Automotive Coatings Market Is Likely To Be Valued At US$ 33.44 Billion By 2031

Automotive coatings sales totaled US$ 16.3 billion in FY 2021, and are expected to grow at a 4.3% year-over-year rate in 2022, reaching US$ 17 billion.

Furthermore, the industry is expected to grow at a 7% CAGR from 2022 to 2032, reaching a market value of US$ 33.44 billion by the end of the assessment period.

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Competition 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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Key Segments Covered in the Automotive Coatings Industry Report

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

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Which type of resin is the most popular in the automotive coatings market?

Acrylics with a gleaming appearance will be a major growth driver in the coming years.

Acrylics are expected to account for approximately 55% of the market, according to Fact.MR

Acrylics are also expected to maintain their market dominance. Acrylics' advantages, such as their glossy appearance and other advantages, are expected to be significant drivers of market demand.

The report clarifies several important questions about the Automotive Coatings Market:

1. Which regional market is expected to grow the most during the forecast period?
2. How has the rise in raw material prices caused by the COVID-19 pandemic affected the growth of the Automotive Coatings Market?
3. Why are market participants concentrating on R&D and innovation?
4. Are market participants increasing their global presence? If so, how so?

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