Automotive Coatings Market

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Automotive Coatings Market by Resin Type (Polyurethane, Epoxy, Acrylic), Vehicle Type (Passenger Cars, Commercial Vehicles), Technology Type (Solvent-based, Water-based, Powder-based), Coat Type (Clearcoat, Basecoat) & Region - Global Forecast to 2028

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Report Code: CH 4570 Nov, 2023, by marketsandmarkets.com

The automotive coatings market is projected to grow from USD 15.5 billion in 2023 to USD 19.0  billion by 2028, at a CAGR of 4.1% between 2023 and 2028. The passenger cars, by vehicle type segment in Asia Pacific region is expecting a boom in the forecasted period and will lead to an increase in the demand for automotive coatings.

Attractive Opportunities in the Atomotive Coatings Market

Atomotive Coatings Market

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Atomotive Coatings Market

Source: Expert Interviews, Secondary Sources, and MarketsandMarkets Analysis

Automotive coatings Market Dynamics

Drivers: Growth in Automotive industry coupled with EV sales

The growth in the automotive industry, coupled with the increasing sales of electric vehicles (EVs), is driving the automotive coatings market. The overall expansion of the automotive market, marked by increased production and sales of traditional and electric vehicles, directly boosts the demand for automotive coatings. As more vehicles are manufactured, the need for coatings to protect and enhance their surfaces rises correspondingly. The growing market share of electric vehicles is a notable factor. Electric vehicles often require coatings that cater to the specific needs of their components, such as battery systems and lightweight materials, contributing to the overall demand for advanced coatings. Consumers' preferences for high-quality finishes and visually appealing vehicles are driving the demand for advanced coatings. This trend is particularly pronounced in the automotive industry, where aesthetics play a significant role in consumer decision-making.

Restraints: Revocation of government subsidiaries on EVs

Government incentives and subsidies have played a pivotal role in promoting the adoption of electric vehicles, encouraging consumers to make the switch to more sustainable and environmentally friendly transportation options. These subsidies often contribute to making electric vehicles more cost-competitive and financially appealing to consumers. revocation of the subsidies could have a ripple effect on the demand for coatings tailored to electric vehicles. Reduced financial incentives for consumers may slow down the adoption rate of electric vehicles, impacting the overall production and sales of EVs. As a result, the demand for specialized coatings designed for electric vehicles, which often require unique formulations to protect sensitive electronic components and advanced systems, could experience a decline.

Opportunities: Advancement in coating technology

The automotive industry is experiencing rapid technological advancements, including the development of electric and autonomous vehicles. These advancements require specialized coatings to protect sensitive electronic components, contribute to energy efficiency, and meet the unique requirements of advanced vehicle systems.

Challenges: Stringent regulatory policies

Regulations aimed at reducing the environmental impact of automotive coatings often focus on limiting the use of certain chemicals, particularly volatile organic compounds (VOCs) that contribute to air pollution. Compliance with strict emission standards can necessitate the reformulation of coatings, which may require significant research and development investments by manufacturers. Adhering to stringent regulations may require coatings manufacturers to invest in the development of new formulations that meet or exceed regulatory requirements. These additional research and development costs can impact the overall cost structure of the industry. The automotive coatings market is global, and different regions have varying regulatory frameworks. Adapting products to comply with diverse regulations across different markets adds complexity and can require customization based on regional standards.

Automotive coatings Market Ecosystem

Prominent companies in this market include well established , financially stable manufactures of Automotive coatings. These companies have been operating in the market for several years  and posses a diversified  product portfolio and strong global sales and marketing networks. Prominent companies in the market include BASF SE (Germany), PPG Industries, Inc. (US), Axalta Coating Syatems (US), Akzo Nobel N.V. (Netherlands), and Kansai Paint Co., Ltd (Japan)

Atomotive Coatings Market Ecosystem

Water-based coating by technology is expected to register highest CAGR during the forecast period.

There is a growing emphasis on environmental sustainability and the reduction of volatile organic compounds (VOCs) in coatings. Water-based coatings align with these objectives, as they have lower VOC emissions compared to traditional solvent-based coatings, meeting stringent regulatory standards and environmental guidelines. Increased awareness of the environmental impact of automotive manufacturing processes has prompted automakers and coatings manufacturers to adopt eco-friendly practices. Water-based coatings are considered more environmentally friendly as they reduce air pollution, minimize hazardous waste, and contribute to overall sustainability.

