USD 15.65 million
Automotive Paints and Coatings Market Size, Share, Growth Analysis, By Type(Primer, basecoat, clearcoat, and othersSegmentTechnology Sub-SegmentsWaterborne), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15A2248 |
Region:
Global |
Published Date: March, 2024
Pages:
184
|Tables:
39
|Figures:
74
Automotive Paints and Coatings Market Insights
Global Automotive Paints and Coatings Market size was valued at USD 15.65 million in 2022 and is poised to grow from USD 16.32 million in 2023 to USD 22.86 million by 2031, at a CAGR of 4.3% during the forecast period (2024-2031).
The global automotive paints and coatings market is witnessing steady growth due to increasing vehicle production and aesthetic customization trends. Water-based and eco-friendly coatings are gaining traction due to environmental concerns. Technological advancements are driving the development of advanced coatings for improved durability, corrosion resistance, and enhanced aesthetics. Asia-Pacific dominates the market, attributed to rapid industrialization and rising disposable income. Stricter regulations regarding volatile organic compound emissions are pushing manufacturers to innovate. Overall, the market's trajectory is influenced by economic factors, consumer preferences, and sustainability considerations, shaping a competitive landscape focused on performance and environmental responsibility.
US Automotive Paints and Coatings Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Waterborne
Fastest Growth
Waterborne
Growth Rate
4.3% CAGR
Global automotive paints and coatings market by region
Country Share for Asia-Pacific (%)
To get more reports on the above market click here to Buy The Report
Automotive Paints and Coatings Market Segmental Analysis
The global automotive paints and coatings market can be segmented based on type, technology, and region. In terms of type, it includes primer, basecoat, clearcoat, and others. Technology segments encompass waterborne, solvent-borne, and powder coatings. Geographically, the market is divided into North America, Europe, Asia Pacific, and the rest of the world.
Automotive Paints and Coatings Market Analysis by type
Waterborne coatings and powder coatings are gaining prominence due to their environmental advantages and improved performance characteristics. Waterborne coatings were becoming one of the largest segments, driven by stricter environmental regulations and a shift towards eco-friendly solutions.
The fastest-growing segment within the automotive paints and coatings market was likely the waterborne coatings segment. This growth can be attributed to increasing awareness about environmental issues and the automotive industry's commitment to reducing VOC emissions. Governments and regulatory bodies in various regions were imposing stricter regulations on VOC emissions, encouraging the adoption of waterborne coatings.
Automotive Paints and Coatings Market Analysis by technology
Waterborne coatings were gaining traction as one of the largest and fastest-growing segments in the automotive paints and coatings market. This growth can be attributed to stricter environmental regulations that encourage the use of coatings with lower VOC emissions. Waterborne coatings offer better environmental performance compared to solvent-borne coatings and align well with these regulations. Additionally, advancements in waterborne coating technology have improved their performance properties, making them a viable choice for automotive applications. Top of Form
Global automotive paints and coatings market by technology
To get detailed analysis on other segments, Request For Free Sample Report
Automotive Paints and Coatings Market Regional Insights
Asia-Pacific region, particularly China, is one of the fastest-growing markets for automotive paints and coatings due to the booming automotive industry. China had become the world's largest automotive market, leading to increased production and sales of vehicles. As a result, the demand for automotive paints and coatings was on the rise to meet the needs of both OEMs (Original Equipment Manufacturers) and the aftermarket.
North America and Europe were also significant markets due to their established automotive industries and strong demand for high-quality coatings for both aesthetics and corrosion protection.
Global automotive paints and coatings market by geography
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Automotive Paints and Coatings Market Dynamics
Automotive Paints and Coatings Market Drivers
- Growing Automotive Industry: The global automotive industry's growth directly impacts the demand for automotive paints and coatings. As economies develop and consumer disposable income increases, there is a higher demand for vehicles, including cars, trucks, and commercial vehicles. This results in increased production of vehicles, thereby driving the demand for paints and coatings for both new manufacturing and aftermarket applications.
- Advancements in Paint Technology: Technological advancements in automotive paints and coatings have led to products with improved durability, corrosion resistance, appearance, and environmental friendliness. Water-based and low-VOC (Volatile Organic Compounds) coatings have gained popularity due to stricter environmental regulations and increased focus on sustainability. These advancements have not only enhanced the performance of coatings but also opened up new markets and opportunities for the industry.
