bn by 2032 with a CAGR of 7.1% from 2023 to 2032.
Shifting preference of consumers towards attractive texture and improved aesthetic appearance of the vehicles drives the global automotive paints & coatings market growth. At present, significant benefits offered by paints & coatings such as UV protection and color retention are gaining high popularity. Introduction of numerous exterior shades of vehicles and coating solutions have provided significant potential for the market growth. In addition, continuous engagement of industry participants for developing latest and cost-effective coating & paints solutions projected to fuel the market growth in the coming years. Furthermore, rising production of commercial and passenger vehicles expected to proliferate the paints & coatings demand during the forecast period. As per statistics provided by International Organization of Motor Vehicle Manufacturers (OICA) in 2019, total vehicle production across the world was 91.78 Mn out of which 24.64 Mn were commercial and 67.15 Mn were passenger vehicles.
However, increase in vehicle safety solutions have reduced the number of accidents, thus restricts the growth of paints coatings market. Nonetheless, rising adoption of eco-friendly paints and coatings due to stringent government regulations for gas emission and environmental concerns related to paint & coating manufacturing process expected to drive the automotive paints & coatings market in the coming years.
Coating Type Insights
Rising demand for superior gloss finish and appealing exterior appearance on advanced and luxurious vehicles is positively inducing the demand for automotive clearcoats. In addition, temperature fluctuation, long term protection from micro scratches projected to propel the demand for clearcoats in the automotive segment.
Electrocoats offer large number of benefits such as superior throw power, higher corrosion resistance, and lower curing temperature owing to which the segment is gaining high popularity. The market for electrocoats capture significant revenue share and expected to propel prominently during the forecast period. HAP’s free properties coupled with lower VOC formulation contribute significantly towards environmental protection. Furthermore, market players adopt various types of electrocoats such as cathodic epoxy, anodic acrylic, anodic epoxy, and cathodic acrylic because of their attractive properties and benefits that make vehicle surface more durable and weather resistant.
Waterborne coating led the global automotive paints & coatings market with significant revenue share in 2022 owing to its capability to protect vehicle from severe weather condition along with substantial cost reduction. In addition, waterborne technology provides lower temperature processing, high chemical resistance, and solvent free preparation of coatings.
On the other hand, powder coating offers precise thickness of film that enables them to rectify inappropriate coated area, this makes powder coating a preferred choice for large end-use applications. Additionally, attractive features of paints & coatings that include cost effectiveness, environment-friendly, high quality, easy usability, and swift paint applicability are some of the key trends followed by the industry participants.
Europe expected to offer potential growth prospects for the automotive paints & coatings market due to significant presence of auto manufacturers in the region. In addition, the region seeks prominent merger & acquisitions among the market players that increases the competition among players and makes the market more volatile for development. For example, in December 2016, BASF announced the acquisition of Chemetell that results into the expansion of coating portfolio of the company. Besides this, the company had expanded the vehicle production facility over UK, Germany, and France that supports the product penetration in the region.
Asia Pacific is anticipated to offer substantial growth over the forecast period. The prime factors behind the growth of the region are proliferating disposable income along with increasing vehicle affordability expected to augment the vehicle adoption rate. Parallelly, shifting focus of global players towards Asian countries for expanding their production facility supports the regional growth. In August 2018, PPG announced to establish a research & development center in Tianjin, China to enhance their capabilities to offer innovative and attractive products.
Key Companies & Market Share Insights
The global automotive paints & coatings market offers high competition due to presence of large number of players. The market players are adopting new strategies to behold their strong market footprint such as partnerships, long term contracts, and new product development. For instance, in February 2018, BASF announced the launches of R-M refinish and Glasurit paint brands in Europe. The paints are certified to reduce the CO2 emission as per biomass balance approach.
Some of the prominent players in the automotive paints & coatings market include:
Report Scope of the Automotive Paints & Coatings Market
|Market Size||USD 34.41 Billion by 2032|
|Growth Rate||CAGR of 8.2% from 2023 to 2032|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2023 to 2032|
|Segments Covered||Raw Material, Distribution Channel, Texture, Technology Type, Coating Type, Vehicle Type, Regional Outlook|
|Companies Mentioned||Akzo Nobel NV, Axalta Coating Systems, BASF SE, Cabot Corp, Clariant AG, Covestro|
Segments Covered in the Report
This report analyses and projects market revenue and growth trend at global, regional, and country levels and offers an analysis of the modern industry developments in each of the sub-segments from 2020 to 2032. This report classifies global automotive paints & coatings market on the basis of vehicle, coating type, technology, texture, distribution channel, raw material, and region:
By Vehicle Type
By Coating Type
By Technology Type
By Distribution Channel
By Raw Material
By Regional Outlook
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