Atomotive Coatings Market by Region

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In Asia Pacific, India is the fastest-growing automotive coatings market.

the country's robust economic growth and a burgeoning middle class have led to an increase in disposable income and consumer spending. This has fueled a significant rise in the demand for vehicles, both two-wheelers and four-wheelers, driving the need for automotive coatings to protect and enhance the appearance of these vehicles. the Indian government's initiatives such as "Make in India" and "Atmanirbhar Bharat" (Self-Reliant India) have boosted the manufacturing sector, including the automotive industry. The growth in automotive manufacturing translates directly into an increased requirement for coatings for new vehicles. the Indian automotive market is witnessing technological advancements, including the rise of electric vehicles (EVs). The unique coating requirements of EVs, such as protection for battery systems and lightweight materials, contribute to the overall growth of the automotive coatings market.

Key Market Players

BASF SE (Germany), PPG Industries, Inc. (US), Axalta Coating Syatems (US), Akzo Nobel N.V. (Netherlands), and Kansai Paint Co., Ltd (Japan) are the key players in the global automotive coatings market.

Kansai Paint Co Ltd produces and markets a diverse range of coatings and paint products, offering five main product categories: automotive coatings, automotive refinish coatings, decorative coatings, protection coatings, and industrial coatings. Within its automotive coatings, the company provides clear coat paints, top coat paints, and primers. In the realm of industrial coatings, Kansai Paint supplies paint and coatings for a variety of applications, including bridges, roads, storage tanks, power plants, and manufacturing facilities. The primary customer bases for Kansai Paint's products are the automotive, marine, and construction industries.

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Scope of the Report

Report Metric

Details

Market size available for years

2018-2028

Base year considered

2022

Forecast Period

2023-2028

Forecast Units

Value (USD million/billion)

Segments Covered

By Resin Type, By Technology, By Vehicle Type, By Coat Type, By Region

Geographies Covered

Asia Pacific, Europe, North America, Middle East & Africa and South America

Companies covered

BASF SE (Germany), PPG Industries, Inc. (US), Axalta Coating Syatems (US), Akzo Nobel N.V. (Netherlands), and Kansai Paint Co., Ltd (Japan)
A total of 25 players are covered.
Based on Resin type, the automotive coatings market has been segmented as follows:
  • Polyurethane
  • Epoxy
  • Acrylic
  • Others
Based on Coat Type, the automotive coatings market has been segmented as follows:
  • Clearcoat
  • Basecoat
  • Primer
  • E-Coat
Based on vehicle type, the automotive coatings market has been segmented as follows:
  • Passenger cars
  • Commercial Vehicles
Based on technology, the automotive coatings market has been segmented as follows:
  • Solvent-based
  • Water-based
  • Powder-based
Based on the region, the automotive coatings market has been segmented as follows:
  • Asia Pacific
  • Europe
  • North America
  • Middle East & Africa
  • South America

Recent Developments

  • In May 2023, KANSAI HELIOS Coatings GmbH (“KANSAI HELIOS”), a European consolidated subsidiary of Kansai Paint Co., Ltd (“Kansai Paint") has completed its acquisition of the global Railway Coatings business assets from Beckers Group´s company Becker Industrie SAS (“Beckes")

Frequently Asked Questions (FAQ):

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TABLE OF CONTENT
 
1 INTRODUCTION 
    1.1 OBJECTIVES OF STUDY 
    1.2 MARKET DEFINITION 
           1.2.1 MARKET INCLUSIONS AND EXCLUSIONS
           1.2.2 DEFINITION AND INCLUSIONS, BY RESIN
           1.2.3 DEFINITION AND INCLUSIONS, BY TECHNOLOGY 
           1.2.4 DEFINITION AND INCLUSIONS, BY COAT TYPE
    1.3 MARKET SEGMENTATION 
           1.3.1 REGIONS COVERED
           1.3.2 YEARS CONSIDERED
    1.4 CURRENCY CONSIDERED  
    1.5 UNIT CONSIDERED 
    1.6 STAKEHOLDERS 
    1.7 SUMMARY OF CHANGES  
           1.7.1 RECESSION IMPACT
 
