Automotive Coating Market

Automotive Coating Market Study by Acrylic-based, Fluoropolymer-based, Urethane-based, Epoxy-based, Poly Alkyd-based, and Amine-based for Passenger Cars and Commercial Vehicles from 2024 to 2034

Analysis of Automotive Coating Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Automotive Coating Market Outlook (2024 to 2034)

The global automotive coatings market size is calculated at a value of US$ 18.4 billion in 2024. The market has been forecasted to increase at a CAGR of 4.3% and reach US$ 28.1 billion by the end of 2034. High demand for automobiles with low maintenance, high performance, long-lasting plastic, and cost-effective coating solutions are the main factors driving market expansion.

More customers are opting for economical and low-maintenance automobiles than ever before, which is having a positive impact on the demand for automotive coatings for helping them in vehicle maintenance. These coatings are easy to apply, provide long-term solutions, and are cost-effective. They assist in improving aesthetic appeal and shine by enhancing the metallic colors of automobiles, which is forecasted to generate demand for automotive coating solutions.

In recent years, more individuals have been giving preference for improved durability and vehicle look. An increased emphasis on maintaining the performance and appearance of older vehicles is anticipated to generate lucrative opportunities for market players in the coming decade. Moreover, water-borne and similar eco-friendly solutions are becoming more popular in the global market owing to the implementation of stringent regulations for minimized VOC emissions and rising concerns related to sustainability. Therefore, more automotive coating manufacturers are willing to invest in sustainable coating technologies to ensure compliance with set environmental regulations.

Durable finish, scratch resistance, and glossy look are some of the prominent aesthetic features considered primarily while applying vehicle coatings. Increasing consumer emphasis on vehicle appearance is estimated to stimulate manufacturers to offer automotive coatings with pearlescent or metallic finish according to requirements.

  • Sales of automotive coatings in South Korea are poised to climb at a CAGR of 7.1% from 2024 to 2034.
  • North America is forecasted to hold 17.5% of the global market share by the end of 2034.
  • Amine-based automotive coatings are approximated to capture 30.9% of global market revenue share by 2034-end.
Report Attributes Details
Automotive Coatings Market Size (2024E) US$ 18.4 Billion
Forecasted Market Value (2034F) US$ 28.1 Billion
Global Market Growth Rate (2024 to 2034) 4.3% CAGR
Market Share of Passenger Cars (2034F) 77.3%
East Asia Market Share (2034F) 24.6%
Japan Market Growth Rate (2024 to 2034) 4.5% CAGR
Key Companies Profiled
  • Nippon Paint (USA)
  • PPG
  • Benjamin Moore & Co.
  • AkzoNobel
  • Behr Process Corp.
  • The Sherwin-Williams Co.
  • Kansai Paint Co. Ltd.
  • RPM International Inc.
  • BASF Coatings
  • Nippon Paint Holdings Co.
  • Axalta Coating System

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Which Key Dynamics are Driving Automotive Coating Market Growth?

“Compact Painting Procedure Becoming Popular for Matching Sustainability Goals”

Constant innovation in the coating process and automobile design are projected to have a positive impact on the automotive coating market trends. More automakers are investigating materials for making light-weight vehicles. OEMs (original equipment manufacturers) are working on improving the process of automobile coating while maintaining quality due to the cost-intensive and energy-efficient coating process. Therefore, multiple automotive coating giants, including BASF, Axalta Coating Systems, PPG Industries, etc., are creating compact painting processes for matching sustainability requirements.

“Growing Preference for Plastic Instead of Metals by Automakers”

More manufacturers are investigating different lightweight material alternatives to conventional standard steel. They are moving to other options to minimize the weight of automobiles. Therefore, various materials are investigated for weight reduction, such as carbon fiber-reinforced polymers, high-strength plastics, etc. This is also projected to lead to innovations in the coating process.

Which Key Challenge is Encountered by Automotive Coating Manufacturers?

“Volatility in Prices of Raw Minerals”

Titanium dioxide is used as one of the prominent raw minerals in the production of automotive coatings. Volatile prices of this mineral are forecasted to stymie the market growth. Manufacturers are expected to encounter noteworthy issues in procuring these raw materials.

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How are New Market Players Strategizing in This Business Space?

“Focus on Advancements in Coating Technology”

Significant technological advancements are experienced in the automotive industry, such as the development of autonomous and electric vehicles, etc. Specialized coatings are required for these automobiles for protecting sensitive electronic components, therefore helping in energy efficiency and matching the unique requirements of newly developed advanced vehicle systems.

Country-wise Insights

East Asia is evaluated to capture 24.6% of the global automotive coatings market share by the end of 2034, as mentioned in the recently updated report by Fact.MR, a market research and competitive intelligence provider. The increasing count of vehicles in the region is estimated to generate requirements for automotive coatings for protecting and enhancing vehicle appearance. The introduction of electric vehicles is also projected to result in rising consumption of automotive coatings.

What is Leading to Expansion of the Automotive Coating Market Size in the United States?

