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3. PPG Industries LLC. (US) and BASF SE (Germany) are leading players in Automotive Paints Market

The automotive paints market is projected to reach USD 9.9 billion by 2028 from an estimated USD 8.4 billion in 2023, at a CAGR of 3.2% during the forecast period. The automotive paints market is witnessing a significant growth dut to increase in sales of SUVs and EVs across the regions. Also, there is increase in adoption for powder coating and water-borne coating technologies in automotive sector to reduce the environmental impact. Hence these factors is driving the automotive paints market.

The automotive paints market is dominated by globally established players such as PPG Industries LLC. (US), Axalta Coating Systems LLC, (US), Akzo Nobel N.V. (Netherlands), BASF SE (Germany), The Sherwin Williams Company (US), Valspar (US), DOW Chemical (US), 3M (US), and KCC (South Korea). These companies focus on developing new products, adopt expansion strategies and undertake collaborations, partnerships, and mergers & acquisitions to gain traction in this growing usage based insurance market.

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PPG Industries, LLC is a leading player in the automotive paints market. PPG offers a wide range of automotive paints, including primers, basecoats, clearcoats, and specialty coatings.  In January 2023, PPG launched a new range of waterborne basecoats for the automotive refinish market in North America. The new basecoats are designed to be more environmentally friendly and easier to apply than traditional solvent-based basecoats. The company has a global presence, with operations in over 70 countries. This gives PPG the ability to serve its customers around the world.In, February 2023, PPG announced plans to build a new automotive coatings plant in China. The new plant is expected to be completed in 2025 and will help the company to meet the growing demand for its automotive paints in China and other Asian markets. PPG LLC is investing heavily in research and development to develop new and innovative automotive paint products. For example, PPG in August 2022 had developed a new range of self-healing automotive clearcoats that are designed to repair minor scratches and scuffs on their own, without the need for polishing.

BASF SE is a major player in the automotive paint market and a wide range of automotive paints and coatings solutions, including basecoats, clearcoats, primers, and e-coats. The company is increasing its strength by expanding their automotive paints manufacturing in the Asia Pacific region. For Instance, In May 2022, BASF expanded its Automotive Coatings Application Center at the Coatings Technology Center in Mangalore, India. The expansion increased the size of the center by over 400 square meters and added new state-of-the-art equipment.

BASF SE has invested heavily in research and development, this has enabled the company to develop new and innovative automotive paint solutions. For instance, in 2022, BASF launched a new line of waterborne basecoats that are designed to reduce VOC emissions and improve sustainability. Also, in July 2021, BASF SE made a partnership with BMW to develop new automotive paint solutions that are more sustainable and durable. The two companies are working together to develop new waterborne basecoats, clearcoats, and primers that reduce VOC emissions and improve the overall sustainability of the automotive painting process. The company has also set a goal of achieving net-zero emissions by 2050.

Related Reports:

Automotive Paints Market by Type (E-coat, Primer, Basecoat, Clearcoat), Resin (PU, Epoxy, Acrylic), Technology (Solvent, Water, Powder), Paint Equipment (Airless, Electrostatic), Texture, Content, ICE & EVs, Refinish and Region - Global Forecast to 2028

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