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The size of the automotive coating market in 2022 was estimated at $16.01 billion. From 2023 to 2030, the automotive coating market is expected to expand from USD 17.09 Billion in 2023 to USD 25.2 Billion, expanding at a CAGR (compound annual growth rate) of 8%. Dry coatings with high resistance to water are used in the automotive industry to prevent rust and improve the look and functionality of automobiles. Coatings like this have useful characteristics like a nice elastomeric finish and a higher surface hardness since they are formulated from basic ingredients like acrylics, titanium dioxide, and pigments generated from petroleum-based chemicals. They are put to use on metal surfaces including vehicle frames, rims, and components. It is anticipated that the automotive coatings market would expand rapidly in response to rising demand from original equipment manufacturers.
Coatings have primarily aesthetic and protective functions in the automotive industry. In order to prevent corrosion, the metal undergoes a multi-stage coating process. To get a clean and shiny appearance, the coating process involves three layers: primer, base coat, and clear coat. It is resistant to the sun's rays. They're commonly employed to boost vehicles' style and functionality in the automotive industry. During the expected time frame, this may boost market demand.
Waterproof dry coatings designed specifically for use on automobiles, such as those used to prevent corrosion and boost efficiency and curb appeal. Coatings like this are used on metal surfaces like automobile bodywork, wheels, and parts, and are made from basic materials like titanium dioxide, pigments, and acrylates, all of which are sourced from petroleum-based chemicals and share key qualities like increased surface hardness and superior elastomeric treatment. The automotive coatings market is expected to expand rapidly over the next few years in response to rising demand from original equipment manufacturers.
The primary functions of automotive coatings are protective and aesthetic. Metals can be protected from rust by applying one of these coatings in one of several stages. To achieve a translucent and glossy finish, the coating process involves three layers: primer, base coat, and clear coat. It can endure the sun's ultraviolet radiation. Coatings designed specifically for automobiles are used extensively in the industry to improve both the look and functionality of vehicles. In the future, these factors may increase the need for automobile coatings. Corrosion prevention, improved aesthetics, reduced production costs to facilitate mass manufacturing, compliance with environmental and regulatory standards, and improved coating robustness and performance may all play a role in the growth of the Automotive Coatings Market. Furthermore, these market components are positioned highly relative to one another, making the hypothetical supremacy of one element at the expense of the other factor implausible. These coating compounds have grown in popularity and their use in vehicle coatings has been driven by developments in production technology and paint formulas.
The International Organisation of Motor Vehicle Manufacturers (OICA) reports that in 2021, worldwide vehicle sales will reach 82.6 million units, up from 2020's 78.7 million. The sales of passenger vehicles climbed from 53.9 million in 2020 to 56.3 million in 2021. In the years specified, this need has increased at a rate of around 4.4% per year on average. The growth of the world's populace, disposable income, level of living, and infrastructure, all of which are on the rise, bode well for the auto industry. In 2021, the number of automobiles manufactured worldwide is expected to rise to 80 million, up from 77.6 million in 2020. There was no notable rise in the number of new cars registered that used internal combustion engines in 2020. Due to the global economic collapse caused by the COVID-19 pandemic, the global market for all types of automobiles was negatively impacted. As the pandemic raged on, expectations for EV sales around the world were low. With the passage of time, however, it became clear that 2020 would be a banner year, with global EV sales growing by 43% from 2019 and the global electric car industry share hitting a record 4,6%. In September of 2021, more electric vehicles (EVs) were sold than in all of 2012. Electric vehicles (EVs) are anticipated to play a significant role in achieving the zero-emission objectives established for 2050.
