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Transformative Trends Impacting the Automotive Coatings Market Landscape: Strategic Collaborations Drive Progress In The Automotive Coatings Market
Automotive Coatings
How Large Will the Automotive Coatings Market Size By 2025?
In recent years, the automotive coatings market has seen a robust expansion. The market is projected to advance from $21.85 billion in 2024 to $23.69 billion in 2025, with a compound annual growth rate (CAGR) of 8.4%. The positive growth trajectory during the historic period can be ascribed to factors like the expansion of the automotive industry, implementation of environmental regulations, shifting consumer preferences, OEM and aftermarket demand, and the global spread of automotive trade.
How Big Is the Automotive Coatings Market Size Expected to Grow by 2029?
Anticipated to witness robust expansion in the coming years, the automotive coatings market is projected to reach a value of $34.23 billion by 2029, showing a compound annual growth rate (CAGR) of 9.6%. The predicted growth surge in the forecast period can be traced back to elements like vehicle electrification, an increase in autonomous vehicles, economic market expansion, escalating urbanization, and considerable rises in disposable income. Key trends likely to be noticed throughout the forecast period include waterborne coatings, superior color customization, self-repairing coatings, antimicrobial coatings, and uv-cured coatings.
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Which Key Market Drivers Powering Automotive Coatings Market Expansion and Growth?
The automotive coatings market is experiencing notable growth due to the escalating demand for lightweight vehicles. The imposition of strict emission standards and the increasing requirement for fuel consumption reduction have boosted lightweight vehicles' demand. A variety of coatings are applied to the surfaces of lightweight vehicles for both protective and aesthetic purposes. These automotive coatings not only shield the vehicle surface from corrosion but also reduce the vehicle's overall weight. As an illustration, the Federal Reserve Economic Data, a U.S.-based governmental entity reported in August 2024, that sales of lightweight vehicles constituted of autos and light trucks, surged to 15.002 million units in January 2024, an increase from 13.431 million units in January 2023, demonstrating a nearly 11.7% yearly growth. Thus, the growing demand for lightweight vehicles is anticipated to continue propelling the automotive coatings market's expansion.
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Which Fast-Growing Trends Are Poised to Disrupt the Automotive Coatings Market?
The trend of strategic partnerships amongst corporations is emerging as a prevalent trend in the automotive coatings market. Firms operating within the automotive coating sector are engaging in numerous collaborations to create novel technologies and products. To illustrate, AkzoNobel N.V., a company based in the Netherlands specializing in paints and coatings, declared their strategic alliance with a leading automotive producer in March 2023, with the goal of developing advanced coatings for electric vehicles.
What Are the Emerging Segments in 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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Who Are the Global Leaders in the Automotive Coatings Market?
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.
Which are the Top Profitable Regional Markets for the Automotive Coatings Industry?
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.
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