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Automotive Coatings Global Market Report 2024 by The Business Research Company | The Valspar Corporation, Solvay SA, Sherwin-Williams Company, Pittsburgh Plate Glass Company, Nippon Paint Automotive Coatings Co. Ltd., Lord Corporation, Korea Chemical Co.
Automotive Coatings Market Size And Growth
The automotive coatings market size is expected to see strong growth in the next few years. It will grow to $30.88 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to electrification of vehicles, rising autonomous vehicles, economic market growth, rising urbanization, rising disposable income. Major trends in the forecast period include waterborne coatings, advanced color customization, self-healing coatings, antimicrobial coatings, uv-cured coatings.
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Automotive Coatings Market Major Segments
The automotive coatings market covered in this report is segmented -
1) By Coat Type: Clearcoat, Basecoat, E-Coat, Primer
2) By Resin Type: Polyurethane, Epoxy, Acrylic
3) By Technology: Waterborne Coatings, Solventborne Coatings, Powder coatings, UV-Cured Coatings
4) By Substrate: Metal, Plastics
5) By End-Use: Light Vehicle OEM, Commercial OEM, Automotive Refinish
Key Driver - Lightweight Vehicles Fueling Growth In The Automotive Coatings Market
The increase in demand for lightweight vehicles is significantly contributing to the growth of the automotive coatings market. Stringent emission norms and the growing need for a reduction in fuel consumption have supported the demand for lightweight vehicles. The lightweight vehicle surfaces are coated with different types of coatings for protective as well as decorative purposes. Automotive coatings protect the automobile surface from corrosion as well as decrease the overall weight of vehicles. For instance, according to the National Automobile Dealers Association (NADA), a US-based automobile trade organization, in 2021, sales of new lightweight vehicles will have increased to 14.93 million units, up 3.1% from previous year. Therefore, the increase in demand for lightweight is expected to support the growth of the automotive coatings market going forward.
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Prominent Trend - Strategic Collaborations Drive Progress In The Automotive Coatings Market
Strategic collaborations between companies have emerged as a key trend gaining popularity in the automotive coatings market. Companies in the automotive coating industry are undergoing various collaborations to develop new technologies and products. For instance, in March 2023, AkzoNobel N.V., a Netherlands-based paints and coatings company, announced a strategic partnership with a major automotive manufacturer to develop innovative coatings for electric vehicles.
Automotive Coatings Market Players
Major companies operating in the automotive coatings market include The Valspar Corporation, Solvay SA, Sherwin-Williams Company, Pittsburgh Plate Glass Company, Nippon Paint Automotive Coatings Co. Ltd., Lord Corporation, Korea Chemical Co. Ltd., Kansai Paint Co. Ltd., Arkema SA, Eastman Chemical Co., Clariant AG, Cabot Corporation, Berger Paints India Limited, Becker Industrial Coatings LLC, Bayer AG, BASF SE, Axalta Coating Systems Ltd., Akzo Nobel N.V, The Sherwin-Williams Company, Bollig & Kemper GmbH & Co.KG, HMG Paints Limited, Jotun India Pvt. Ltd., Shanghai Kinlita Chemical Co. Ltd., Carpoly Chemical Group Co. Ltd., Kangnam Jevesco Co. Ltd., Mankiewicz India Private Limited, Shawcor Ltd., Samhwa Paints Industries Co. Ltd., Nihon Toksuhu Toryo Co. Ltd., National Paint Factories Pvt. Ltd., AvIan Ltd., Teknos Coatings And Paints Private Limited, Corporate Identification Number, Kelly-Moore Paints, Hempel AS, Deutsche Amphibolin-Werke von Robert Murjahn Stiftung & Co KG, Tiger Coatings GmbH & Co.
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the automotive coatings market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive coatings market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Automotive Coatings Market Report Structure
3. Automotive Coatings Market Trends And Strategies
4. Automotive Coatings Market - Macro Economic Scenario
5. Automotive Coatings Market Size And Growth
…..
27. Automotive Coatings Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
Contact Us:
The Business Research Company
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Americas: +1 315 623 0293
Email: info@tbrc.info
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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