Automotive coatings sales totaled US$ 16.3 billion in FY 2021, and it is anticipated that they would grow by 4.3% year over year in 2022 to reach US$ 17 billion. The industry is also anticipated to grow at a CAGR of 7% from 2022 to 2032, reaching a market value of US$ 33.44 billion at the end of the aforementioned period of assessment.
The key factor influencing market expansion is the paradigm shift toward workflow automation occurring across a broad spectrum of industries and business sectors. Companies all throughout the world work to create efficient and streamlined business practises that can be applied no matter where they are.
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Key Segments Covered
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By Resin Type :
- Acrylics-based Automotive Coatings
- Fluoropolymers-based Automotive Coatings
- Urethanes-based Automotive Coatings
- Epoxy-based Automotive Coatings
- Poly Alkyds-based Automotive Coatings
- Amines-based Automotive Coatings
-
By Vehicle Type :
- Passenger Cars
- Commercial Vehicles
-
By Technology :
- Water Borne Automotive Coatings
- Solvent Borne Automotive Coatings
- UV Cure Automotive Coatings
-
By Coat Type :
- Top Coat
- Primer
- Base Coat
- Clear Coat
-
By Region :
- North America
- Latin America
- Europe
- Japan
- APEJ
- MEA
Attention is being drawn to compact painting techniques in order to achieve future sustainability goals.
With manufacturers looking into materials for multi-substrate designs and producing light-weight automobiles, coating process innovation and automobile design continue to drive demand and supply trends in the automotive coatings market.
Since coating is the most expensive, energy-intensive, and environmentally damaging process in the automotive industry, OEMs are constantly looking for ways to make it better while retaining quality.
Automotive coatings goliaths like PPG Industries, Axalta Coating Systems, and BASF were spurred by this to develop compact painting techniques, which are now swiftly taking over the industry in order to satisfy upcoming sustainability criteria.
Key Automotive Coatings Service Providers
- Nippon Paint (USA)
- Benjamin Moore & Co.
- Behr Process Corp.
- Kansai Paint Co. Ltd.
- BASF Coatings
- Axalta Coating Systems
- Nippon Paint Holdings Co.
- RPM International Inc.
- The Sherwin-Williams Co.
- AkzoNobel
- PPG
Among the data utilized in the investigation of the global markets for automotive coatings are the statistics listed below:
Global consuming habits of people are evolving.
The need for automotive coatings is growing due to a variety of obstacles, opportunities, and reasons.
In a sector that is going worldwide, everyone needs new sources of income.
Characteristics of engagement and level of competitiveness among the top companies in the sector
technological and commercial advancements that consider COVID-19’s influence on the market as well as how the pandemic may affect the market’s possible future growth.
The revenue and projected future growth of the Automotive Coatings Industry market are analysed using geographic segmentation.
Since the previous year, there has been a substantial drop. growing demand for market detection of automotive coatings.
Competitive Landscape
With an average revenue range of US$ 5 Billion-US$ 8 Billion, the top five firms in the automotive coatings industry will continue to command roughly two-fifths of the market. This also suggests a high level of consolidation in the automotive coatings industry at the apex, as opposed to a fragmented nature at the apex. Recent developments in the market are as follows:
- In January 2022, Axalta Coating Systems introduced its new Global Automotive Color of the Year 2022 series of automotive coatings- specifically the Royal Magenta series. The new coatings shade is not only designed to enhance aesthetic appeal, but also provide more robust finish, protecting automotive bodies from abiotic conditions.
- PPG Industries announced in April 2022 its decision to introduce the PPG ENVIROCRONTM P8 Series Anti-Graffiti Coating at the PaintExpo 2022. The product is a hybrid powder coating that stands up to the harshest cleaners and chemicals and is designed to leave no trace of surface damage or graffiti residues. Since it is formulated without block agents, they contain no carcinogenic, mutagenic or toxic-to-reproduction (CMR) substances commonly found in other products.
- In May 2022, automotive giant BMW announced a collaboration with BASF in order to incorporate its CathoGuard 800 ReSource e-coat at its plants in Leipzig, Germany, and Rosslyn, South Africa. Additionally, BMW also intends to leverage the company’s iGloss matt ReSource Clearcoat throughout Europe. These coatings are capable of reducing CO2 emissions in the plants by as much as 40% per coating layer, which is equivalent to more than 15,000 tons.
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