2 RESEARCH METHODOLOGY 
    2.1 RESEARCH DATA 
           2.1.1 SECONDARY DATA
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 PRIMARY DATA
                    2.1.2.1 Key data from primary sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of primary interviews
    2.2 MARKET SIZE ESTIMATION 
           2.2.1 BOTTOM-UP APPROACH
           2.2.2 TOP-DOWN APPROACH
    2.3 MARKET FORECAST  
    2.4 FACTOR ANALYSIS 
    2.5 DATA TRIANGULATION 
    2.6 ASSUMPTIONS 
    2.7 LIMITATIONS 
    2.8 GROWTH RATE ASSUMPTIONS  
    2.9 RISK ASSESMENT 
    2.10 IMPACT OF RECESSION 
 
3 EXECUTIVE SUMMARY 
 
4 PREMIUM INSIGHTS 
 
5 MARKET OVERVIEW 
    5.1 INTRODUCTION 
    5.2 MARKET DYNAMICS 
           5.2.1 DRIVERS
           5.2.2 RESTRAINTS
           5.2.3 OPPORTUNITIES
           5.2.4 CHALLENGES
    5.3 PORTER’S FIVE FORCES ANALYSIS 
           5.3.1 THREAT OF NEW ENTRANTS 
           5.3.2 THREAT OF SUBSTITUTES 
           5.3.3 BARGAINING POWER OF BUYERS 
           5.3.4 BARGAINING POWER OF SUPPLIERS 
           5.3.5 DEGREE OF COMPETITIVE RIVALRY
    5.4 MACROECONOMIC INDICATORS 
           5.4.1 INTRODUCTION
           5.4.2 GDP TRENDS AND FORECAST
           5.4.3 TRENDS AND FORECAST OF GLOBAL AUTOMOTIVE INDUSTRY
 
6 INDUSTRY TRENDS 
    6.1 VALUE/SUPPLY CHAIN ANALYSIS 
    6.2 ECOSYSTEM MAPPING 
    6.3 TRENDS AND DISRUPTIONS IMPACTING CUSTOMER’S BUSINESS 
    6.4 KEY STAKEHOLDERS AND BUYING CRITERIA 
           6.4.1 KEY STAKEHOLDERS IN BUYING PROCESS
           6.4.2 BUYING CRITERIA
    6.5 PRICING ANALYSIS 
           6.5.1 AVERAGE SELLING PRICE TREND, BY REGION, 2022
           6.5.2 AVERAGE SELLING PRICE TREND, BY RESIN TYPE, 2022
           6.5.3 AVERAGE SELLING PRICE TREND, BY COAT TYPE, 2022
           6.5.4 AVERAGE SELLING PRICE TREND, BY TECHNOLOGY, 2022
           6.5.5 AVERAGE SELLING PRICE TREND, BY VEHCILE TYPE, 2022
           6.5.6 AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY RESIN, 2022
    6.6 TRADE ANALYSIS 
           6.6.1 EXPORT SCENARIO 
           6.6.2 IMPORT SCENARIO 
    6.7 GLOBAL ECONOMIC SCENARIO AFFECTING MARKET GROWTH 
           6.7.1 RUSSIA-UKRAINE WAR
           6.7.2 CHINA
           6.7.3 NORTH AMERICA
           6.7.4 EUROPE
    6.8 TARIFF & REGULATORY LANDSCAPE 
           6.8.1 REGULATIONS 
           6.8.2 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
    6.9 PATENT ANALYSIS 
           6.9.1 METHODOLOGY
           6.9.2 PUBLICATION TRENDS
           6.9.3 JURIDICTION ANALYSIS
           6.9.4 TOP APPLICANTS
           6.9.5 TOP PATENT OWNERS
    6.10 CASE STUDY ANALYSIS 
    6.11 TECHNOLOGY ANALYSIS 
    6.12 KEY CONFERENCES AND EVENTS, 2023-2024 
 
7 AUTOMOTIVE COATINGS MARKET, BY RESIN TYPE  
    7.1 INTRODUCTION 
    7.2 POLYURETHANE  
    7.3 EPOXY 
    7.4 ACRYLIC  
    7.5 OTHERS 
 
8 AUTOMOTIVE COATINGS MARKET, BY TECHNOLOGY 
    8.1 INTRODUCTION 
    8.2 SOLVENT-BASED 
    8.3 WATER-BASED 
    8.4 POWDER-BASED 
 
