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Automotive Coatings Market Size to Reach $33.29 Billion by 2029 | Growth at 9.3% CAGR Forecast
Automotive Coatings Market
What is the Projected Market Size of the Automotive Coatings Industry?
The size of the automotive coatings market has significantly expanded in the previous years. The market will rise from $21.85 billion in 2024 to $23.37 billion in 2025, with a compound annual growth rate (CAGR) of 6.9%. Factors such as expansion of the automotive industry, environmental rules, customer inclinations, Original Equipment Manufacturer (OEM) and aftermarket demand, as well as the globalization of the automotive trade have been instrumental in driving the growth experienced during the historic period.
What Will Be the Size of the Automotive Coatings Market by 2029?
In the upcoming years, the automotive coatings market is predicted to experience a robust growth, expanding to $33.29 billion by 2029 with a compound annual growth rate (CAGR) of 9.3%. The growth trajectory in the projected time period is linked to factors such as vehicle electrification, the surge in autonomous vehicles, economic market expansion, growing urban population, and rising disposable income levels. Pivotal trends to watch out for in this span encompass waterborne coatings, enhanced color customization, self-repairing coatings, antimicrobial coatings, and uv-cured coatings.
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What Are the Key Drivers Accelerating Growth in the Automotive Coatings Market?
The surge in demand for lighter vehicles is playing a significant role in the expansion of the automotive coatings market. Strict emission regulations and the rising need to cut down on fuel usage have bolstered the demand for such vehicles. The surfaces of these lightweight vehicles are covered with various types of coatings for protection and aesthetic reasons. These automotive coatings safeguard the vehicle's surface against corrosion and also help to reduce the vehicle's total weight. For example, the Federal Reserve Economic Data, a government agency in the US, reported in August 2024 that sales of lightweight vehicles, including automobiles and light trucks, climbed to 15.002 million units in January 2024. This figure is up from 13.431 million units from January 2023, demonstrating approximately 11.7% growth year-over-year. Therefore, the escalating demand for lightweight vehicles is anticipated to boost the advancement of the automotive coatings market in the future.
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How Is the Automotive Coatings Market Segmented by Type, Application, and Region?
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
What Are the Key Trends Driving Growth in the Automotive Coatings Market?
The trend of strategic partnerships amongst companies is becoming more popular within the automotive coatings market. Firms within the automotive coating sector are engaging in different collaborations to innovate new products and technologies. As an illustration, in March 2023, AkzoNobel N.V., a company based in the Netherlands that specialises in paints and coatings, formed a strategic alliance with a leading automotive manufacturer to create pioneering coatings for electric vehicles.
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Who Are the Leading Companies Driving Growth 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 Is the Leading Region in the Global Automotive Coatings Market?
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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