Automotive Coatings Market
Automotive Coatings Market was valued at USD 15.8 billion in 2021, and is estimated to reach USD 26.7 billion in 2029, growing at a CAGR of 6.8% during 2022-2029.
The factors driving the growth of Automotive Coatings Market includes increase in the production of automobile around the world, growing consumers preference for aesthetic and attractive vehicles, rise in the sales of electric vehicles, improvements in the living standards and growing emphasis on reducing carbon emissions. Moreover, increasing adoption of advanced technologies in the automotive industry such as Artificial Intelligence (AI) and Data Analytics, rising popularity of driverless cars and growing focus on developing cost-effective coating solutions, are some of the additional factors supplementing the Automotive Coatings Market size. In addition, the increasing investments by major corporations on research and development, rising disposable incomes, improvements in the living standards and rapid urbanization, are further contributing towards the market growth.
However, growth of the Automotive Coatings Market is hindered due to variations in the prices of raw materials.
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The leading players operating in the market are Covestro AG, KCC CORPORATION, Valspar Automotive, AXALTA, BASF, PPG Industries, Kansai Paint Co., Ltd., Akzo Nobel N.V., NIPPON PAINT AUTOMOTIVE COATINGS CO., LTD., and The Sherwin-Williams Company, among others.
Based on Coal Type, the Electrocoat segment is predicted to grow at a significant CAGR during the forecast period
Electrocoating enhances speed operation, provides uniform coating, and is increasingly used in variety of materials, are some of the factors responsible for the segment’s growth.
Based on Technology, the Powder Coating segment is projected to capture the largest market share over the forecast period
Powder coating technology protects harmful chemicals, resistance to corrosion along with its environment friendly properties, are propelling Global Automotive Coatings Market.
Based on Region, the Asia-Pacific region is anticipated to expand at a remarkable CAGR during the forecast period
Presence of the eliding players such as Kansai Paint Co., Ltd, NIPPON PAINT AUTOMOTIVE COATINGS CO., LTD and BASF, Government policies promoting manufacturing of automobiles, increasing per capita income and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.
Key Development
- In 2020, BASF and Jaguar Land Rover entered signed an agreement with Glasurit and R-M, to support the development and implementation of JLR’s Global Body & Paint Programme which include16 countries and markets in the APAC region.
Market Segmentation
Segmentation by Coat Type
- Electrocoat
- Primer
- Basecoat
- Clearcoat
Segmentation by Technology
- Water borne Coating
- Solvent borne Coating
- Powder Coating
- UV-cured coating
Segmentation by Resin Type
- Polyrethane
- Epoxy
- Acrylic
- Others
Segmentation by Application
- OEM
- Refinish
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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