The cost structure and future investments of automobile coating producers are heavily influenced by the price and availability of raw materials. Resins, additives, and solvents sourced from petroleum distillates make up the bulk of automotive coatings' raw materials. The market for these commodities has been quite unstable as of late. The principal drivers of the worldwide increase in the price of automobiles have been the rise in the cost of raw materials and the volatility of oil prices. increased transportation costs due to fluctuating fuel prices and increased manufacturing expenses due to rising energy prices have an impact on the automobile coating manufacturing industry. Furthermore, preexisting environmental rules are compelling these coating producers to employ environmentally friendly and more robust coatings. The profit margins of automobile coating producers are vulnerable due to the combination of fluctuating costs of raw materials and regulatory pressure from government organisations. During the COVID-19 epidemic, which occurred roughly two years ago, oil prices experienced their first historically significant downward trend. A price decline in oil of this magnitude was unexpected and unprecedented. Governments all throughout the world showed resiliency, and oil companies took action, which led to an increase in demand across all industries. However, as a result of shifts in geopolitical events, oil prices increased to above USD 110 per barrel by March 2022. In spite of optimism at the beginning of the year, worries about inflation and the global economic slowdown have begun to develop. Since 2019, the United States has lost around 1.3 million bpd (barrels per day) of refinery capacity due to the effects of COVID-19 on demand, hurricane damage, stricter regulations, and higher operational expenses. Concerns about a potential shortage are contributing to the already high degree of volatility in crude oil prices caused by existing sanctions.
Report Coverage
Global Automotive Coatings research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Automotive Coatings report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Automotive Coatings competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Automotive Coatings market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Automotive Coatings market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Automotive Coatings market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
BASF SE (Germany), Axalta Coating Systems (U.S.), Kansai Paint Co., Ltd. (Japan), Akzo Nobel N.V. (Netherlands), Jotun (Norway), Nippon Paint Holdings Co., Ltd. (Japan), PPG Industries, Inc. (U.S.), The Valspar Corporation (U.S.), Arkema SA (France), Berger Paints India Limited (India), Clariant (Switzerland), Koninklijke DSM N.V. (Netherlands), Cabot Corporation (U.S.), The Sherwin-Williams Company (U.S.), and Bayer AG (Germany).
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Automotive Coatings market based on the below-mentioned segments:
Global Automotive Coatings Market, By Type
Acrylic
Epoxy
Polyurethane
Global Automotive Coatings market, By Technology
Basecoat
Clearcoat
E-coat
Global Automotive Coatings Market, By Coat type
Solvent-Borne
Water-Borne
Powder Coating
Global Automotive Coatings market, Regional Analysis
Coatings have primarily aesthetic and protective functions in the automotive industry. In order to prevent corrosion, the metal undergoes a multi-stage coating process. To get a clean and shiny appearance, the coating process involves three layers: primer, base coat, and clear coat. It is resistant to the sun's rays. They're commonly employed to boost vehicles' style and functionality in the automotive industry. During the expected time frame, this may boost market demand.
Waterproof dry coatings designed specifically for use on automobiles, such as those used to prevent corrosion and boost efficiency and curb appeal. Coatings like this are used on metal surfaces like automobile bodywork, wheels, and parts, and are made from basic materials like titanium dioxide, pigments, and acrylates, all of which are sourced from petroleum-based chemicals and share key qualities like increased surface hardness and superior elastomeric treatment. The automotive coatings market is expected to expand rapidly over the next few years in response to rising demand from original equipment manufacturers.
The primary functions of automotive coatings are protective and aesthetic. Metals can be protected from rust by applying one of these coatings in one of several stages. To achieve a translucent and glossy finish, the coating process involves three layers: primer, base coat, and clear coat. It can endure the sun's ultraviolet radiation. Coatings designed specifically for automobiles are used extensively in the industry to improve both the look and functionality of vehicles. In the future, these factors may increase the need for automobile coatings. Corrosion prevention, improved aesthetics, reduced production costs to facilitate mass manufacturing, compliance with environmental and regulatory standards, and improved coating robustness and performance may all play a role in the growth of the Automotive Coatings Market. Furthermore, these market components are positioned highly relative to one another, making the hypothetical supremacy of one element at the expense of the other factor implausible. These coating compounds have grown in popularity and their use in vehicle coatings has been driven by developments in production technology and paint formulas.