9 AUTOMOTIVE COATINGS MARKET, BY COAT TYPE 
    9.1 INTRODUCTION 
    9.2 CLEARCOAT 
    9.3 BASECOAT 
    9.4 PRIMER 
    9.5 E-COAT 
 
10 AUTOMOTIVE COATINGS MARKET, BY VEHICLE TYPE 
     10.1 INTRODUCTION 
     10.2 PASSENGER CARS 
     10.3 COMMERCIAL VEHICLES 
     10.4 OTHERS 
 
11 AUTOMOTIVE COATINGS MARKET, BY REGION  
     11.1 INTRODUCTION 
     11.2 ASIA-PACIFIC 
             11.2.1 INTRODUCTION
             11.2.2 IMPACT OF RECESSION IN ASIA PACIFIC
             11.2.3 CHINA
             11.2.4 JAPAN
             11.2.5 INDIA
             11.2.6 SOUTH KOREA
             11.2.7 THAILAND
             11.2.8 INDONESIA
             11.2.9 MALAYSIA
             11.2.10 REST OF ASIA-PACIFIC
     11.3 NORTH AMERICA 
             11.3.1 INTRODUCTION
             11.3.2 IMPACT OF RECESSION IN NORTH AMERICA
             11.3.3 US
             11.3.4 CANADA
             11.3.5 MEXICO
     11.4 EUROPE 
             11.4.1 INTRODUCTION
             11.4.2 IMPACT OF RECESSION IN EUROPE
             11.4.3 GERMANY
             11.4.4 FRANCE
             11.4.5 ITALY
             11.4.6 SPAIN
             11.4.7 UK
             11.4.8 RUSSIA 
             11.4.9 TURKEY
             11.4.10 REST OF EUROPE
     11.5 MIDDLE EAST & AFRICA 
             11.5.1 INTRODUCTION
             11.5.2 IMPACT OF RECESSION IN MIDDLE EAST & AFRICA
             11.5.3 GCC COUNTRIES
                        11.5.3.1 Saudi Arabia
                        11.5.3.2 UAE
                        11.5.3.3 Others
             11.5.4 SOUTH AFRICA
             11.5.5 REST OF MIDDLE EAST & AFRICA
     11.6 SOUTH AMERICA 
             11.6.1 INTRODUCTION
             11.6.2 IMPACT OF RECESSION IN SOUTH AMERICA
             11.6.3 BRAZIL
             11.6.4 ARGENTINA
             11.6.5 REST OF SOUTH AMERICA
 
12 COMPETITIVE LANDSCAPE 
     12.1 OVERVIEW 
             12.1.1 OVERVIEWS OF STRATEGIES ADOPTED BY KEY PLAYERS
     12.2 MARKET SHARE ANALYSIS 
     12.3 MARKET RANKING ANALYSIS OF KEY COMPANIES 
     12.4 REVENUE ANALYSIS OF KEY COMPANIES  
     12.5 COMPANY EVALUATION MATRIX, 2022 
             12.5.1 STARS
             12.5.2 EMERGING LEADERS
             12.5.3 PERVASIVE PLAYERS
             12.5.4 PARTICIPANTS
             12.5.5 COMPANY FOOTPRINT
     12.6 START-UP/SME EVALUATION MATRIX, 2022 
             12.6.1 PROGRESSIVE COMPANIES
             12.6.2 RESPONSIVE COMPANIES
             12.6.3 DYNAMIC COMPANIES 
             12.6.4 STARTING BLOCKS
             12.6.5 COMPETITIVE BENCHMARKING
     12.7 STRENGTH OF PRODUCT PORTFOLIO 
     12.8 STRATEGIC DEVELOPMENTS (COMPETITIVE SITUATIONS AND TRENDS) 
             12.8.1 DEALS
             12.8.2 PRODUCT LAUNCHES 
             12.8.3 OTHER DEVELOPMENTS 
 
