Automotive Coatings Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The report covers Automotive Refinish Coatings Companies Demand and is segmented by resin type (polyurethane, epoxy, acrylic, and other resin types), technology (solvent-borne, water-borne, and powder), layer (e-coat, primer, base coat, and clear coat), application (OEM and refinish), and geography (Asia-Pacific, North America, South America, Europe, and Middle East & Africa). The report offers market size and forecasts in value (USD million) for the above-mentioned segment.

Automotive Coatings Market Size

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Automotive Coatings Market Summary
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Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR < 4.00 %
Fastest Growing Market Asia-Pacific
Largest Market North America
Market Concentration High

Major Players

Automotive Coatings Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Automotive Coatings Market Analysis

During the time frame of the forecast, the automotive coatings market is expected to grow at a CAGR of about 4%.

  • One of the major factors driving market growth is increasing production in the automotive industry and growing demand for waterborne technology.
  • However, stringent regulations regarding VOC emissions are likely to restrict market growth.
  • Investment opportunities in the Middle East and Africa are expected to provide opportunities for market growth in the future.
  • Asia-Pacific is expected to account for the fastest growth rate during the forecast period.

Automotive Coatings Market Trends

This section covers the major market trends shaping the Automotive Coatings Market according to our research experts:

OEM is Likely to Show a Significant Market Growth

  • The lockdown, the reduction of cross-border transportation, and the stay-at-home policies all had an effect on the automotive coatings market during COVID-19.
  • One of the biggest companies in the world that makes OEM coatings for cars is BASF. The company offers e-coat, primer, basecoat, and clearcoat products.
  • Additionally, Toyota Motor Corp. is the second-largest automotive OEM in the world, after Germany's Volkswagen AG. The company makes and sells passenger cars, trucks, buses, motorcycles, light commercial vehicles, genuine parts, turbomachinery, large-bore diesel engines, propulsion components, special gear units, and testing systems. It also develops vehicles and engines.For the year 2021, the company reported revenues of USD 295,850 million. The automotive original equipment manufacturer market is expected to reach around USD 50 million by 2030.
  • Coatings are used in the automotive industry to protect against corrosion and protect the body from damage. According to OICA, in 2021, global vehicle production reached 80.1 million units, an increase of 4% from the previous year's production of 77.6 million units. The main thing that makes the market grow is that more cars are being made because people want them.
  • The overall market for coatings used in the automotive industry is expected to be driven by the rise in the number of light and commercial vehicles being made.In January 2023, the global light vehicle sales rate stood at 83 million units per year, according to LMC Automotive.
  • Automotive paints and coatings are the surface treatments that give the metal protective layers and improve the appearance of the car. The paint and coatings industry in the United States will have a positive surplus of USD 1.4 billion in 2021.
  • According to the American Coatings Association, in 2021, the United States exported paint and coatings worth USD 1.1 billion to Canada and USD 632 million to Mexico, totaling USD 1,7 billion.
  • Due to all of these factors, water-borne technology is likely to have the highest growth rate over the next few years.
Automotive Coatings Market :  Production Volume of Paints and Coatings Industry, Million Gallons, United States, 2015-2023

Asia-Pacific is Expected to Witness the Highest Growth Rate

  • Asia-Pacific is the largest market for automotive coatings, followed by North America and Europe. Automotive production in India and ASEAN countries is expected to boost Asia-Pacific demand for automotive coatings.
  • Automotive coatings are likely to be in higher demand because more people are buying used cars, more people are using taxis, and there are more places in Asia that fix cars and do body work.
  • The Chinese automotive manufacturing industry is the largest in the world. However, the industry witnessed a slowdown in recent years, as both production and sales declined. According to the China Association of Automobile Manufacturers (CAAM), automotive sales in China fell by 8.4% year over year to 2.56 million units in December 2022, whereas for the full year 2022, the sales grew to 26.86 million units.
  • The India Brand Equity Foundation says that by 2027, the Indian car market will be worth USD 54.84 billion, with a CAGR of over 9%.By the year 2026, the Indian auto industry wants to export five times as many cars as it does now.In 2022, total automobile exports from India stood at 5,617,246.
  • Many automakers are putting a lot of money into different parts of the industry. For example, in November 2022, Maruti Suzuki India said it would put USD 865.12 million into several projects, such as building a new facility and making new models.
  • Also, the Asia-Pacific region is likely to grow the most during the period covered by the forecast.
Automotive Coatings Market - Growth Rate by Region, 2023-2028

Automotive Coatings Industry Overview

The automotive coatings market is consolidated, as the majority of the market share is divided among a few companies. Some of the key players in the market include Axalta Coating Systems Ltd., BASF SE, Akzo Nobel NV, The Sherwin-Williams Company, and PPG Industries Inc., among others.

Automotive Coatings Market Leaders

  1. Axalta Coating Systems Ltd

  2. BASF SE

  3. Akzo Nobel NV

  4. PPG Industries Inc.

  5. The Sherwin-Williams Company

*Disclaimer: Major Players sorted in no particular order

Automotive Coatings Market-Market Concentration
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Automotive Coatings Market News

  • August 2022: Axalta Coating Systems Ltd., a leading global coatings company, launched Cromax Gen, its next-generation basecoat technology, for the automotive refinishing industry in Latin America. The new product aided body shops in increasing productivity and lowering costs.
  • July 2022: Akzo Nobel N.V. acquired the wheel liquid coatings business of Lankwitzer Lackfabrik GmbH. The acquisition deal helped strengthen the company's performance coatings portfolio.