The International Organisation of Motor Vehicle Manufacturers (OICA) reports that in 2021, worldwide vehicle sales will reach 82.6 million units, up from 2020's 78.7 million. The sales of passenger vehicles climbed from 53.9 million in 2020 to 56.3 million in 2021. In the years specified, this need has increased at a rate of around 4.4% per year on average. The growth of the world's populace, disposable income, level of living, and infrastructure, all of which are on the rise, bode well for the auto industry. In 2021, the number of automobiles manufactured worldwide is expected to rise to 80 million, up from 77.6 million in 2020. There was no notable rise in the number of new cars registered that used internal combustion engines in 2020. Due to the global economic collapse caused by the COVID-19 pandemic, the global market for all types of automobiles was negatively impacted. As the pandemic raged on, expectations for EV sales around the world were low. With the passage of time, however, it became clear that 2020 would be a banner year, with global EV sales growing by 43% from 2019 and the global electric car industry share hitting a record 4,6%. In September of 2021, more electric vehicles (EVs) were sold than in all of 2012. Electric vehicles (EVs) are anticipated to play a significant role in achieving the zero-emission objectives established for 2050.
The cost structure and future investments of automobile coating producers are heavily influenced by the price and availability of raw materials. Resins, additives, and solvents sourced from petroleum distillates make up the bulk of automotive coatings' raw materials. The market for these commodities has been quite unstable as of late. The principal drivers of the worldwide increase in the price of automobiles have been the rise in the cost of raw materials and the volatility of oil prices. increased transportation costs due to fluctuating fuel prices and increased manufacturing expenses due to rising energy prices have an impact on the automobile coating manufacturing industry. Furthermore, preexisting environmental rules are compelling these coating producers to employ environmentally friendly and more robust coatings. The profit margins of automobile coating producers are vulnerable due to the combination of fluctuating costs of raw materials and regulatory pressure from government organisations. During the COVID-19 epidemic, which occurred roughly two years ago, oil prices experienced their first historically significant downward trend. A price decline in oil of this magnitude was unexpected and unprecedented. Governments all throughout the world showed resiliency, and oil companies took action, which led to an increase in demand across all industries. However, as a result of shifts in geopolitical events, oil prices increased to above USD 110 per barrel by March 2022. In spite of optimism at the beginning of the year, worries about inflation and the global economic slowdown have begun to develop. Since 2019, the United States has lost around 1.3 million bpd (barrels per day) of refinery capacity due to the effects of COVID-19 on demand, hurricane damage, stricter regulations, and higher operational expenses. Concerns about a potential shortage are contributing to the already high degree of volatility in crude oil prices caused by existing sanctions.
Report Coverage
Global Automotive Coatings research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Automotive Coatings report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Automotive Coatings competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Automotive Coatings market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | BASF SE (Germany), Axalta Coating Systems (U.S.), Kansai Paint Co., Ltd. (Japan), Akzo Nobel N.V. (Netherlands), Jotun (Norway), Nippon Paint Holdings Co., Ltd. (Japan), PPG Industries, Inc. (U.S.), The Valspar Corporation (U.S.), Arkema SA (France), Berger Paints India Limited (India), Clariant (Switzerland), Koninklijke DSM N.V. (Netherlands), Cabot Corporation (U.S.), The Sherwin-Williams Company (U.S.), and Bayer AG (Germany). |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Automotive Coatings Market from 2021 to 2030.
- Market Forecast for Automotive Coatings Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Automotive Coatings competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Automotive Coatings
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Automotive Coatings market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Automotive Coatings market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
BASF SE (Germany), Axalta Coating Systems (U.S.), Kansai Paint Co., Ltd. (Japan), Akzo Nobel N.V. (Netherlands), Jotun (Norway), Nippon Paint Holdings Co., Ltd. (Japan), PPG Industries, Inc. (U.S.), The Valspar Corporation (U.S.), Arkema SA (France), Berger Paints India Limited (India), Clariant (Switzerland), Koninklijke DSM N.V. (Netherlands), Cabot Corporation (U.S.), The Sherwin-Williams Company (U.S.), and Bayer AG (Germany).
Primary Target Market
- Market Players of Automotive Coatings
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Automotive Coatings market based on the below-mentioned segments:
Global Automotive Coatings Market, By Type
Acrylic
Epoxy
Polyurethane
Global Automotive Coatings market, By Technology
Basecoat
Clearcoat
E-coat
Global Automotive Coatings Market, By Coat type
Solvent-Borne
Water-Borne
Powder Coating
Global Automotive Coatings market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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