Automotive Coatings Market Research Report - Global Forecast to 2030

Automotive Coating Market Research Report Information Resin Type (Acrylic, Epoxy, Polyurethane), By Coat Type (Basecoat, Clearcoat, E-coat), By Technology (Solvent-Borne, Water-Borne, Powder Coating), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030

ID: MRFR/CnM/1222-HCR | 143 Pages | Author: Chitranshi Jaiswal | March 2024         

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Global Automotive Coating Market Overview


The Automotive Coating Market Size was valued at USD 16.01 Billion in 2022. The Automotive Coating industry is projected to grow from USD 17.08 Billion in 2023 to USD 25.2 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7% during the forecast period (2023 - 2030). Automotive coatings are water-resistant dry coatings that are used to protect vehicles from corrosion and improve their appearance and performance. Such coatings are made from raw materials such as acrylics, titanium dioxide, and pigments derived from petroleum-based chemicals, and they have important properties such as a good elastomeric finish and a higher surface hardness. They're used on metal surfaces like car bodies, wheels, and parts. With increased demand from OEMs, the automotive coatings market is expected to grow significantly over time.
Automotive Coating Market Overview
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Automotive Coating Market Trends




  • Growing Trends for Automotive Refinishing Coatings are Driving Automotive Coatings Market Growth.




The emergence of autonomous and electric vehicles makes waves in the automotive industry. As OEMs are increasingly adopting the use of ADAS (advanced driver assistance programs), physical stores are therefore seeing an increase in the complexity and repair costs, with the particular effort required to maintain and evaluate these systems following OEM specifications.


Also, increasing demand for automotive coatings to enhance durability and enhance the appearance of automobiles. These coatings are also protecting automobiles from several adverse effects of harsh environmental conditions such as UV radiation, foreign particles, acid rain, and, extreme temperatures. These benefits are likely to expand the rapid industry growth during the forecast period. 


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Additionally, Growing trends in automotive refinishing, custom paint designs, and vinyl are likely to drive the use of automotive coatings solutions. These products help protect and enhance custom vehicle paint coating finishes, increasing the visibility and longevity of expensive paint customizations. In addition, these coatings also protect against general wear and tear and protect the coatings from long-term exposure to the sun, which is likely to expand this market.


Automotive Coating Market Segment Insights


Automotive Coating Resin Type Insights


The Automotive Coating Market segmentation, based on Resin Type, includes Acrylic, Epoxy, Polyurethane, and Others. Automobile coating made of polyurethane is the market’s largest segment. This is due to their increased use in topcoats (clearcoat and basecoat). Due to its flexibility, resistance to heat, corrosion, and impact, this resin is suitable for use in basecoat and clearcoat. 


Automotive Coating Coat Type Insights


Based on Coat Type, the Automotive Coating Market segmentation includes Basecoat, Clearcoat, E-coat, and Primer. The basecoat dominates the market owing to the use of new and innovative technologies that are being developed by motorized coating producers. In the innovative integrated system, the introduction layer is omitted and is substituted with two layers of basecoat which is an advanced basecoat. These generous technological developments are predicted to drive the basecoat sector in the automotive coating market.


Automotive Coating Technology Insights


Based on Technology, the Automotive Coating Market segmentation includes Solvent-Borne, Water-Borne, Powder Coating, and Others. Water-borne technology is the fastest-growing segment due to its low deadliness, low VOC stages, and low HAP discharges, which helps to reduce air radiation; the use of eco-friendly machinery in coating systems is driving the market growth.


Figure 2: Automotive Coating Market, by Resin Type, 2022 & 2030 (USD Billion)
Automotive Coating Market, by Resin Type, 2022 & 2030
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Automotive Coating Regional Insights


By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific region held the largest market share and is anticipated to dominate the market during the forecast period. China, Japan, India, and South Korea are driving the growth of the market in the region due to increasing demand for affordable vehicles in the region.  Moreover, the growing demand and production of passenger and commercial vehicles have further increased the need for automotive coatings. In addition, the government's support for EV vehicles has also increased the demand for coatings and driven market growth.


Figure 3: AUTOMOTIVE COATING MARKET SHARE BY REGION 2022 (%)
AUTOMOTIVE COATING MARKET SHARE BY REGION
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


North America is expected to witness a considerable growth rate by 2029. With strict government regulations and norms for carbon emission, most of the car manufacturers in North America are shifting their vehicle production towards vehicle electrification, which has increased the demand for commercial vehicles, and the logistics and e-commerce business is most benefitted from this shift, thus driving the regional market growth. According to the OICA (Organisation Internationale des Constructeurs d'Automobiles), the U.S. accounted for 1,926,795 car sales in 2020 and 6,895,604 sales of commercial vehicles in the same year. Additionally, increasing focus on reducing carbon emissions of vehicles has shifted the focus of various manufacturers towards electric vehicles, thus boosting the market growth in the region.