“Gradual Transition to Low-maintenance Automobiles”

Attribute United States
Market Value (2024E) US$ 2.9 Billion
Growth Rate (2024 to 2034) 2.4% CAGR
Projected Value (2034F) US$ 3.6 Billion

The United States is expected to account for 73.5% share of the North American market by 2034-end. More consumers in the country are giving preference to high-performance and long-lasting coating solutions for protecting cars from moisture, rust, and rain in harsh weather. Therefore, an increased demand for automotive coatings is expected in the United States.

More industry participants are focusing on the development of specialized and new solutions for multiple car sectors. In addition, the increasing trend of personalization of vintage automobiles is also projected to generate demand for automotive coatings to increase their life and offer a visual appeal.

What Makes China a Highly Lucrative Market for Automotive Coating Suppliers?

“Expanding Automotive Industry Generating High Demand for Coating Solutions”

Attribute China
Market Value (2024E) US$ 2.3 Billion
Growth Rate (2024 to 2034) 5.4% CAGR
Projected Value (2034F) US$ 4 Billion

China is forecasted to account for 57.3% of the East Asian market revenue share by the end of 2034. Expanding taxi services, increasing pre-owned vehicle sales, and rising number of automobile repair and body shops are forecasted to stimulate demand for automotive coatings. Therefore, the expanding automotive industry is projected to generate demand for vehicle coatings in China.

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Category-wise Insights

Fact.MR, in its report, asserts that an increase in the demand for resin-based automotive coatings is encountered due to their ability in process optimization, environment-friendliness, and cost-efficiency.

Which Vehicle Type Accounts for a Large Share of the Global Market?

“Higher Number of Passenger Cars with Automotive Coatings”

Attribute Passenger Cars
Segment Value (2024E) US$ 14.5 Billion
Growth Rate (2024 to 2034) 4.1% CAGR
Projected Value (2034F) US$ 21.7 Billion

Passenger cars are poised to hold 77.3% share of the global market share by the end of 2034. In recent years, an increased demand for passenger vehicles has been experienced around the world with growing spending by more consumers on transportation modes to ensure convenience while traveling. This surging vehicle count is estimated to increase requirements for their maintenance for long life, which is set to create prospects for producers of automotive coatings.

Which Resin Type is Widely Preferred in Automotive Coatings?

“Increasing Utilization of Amine-based Automotive Coatings”

Attribute Amine-based
Segment Value (2024E) US$ 6 Billion
Growth Rate (2024 to 2034) 3.8% CAGR
Projected Value (2034F) US$ 8.7 Billion

Amine-based automotive coatings are forecasted to hold 30.9% share of the global market by 2034. These coatings ensure the use of low-VOC and high-performance solvent-borne, waterborne, and high-solids automotive coatings while optimizing the application process, automotive coating formulation, and final coating system. This is forecasted to improve coating performance and ensure environment friendliness at the same time minimizing cost.

Competitive Landscape

Some of the leading companies are focusing on the development of more efficient automotive coatings to attract new leads and retain existing customers. Therefore, collaboration, new product development, management of supply chain systems, offering quality products, etc., are some strategies incorporated by market players to get an edge.

For instance :

  • BMW and BASF entered into a collaboration in May 2022. BMW incorporated the latter’s CathoGuard 800 ReSource e-coat at its different locations, including Germany, Rosslyn, and Leipzig. In addition, the company is also intending to leverage BASF’s iGloss matt ReSource Clearcoat across Europe. These coatings are estimated to help minimize CO2 emissions in respective plants.

Key players in the automotive coating market are Nippon Paint (USA), PPG, Benjamin Moore & Co., AkzoNobel, Behr Process Corp., The Sherwin-Williams Co., Kansai Paint Co. Ltd., RPM International Inc., BASF Coatings, Nippon Paint Holdings Co., and Axalta Coating System.

Segmentation of Automotive Coating Market Research

  • By Resin Type :

    • Acrylic-based
    • Fluoropolymer-based
    • Urethane-based
    • Epoxy-based
    • Poly Alkyd-based
    • Amine-based
  • By Vehicle Type :

    • Passenger Cars
    • Commercial Vehicles
  • By Technology :

    • Water-borne Automotive Coatings
    • Solvent-borne
    • UV Cure
  • By Coat Type :

    • Top Coat
    • Primer
    • Base Coat
    • Clear Coat
  • By Region :

    • North America
    • Europe
    • East Asia
    • Latin America
    • Middle East & Africa
    • South Asia & Oceania

- FAQs -

How big is the automotive coating market in 2024?

The global automotive coating market has been valued at US$ 18.4 billion in 2024.

What is the demand projection for automotive coatings for 2034?

Worldwide demand for automotive coatings is forecasted to reach a market value of US$ 28.1 billion by 2034.

At what CAGR are the sales of automotive coatings projected to climb?

Global sales of automotive coatings are forecasted to rise at 4.3% CAGR from 2024 to 2034.

What is the contribution of North America to global market revenue?

North America is expected to account for 17.5% share of the global market by the end of 2034.

At what rate is the demand for automotive coatings analyzed to increase in Japan?

The market in Japan is projected to increase at a CAGR of 4.5% from 2024 to 2034.

How much share of the global market are passenger vehicles expected to hold?

Passenger vehicles are approximated to capture 77.3% share of global market revenue by 2034.

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