13 COMPANY PROFILE (TENTATIVE LIST#) 
     13.1 KEY PLAYER 
             13.1.1 BASF SE
             13.1.2 AXALTA COATING SYSTEMS
             13.1.3 PPG INDUSTRIES, INC.
             13.1.4 KANSAI PAINTS CO., LTD.
             13.1.5 NIPPON PAINTS HOLDINGS CO., LTD.
             13.1.6 THE SHERWIN WILLIAMS COMPANY
             13.1.7 AKZONOBEL N.V
             13.1.8 JOTUN A/S
             13.1.9 ARKEMA SA
             13.1.10 ASIAN PAINTS LTD.
     13.2 OTHER MARKET PLAYERS 
 
14 APPENDIX 

The study involved four major activities in order to estimating the current size of the automotive coatings market. Exhaustive secondary research conducted to gather information on the market. The next step was to conduct primary research to validate these findings, assumptions, and sizing with the industry experts across the value chain. Both top-down and bottom-up approaches were used to estimate the total market size. The market size of segments and subsegments was then estimated using market breakdown and data triangulation.

Secondary Research

Secondary sources include annual reports of companies, press releases, investor presentations, white papers, articles by recognized authors, and databases, such as D&B, Bloomberg, Chemical Weekly, and Factiva; and publications and databases from associations, including International Organization of Motor Vehicle Manufacturers (OICA), Bureau of Transportation Statistics, European Automobile Manufacturers’ Association, and American Coating Association.

Primary Research

Extensive primary research was carried out after gathering information about automotive coatings market through secondary research. In the primary research process, experts from the supply and demand sides have been interviewed to obtain qualitative and quantitative information and validate the data for this report. Questionnaires, emails, and telephonic interviews were used to collect primary data. Primary sources from the supply side include industry experts, such as chief executive officers (CEOs), vice presidents (VPs), marketing directors, technology and innovation directors, and related key executives from various key companies and organizations operating in the automotive coatings market. Primary interviews were conducted to elicit information such as market statistics, revenue data collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also assisted in comprehending the various trends associated to resin type, vehicle type, coat type, technology, and region.

The breakup of Primary Research:

Atomotive Coatings Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Company Name

 Designation

 

PPg Industries, Inc

Sales Manager

Basf SE

Project Manager

Akzo Nobel N.V.

Individual Industry Expert

Axalta Coating Syatems

Manager

Market Size Estimation

The following information is part of the research methodology used to estimate the size of the automotive coatings market. The market sizing of the automotive coatings market was undertaken from the demand side. The market size was estimated based on market size for automotive coatings in various technology.

Global Automotive Coatings Market Size: Bottom Up Approach

Atomotive Coatings Market Size, and Share

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Global Automotive Coatings Market Size: Top-Down Approach

Atomotive Coatings Market Size, and Share

Data Triangulation

After arriving at the overall market size, the market has been split into several segments.To complete the overall market engineering process and arrive at the exact statistics for all segments, the data triangulation and market breakdown procedures have been employed, wherever applicable. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with this, the market size was validated using both the top-down and bottom-up approaches.

Market Definition

Automotive coatings are applied to vehicles to enhance aesthetic appeal and provide a polished finish, to protect the vehicle's surfaces from environmental factors such as UV radiation, corrosion, and abrasion; and third, to ensure the durability and longevity of the vehicle's appearance in diverse and challenging conditions.

Key Stakeholders

  • End User
  • Raw Material Suppliers
  • Senior Management
  • Procurement Department

Report Objectives

  • To define, describe, segment, and forecast the size of the automotive coatings market based on  resin type, technology, coat type, Vehicle type, and region.
  • To forecast the market size of segments with respect to various regions, including North America, Europe, Asia Pacific, middle east & Africa and South America along with major countries in each region
  • To identify and analyze key drivers, restraints, opportunities, and challenges influencing the growth of the automotive coatings market
  • To analyze technological advancements and product launches in the market
  • To strategically analyze micromarkets, with respect to their growth trends, prospects, and their contribution to the market
  • To identify financial positions, key products, and key developments of leading companies in the market
  • To provide a detailed competitive landscape of the market, along with market share analysis
  • To provide a comprehensive analysis of business and corporate strategies adopted by the key players in the market
  • To strategically profile key players in the market and comprehensively analyze their core competencies

Available Customizations

MarketsandMarkets offers the following customizations for this market report:

  • Additional country-level analysis of the automotive coatings market
  • Profiling of additional market players (up to 5)

Product Analysis

  • Product matrix, which provides a detailed comparison of the product portfolio of each company in the automotive coatings Market
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Report Code
CH 4570
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