Automotive Coatings Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Growing Demand for Water-borne technology

      2. 4.1.2 Others

    2. 4.2 Restraints

      1. 4.2.1 Stringent Environmental Regulations Regarding VOC Emissions

    3. 4.3 Industry Value-Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Value)

    1. 5.1 Resin Type

      1. 5.1.1 Polyurethane

      2. 5.1.2 Epoxy

      3. 5.1.3 Acrylic

      4. 5.1.4 Other Resin Types

    2. 5.2 Technology

      1. 5.2.1 Solvent-borne

      2. 5.2.2 Water-borne

      3. 5.2.3 Powder

    3. 5.3 Layer

      1. 5.3.1 E-coat

      2. 5.3.2 Primer

      3. 5.3.3 Base Coat

      4. 5.3.4 Clear Coat

    4. 5.4 Application

      1. 5.4.1 OEM

      2. 5.4.2 Refinish

    5. 5.5 Geography

      1. 5.5.1 Asia-Pacific

        1. 5.5.1.1 China

        2. 5.5.1.2 India

        3. 5.5.1.3 Japan

        4. 5.5.1.4 South Korea

        5. 5.5.1.5 Australia & New-Zealand

        6. 5.5.1.6 Indonesia

        7. 5.5.1.7 Malaysia

        8. 5.5.1.8 Thailand

        9. 5.5.1.9 Rest of ASEAN

        10. 5.5.1.10 Rest of Asia-Pacific

      2. 5.5.2 North America

        1. 5.5.2.1 United States

        2. 5.5.2.2 Canada

        3. 5.5.2.3 Mexico

      3. 5.5.3 Europe

        1. 5.5.3.1 Germany

        2. 5.5.3.2 France

        3. 5.5.3.3 United Kingdom

        4. 5.5.3.4 Italy

        5. 5.5.3.5 Spain

        6. 5.5.3.6 Russia

        7. 5.5.3.7 Rest of Europe

      4. 5.5.4 South America

        1. 5.5.4.1 Brazil

        2. 5.5.4.2 Argentina

        3. 5.5.4.3 Rest of South America

      5. 5.5.5 Middle East & Africa

        1. 5.5.5.1 Saudi Arabia

        2. 5.5.5.2 South Africa

        3. 5.5.5.3 Egypt

        4. 5.5.5.4 Rest of Middle East & Africa (MEA)

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 BASF SE

      2. 6.4.2 Akzo Nobel NV

      3. 6.4.3 Axalta Coating Systems Ltd.

      4. 6.4.4 Beckers Group

      5. 6.4.5 Bollig & Kemper

      6. 6.4.6 Cabot Corporation

      7. 6.4.7 Eastman Chemical Company

      8. 6.4.8 HMG Paints Limited

      9. 6.4.9 Jotun

      10. 6.4.10 Kansai Nerolac Paints Limited

      11. 6.4.11 KCC Corporation

      12. 6.4.12 Lord Corporation

      13. 6.4.13 Nippon Paint Holdings Co. Ltd.

      14. 6.4.14 PPG Industries Inc.

      15. 6.4.15 Shanghai Kinlita Chemical Co. Ltd.

      16. 6.4.16 The Sherwin-Williams Company

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
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Automotive Coatings Industry Segmentation

Automotive coatings are the parts of coatings that are used or recommended for refinishing, service, maintenance, repair, restoration, or modification of motor vehicles or mobile equipment, except for metal plating. Resin type, technology, layer, application, and geography are the market's divisions. By resin type, the market is segmented into polyurethane, epoxy, acrylic, and other resin types. By technology, the market is segmented into solvent-borne, water-borne, and powder. By layer, the market is segmented into E-coat, primer, base coat, and clear coat. By application, the market is segmented into OEM and refinish. The report also covers the market size and forecasts for the automotive coatings market in 22 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of value (USD million).

Resin Type
Polyurethane
Epoxy
Acrylic
Other Resin Types
Technology
Solvent-borne
Water-borne
Powder
Layer
E-coat
Primer
Base Coat
Clear Coat
Application
OEM
Refinish
Geography
Asia-Pacific
China
India
Japan
South Korea
Australia & New-Zealand
Indonesia
Malaysia
Thailand
Rest of ASEAN
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Saudi Arabia
South Africa
Egypt
Rest of Middle East & Africa (MEA)
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Automotive Coatings Market Research FAQs

The Automotive Coatings Market is projected to register a CAGR of less than 4% during the forecast period (2024-2029)

Axalta Coating Systems Ltd, BASF SE, Akzo Nobel NV, PPG Industries Inc. and The Sherwin-Williams Company are the major companies operating in the Automotive Coatings Market.

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Automotive Coatings Market.

The report covers the Automotive Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Automotive Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Automotive Coatings Industry Report

Statistics for the 2024 Automotive Coatings market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Automotive Coatings analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Automotive Coatings Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)