Automotive Coatings Market Shares 2023 - BASF SE, Axalta Coating Systems, Kansai Paint, Akzo Nobel, Jotun, Nippon Paint Holdings, PPG Industries, Arkema SA, Berger Paints India, Clariant, Koninklijke DSM N.V., The Sherwin-Williams Company and Bayer

Segmentation

The Global Automotive Coating Market has been segmented on the basis of Product, Substrate, Technology, Resin Type, and Region.

On the Basis of Product, the market has been segmented into primer, basecoat, electrocoat, and clearcoat, and others.

Based on Substrate, the market has been categorized into metal, plastics, composites, and others.

By Technology, the market has been classified into water-borne, solvent-borne, powder, and radiation curable.

On the Basis of Resin Type, the market has been segmented into polyurethane, epoxy, automotive, and others.

The market has been studied in five key regions—Asia-Pacific, North America, Europe, the Middle East & Africa, and Latin America.

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Automotive Coatings Market Growth

Automotive Coatings are water-resistant dry coatings applied to various parts of a vehicle for functional, decorative, and protective purposes. Such coatings possess important properties such as good elastomeric finish and greater surface hardness. They serve different purposes for different substrates such as plastics, composites, and metal. Automotive Coatings offer substantial beneficial properties for the surface of an object such as enhanced gloss, better clarity, excellent finish, along with considerable durability and weatherability. Additionally, these protective coatings also offer significant resistance to abrasion, impact, and chemicals.

According to MRFR analysis, the Global Protective Coatings Market is expected to grow at a robust CAGR to reach nearly USD 25 billion by 2023. This is expected to boost demand for automotive coating products during the forecast period. As per MRFR analysis, automotive coating accounted for nearly 25% of the overall consumption of the Protective Coatings Market. In the coming years, this share is likely to increase due to the rising demand for passenger cars across the globe. The scope of application for protective, decorative, and functional coatings is vast and is gradually expanding with technological advances in the Global Automotive Coatings Market. The increasing demand for Automotive Coatings can be attributed to shifting consumer preference for more aesthetic and attractive vehicles. Moreover, changing climatic conditions and rising awareness on the part of consumers to maintain, protect, and enhance the longevity of their vehicles is expected to fuel the growth of this market. Furthermore, in a bid to protect the metal surface of various automotive parts from rust and other chemical or mechanical damage, the demand for the product is expected to grow at a robust rate. Lastly, the increasing disposable income and changing lifestyles of people in emerging economies such as India, China, South Korea, and Brazil have resulted in the increased sale of luxurious products, which may favor the growth of the market.

Regional Analysis

The Global Automotive Coatings Market has been studied with respect to five regions—North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is the largest market on account of the rapid industrialization in the region during recent years. India, China, South Korea, Japan, and Malaysia are the major contributors to the growth of this regional market. The factors driving market growth in the region are growing urbanization, changing lifestyles, increasing purchasing power of people, and rising consumer awareness in favor of the protection and maintenance of vehicles. North America is the second-largest Global Automotive Coatings Market. The U.S is the largest market in this region due to the growing demand for passenger cars in the country. Europe is another important region in the Global Automotive Coatings Market. The U.K., France, Germany, Italy, and Belgium are the major contributors to this regional market. Europe is a prominent market for Automotive Coatings as the majority of the key players have production facilities in the region. Additionally, the region is home to some of the world’s largest automotive manufacturers. The markets in the Middle East & Africa and Latin America are expected to contribute substantially to the growth of the Global Automotive Coatings Market due to stabilizing political and economic conditions and increasing industrialization.

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