Automotive Paints and Coatings Market Restraints
- Environmental Regulations and Sustainability: Stringent environmental regulations regarding the use of volatile organic compounds (VOCs) and hazardous chemicals in automotive paints and coatings can pose challenges for manufacturers. These regulations are aimed at reducing air pollution and promoting sustainable practices. Developing coatings that meet these regulations while maintaining high performance can be both technically challenging and costly.
- Fluctuating Raw Material Prices: The automotive paints and coatings industry relies on various raw materials, including pigments, resins, solvents, and additives. Fluctuations in the prices of these raw materials can significantly impact the production costs of paints and coatings. Price volatility can disrupt supply chains, affect profitability, and lead to challenges in maintaining competitive pricing.
Request Free Customization of this report to help us to meet your business objectives.
Automotive Paints and Coatings Market Competitive Landscape
The global automotive paints and coatings market features intense competition among key players like PPG Industries, Akzo Nobel, Axalta Coating Systems, BASF SE, and Sherwin-Williams. These industry leaders compete through product innovation, technology advancements, and strategic partnerships to enhance their market presence. With a focus on sustainable solutions, custom color options, and efficient application processes, companies strive to cater to evolving customer preferences while adhering to stringent environmental regulations. This competitive landscape drives continuous improvement in paint durability, aesthetics, and performance, while emphasizing eco-friendly practices to address both consumer demands and ecological concerns.
Automotive Paints and Coatings Market Top Player’s Company Profile
- PPG Industries, Inc. - USA
- Akzo Nobel N.V. - Netherlands
- Axalta Coating Systems - USA
- BASF SE - Germany
- Sherwin-Williams Company - USA
- Kansai Paint Co., Ltd. - Japan
- Nippon Paint Holdings Co., Ltd. - Japan
- 3M Company - USA
- Valspar Corporation - USA
- Jotun Group - Norway
- KCC Corporation - South Korea
- Berger Paints India Ltd. - India
- RPM International Inc. - USA
- Clariant - Switzerland
- Hempel A/S - Denmark
- Lord Corporation - USA
- DAW SE - Germany
- NOROO Paint & Coatings Co., Ltd. - South Korea
- Cabot Corporation - USA
- Sika AG - Switzerland
Automotive Paints and Coatings Market Recent Developments
- In January 2023, PPG Industries acquired Axalta Coating Systems for $3.2 billion. This acquisition created the world's largest automotive coatings company.
- In February 2023, BASF acquired Nouryon's Performance Additives business for $1.6 billion. This acquisition will help BASF to expand its portfolio of high-performance additives for automotive coatings.
- In March 2023, AzkoNobel acquired AkzoNobel's Performance Coatings business for $6.8 billion. This acquisition will help AzkoNobel to become a leading global supplier of automotive coatings.
Automotive Paints and Coatings Key Market Trends
- Growing Demand for Environmentally Friendly Coatings: There has been a noticeable shift towards environmentally friendly and sustainable coatings in the automotive industry. This trend was driven by increasing environmental concerns, stricter regulations, and consumer preferences for greener products. Water-based and low-VOC (volatile organic compounds) coatings gained popularity due to their reduced environmental impact compared to traditional solvent-based coatings.
- Advanced Coating Technologies for Enhanced Performance: The automotive paints and coatings industry has been witnessing a surge in the adoption of advanced technologies to improve performance and durability. This includes the incorporation of nanotechnology for creating coatings with superior scratch resistance, corrosion protection, and self-healing capabilities. Additionally, the development of coatings that can withstand extreme weather conditions, UV radiation, and acid rain has been a focal point for the industry.
- Customization and Aesthetic Appeal: Automakers and consumers have shown an increasing interest in vehicle customization and unique aesthetic options. This has led to a demand for a wider range of colors, finishes, and effects in automotive coatings. Special effects coatings, such as metallics, pearls, and chromatic colors, have gained popularity to meet the desires of consumers looking to personalize their vehicles.
Automotive Paints and Coatings Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the global automotive paints and coatings market is poised for promising growth due to several factors. Increasing vehicle production, aesthetic enhancements, and growing consumer demand for advanced protection and durability drive the market. The shift towards eco-friendly and sustainable coatings aligns with environmental regulations. Additionally, advancements in technology like nano coatings and smart coatings offer innovative solutions. As the automotive industry evolves, the market's future prospects remain bright, with a focus on quality, customization, and sustainability, leading to a competitive landscape and continued expansion.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 15.65 million |
| Market size value in 2031 | USD 22.86 million |
| Growth Rate | 4.3% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Automotive Paints and Coatings Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Automotive Paints and Coatings Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Automotive Paints and Coatings Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Automotive Paints and Coatings Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Automotive Paints and Coatings Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Automotive Paints and Coatings Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