Europe is expected to witness steady growth during the forecast period due to increasing vehicle production in countries including Germany, Italy, Sweden, France, the U.K., and the Czech Republic. Furthermore, the growing population along with rising income levels are likely to stimulate demand over the forecast period. Additionally, innovation in vehicle coatings and Europe’s car industry is the biggest investor in R&D shall drive the regional market growth shortly.


Automotive Coating Key Market Players & Competitive Insights


Major market players are spending a lot of money on R&D to increase their product lines, which will help the Automotive Coating market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Automotive Coating industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.


The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Automotive Coating. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Automotive Coating industry must offer affordable products.


Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Automotive Coating industry to benefit customers and expand the market sector. The Low-Profile Additives market has recently given medicine some of the most important advantages. Major Automotive Coating market players, including BASF SE (Germany), Axalta Coating Systems (U.S.), Kansai Paint Co., Ltd. (Japan), Akzo Nobel N.V. (Netherlands), and others, are attempting to increase market demand by funding R&D initiatives.


BASF is a company that provides petrochemicals, intermediates, performance materials, monomers, dispersions and pigments, performance chemicals, catalysts, coatings, and care chemicals. It conducts its operations through six business segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition and Care, and Agricultural Solutions.


Also, AkzoNobel is a company that manufactures paints and coatings. It offers products such as decorative paints, automotive, specialty, marine, protective, yacht, industrial, and powder coatings. The company operates several brands, such as AkzoNobel, Alabastine, Alba, Apla, Cetol, Coral, Dulux, Flexa, Glitsa, Herbol, and Lesonal.


Key Companies in the Automotive Coating market include



  • 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.)

  • Bayer AG (Germany).


Automotive Coating Industry Developments


Akzo Nobel N.V., a Dutch multinational company that manufactures paints and performance coatings for both industry and consumers worldwide, has acquired Colombia-based paints and coatings firm Grupo Orbis, bolstering its long-term position in Latin America. The Pintuco paints and coatings business, Andercol and Poliquim (resins, emulsions, adhesives, and specialty chemicals), Mundial (paints and related product distribution services), and Centro de Servicios Mundial are all included in this transaction.


PPG, global paint, coatings, and specialty materials supplier headquartered in Pittsburgh, has acquired Hemmelrath's Erlenbach site to expand its automotive coatings portfolio. This acquisition will help the company expand its automotive coatings offering by expanding its formulating and manufacturing capabilities. The clearcoat unit employs fully automated production technology, allowing for faster and shorter manufacturing periods, as well as the flexible production of several batch sizes ranging from 25 to 50 metric tonnes.


Automotive Coating Market Segmentation


Automotive Coating Resin type Outlook



  • Acrylic

  • Epoxy

  • Polyurethane


Automotive Coating Technology Outlook



  • Basecoat

  • Clearcoat

  • E-coat


Automotive Coating Coat type Outlook



  • Solvent-Borne

  • Water-Borne

  • Powder Coating


Automotive Coating Regional Outlook




  • North America



    • US

    • Canada




  • Europe



    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe




  • Asia-Pacific



    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific




  • Rest of the World




    • Middle East




    • Africa




    • Latin America





Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD  16.01 Billion
Market Size 2023 USD 17.08 Billion
Market Size 2030 USD 25.2 Billion
Compound Annual Growth Rate (CAGR) 7% (2023-2030)
Base Year 2023
Market Forecast Period 2023-2030
Historical Data 2018 & 2020
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Resin type, Coat type, Technology, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
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).
Key Market Opportunities Changing climatic conditions and rising awareness on the part of consumers to maintain, protect, and enhance the longevity of their vehicles.
Key Market Dynamics The increasing demand for automotive coatings can be attributed to shifting consumer preference for more aesthetic and attractive vehicles.




Frequently Asked Questions (FAQ) :

The Automotive Coating Market size was valued at USD  16.01 Billion in 2022.

The global market is projected to grow at a CAGR of 7% during the forecast period, 2023-2030.

Asia Pacific had the largest share of the Automotive Coating Market.

The key players in the market are 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).

The polyurethane categories dominated the market in 2023.

The basecoat had the largest share in the global market for Automotive Coating.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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