Global Automotive Coatings Market to Reach USD 26,832.36 Million by 2031 | CAGR of 3.5%
Category : Materials And Chemicals | Published Date : Nov 2024 | Type : Press Release
Automotive Coatings Market Scope & Overview:
In the newly published report, Consegic Business Intelligence states that the Automotive Coatings Market was valued at USD 20,437.00 million in 2023 and is expected to grow at a CAGR of 3.5%, reaching USD 26,832.36 million by 2031. Automotive coatings are specialized materials applied to vehicles to provide protection against corrosion, enhance durability, and improve aesthetic appeal. They are formulated using advanced technologies like liquid coating, powder coating, and UV-curable coating to cater to diverse automotive needs. These coatings are essential for achieving a balance between functionality and appearance in modern vehicles.
The report comprises the Automotive Coatings Market Share, Size & Industry Analysis, based on Type (Polyurethane, Epoxy, Acrylic, Alkyd, Polyester, Others), Technology (Liquid Coating, Powder Coating, UV Curable Coating, Others), End-Use (OEM, Automotive Aftermarket), and Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa), and Forecast, 2024-2031.
The report contains detailed information on Automotive Coatings Market Trends, Opportunities, Value, Growth Rate, Segmentation, Geographical Coverage, Company Profiles, In-depth Expert Analysis, Revenue Forecast, Competitive Landscape, Growth Factors, Restraints or Challenges, Environment & Regulatory Landscape, PESTLE Analysis, PORTER Analysis, Key Technology Landscape, Value Chain Analysis, and Cost Analysis.
Segmental Analysis :
Based on type, the market is segmented into Polyurethane, Epoxy, Acrylic, Alkyd, Polyester, and Others.
- The epoxy segment accounted for the largest market share in 2023, attributed to its exceptional performance in providing corrosion resistance and durability. Epoxy coatings are widely used for topcoats, clearcoats, and primers in automotive applications.
- The others segment, which includes ceramic and hybrid coatings, is expected to grow at the fastest CAGR due to their advanced properties like high gloss, hydrophobicity, and improved protection against UV rays and environmental factors.
Based on technology, the market is categorized into Liquid Coating, Powder Coating, UV Curable Coating, and Others.
- The liquid coating segment held the largest market share of 29.72% in 2023, driven by its versatility and wide range of applications, including basecoats and clearcoats.
- The powder coating segment is anticipated to grow at the fastest CAGR during the forecast period, supported by its eco-friendly nature, high efficiency, and increasing adoption in components like wheels and chassis parts.
Based on end-use, the market is bifurcated into OEM and Automotive Aftermarket.
- The OEM segment dominated the market in 2023, driven by rising vehicle production and the demand for advanced coatings that ensure durability and aesthetics.
- The automotive aftermarket segment is projected to grow at the highest CAGR, fueled by the demand for refinishing solutions, customization, and repair of damaged vehicles.
Based on regions, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
- Asia-Pacific: Held the largest market share in 2023 at 38.77%, valued at USD 7,923.42 million, driven by rapid industrialization, increasing vehicle production, and advancements in EV manufacturing in countries like China and India.
- North America: Expected to grow at the fastest CAGR of 4.2%, attributed to the presence of leading automotive manufacturers, rising demand for luxury vehicles, and the adoption of advanced coating technologies.
| Report Attributes | Report Details |
| Study Timeline | 2018-2031 |
| Market Size in 2031 | USD 26,832.36 Million |
| CAGR (2024-2031) | 3.5% |
| Type | Polyurethane, Epoxy, Acrylic, Alkyd, Polyester, Others |
| Technology | Liquid Coating, Powder Coating, UV Curable Coating, Others |
| End-Use | OEM, Automotive Aftermarket |
| By Region | North America(U.S., Canada, Mexico) Europe(U.K., Germany, France, Spain, Italy, Russia, Benelux, Rest of Europe) APAC(China, South Korea, Japan, India, Australia, ASEAN, Rest of Asia-Pacific) Middle East & Africa(GCC, Turkey, South Africa, Rest of MEA) LATAM(Brazil, Argentina, Chile, Rest of LATAM) |
Top Key Players & Competitive Landscape :
The competitive landscape encompasses major innovators, aftermarket service providers, industry giants, and niche players, all of which are thoroughly examined by Consegic Business Intelligence in terms of their strengths, weaknesses, and value-addition potential. This report includes detailed profiles of key players, market share analysis, mergers and acquisitions, resulting market fragmentation, and emerging partnership trends and dynamics.
List of prominent players in the Automotive Coatings Industry:
- AkzoNobel (Netherlands)
- Birla Carbon (India)
- The Sherwin-Williams Company (U.S.)
- PPG Industries, Inc. (U.S.)
- BASF (Germany)
- Axalta (U.S.)
- Kansai Paint Co., Ltd. (Japan)
- Nippon Paint Holdings Co., Ltd. (Japan)
- Jotun (Norway)
- Beckers Group (Sweden)
Recent Industry Developments :
- April 2024: BASF introduced a new line of clearcoats and undercoats featuring rapid UV-A drying technology, enhancing efficiency in auto body shops.
- January 2023: AkzoNobel launched Resicoat EV powder coatings, designed to enhance safety and performance of EV components such as battery systems and electric motors.
