Press release
Strong Growth Ahead: Automotive Coatings Market Size To Grow At Arecord 9.6% Cagr By 2029
Automotive Coatings
How Big Is the Automotive Coatings Market Size Expected to Be by 2034?
There has been a robust expansion in the automotive coatings market size in the past few years. The market is set to rise from $21.85 billion in 2024 to $23.69 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 8.4%. Factors contributing to this growth during the historic period include advancements in the automotive industry, environmental regulations, changes in consumer preferences, original equipment manufacturer (oem) and aftermarket demand, as well as an increased globalization of the automotive trade.
The market for automotive coatings is set for robust expansion in the coming years, with a predicted valuation of $34.23 billion in 2029 and a compound annual growth rate (CAGR) of 9.6%. The upward trend during the forecast period can be traced back to factors such as electrification of vehicles, emergence of autonomous vehicles, the economic market's growth, increased urbanization, and the rise in disposable income. Key developments expected in the forecast period comprise of waterborne coatings, enhanced color customization, self-repairing coatings, antimicrobial coatings, and UV-cured coatings.
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What Are the Emerging Segments Within the Automotive Coatings Market?
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
Subsegments:
1) By Clearcoat: Urethane Clearcoat, Acrylic Clearcoat, Polyester Clearcoat
2) By Basecoat: Metallic Basecoat, Solid Basecoat, Pearlescent Basecoat
3) By E-Coat: Cataphoretic Coating (Cationic), Anionic Electrocoating
4) By Primer: Epoxy Primer, Urethane Primer, Wash Primer, High-Performance Primer
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What Long-Term Drivers Are Shaping Automotive Coatings Market Trends?
The rise in demand for lightweight vehicles is playing a significant role in driving the growth of the automotive coatings market. The need to comply with strict emission standards and the increasing requirement for fuel consumption reduction are fostering the popularity of lightweight vehicles. These automobiles are painted with a variety of coatings, both for protection and aesthetic purposes. Automotive coatings safeguard a vehicle's surface from corrosion, and also reduce the vehicle's overall weight. For example, Federal Reserve Economic Data, a government agency based in the US, reported in August 2024 that sales of lightweight vehicles, including autos and light trucks, had grown to 15.002 million units in January 2024, a surge from 13.431 million units in January 2023. This represents an approximate year-over-year growth of 11.7%. Hence, the surging demand for lightweight vehicles will underpin the expansion of the automotive coatings market in the future.
Who Are the Top Competitors in Key Automotive Coatings Market Segments?
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., Korea Chemical Co. Ltd., Kansai Paint Co. Ltd., Arkema SA, Eastman Chemical Co., Clariant AG, Berger Paints India Limited, Becker Industrial Coatings LLC, 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., 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.
What Automotive Coatings Market Trends Are Gaining Traction Across Different Segments?
The trend of establishing strategic alliances among businesses is increasingly becoming prevalent in the automotive coatings market. Firms operating in this sector are entering into several collaborations to devise novel technologies and products. As an example, in March 2023, a renowned Netherlands-based paints and coatings enterprise, AkzoNobel N.V., declared a strategic collaboration with a leading automotive manufacturing company for the creation of advanced coatings for electric automobiles.
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Which Regions Are Becoming Hubs for Automotive Coatings Market Innovation?
Asia-Pacific was the largest region in the automotive coatings market in 2024. 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive Coatings Market?
2. What is the CAGR expected in the Automotive Coatings Market?
3. What Are the Key Innovations Transforming the Automotive Coatings Industry?
4. Which Region Is Leading the Automotive Coatings Market?
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