The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

 

 

The automotive coatings market has experienced robust growth, showcasing a significant increase from $20.22 billion in 2023 to a projected $21.99 billion in 2024. This expansion reflects a commendable compound annual growth rate (CAGR) of 8.8%. The momentum in the historic period can be attributed to various factors, including the growth of the automotive industry, compliance with environmental regulations, evolving consumer preferences, increased demand from original equipment manufacturers (OEMs) and the aftermarket, and the globalization of automotive trade.

                              

 

Key Market Figures:

• 2023 Market Size: $20.22 billion
• 2024 Projected Size: $21.99 billion
• CAGR (2023-2024): 8.8%

 

 

Future Dynamics: Anticipated Growth Drivers

The automotive coatings market is poised for sustained growth, with an expected expansion to $30.88 billion in 2028, presenting a CAGR of 8.9%. The projected growth in the forecast period can be attributed to the electrification of vehicles, the rise of autonomous vehicles, economic market expansion, increasing urbanization, and a surge in disposable income.

Projected Figures:

• 2028 Projected Size: $30.88 billion
• CAGR (2024-2028): 8.9%

Growth Catalysts:

• Electrification of vehicles
• Rise of autonomous vehicles
• Economic market expansion
• Increasing urbanization
• Rising disposable income

 

 

Lightweight Vehicles: A Key Growth Contributor

The surge in demand for lightweight vehicles is a significant driver propelling the growth of the automotive coatings market. This demand is primarily fueled by stringent emission norms and the imperative to reduce fuel consumption. Coatings play a vital role in protecting and decorating the surfaces of lightweight vehicles. According to the National Automobile Dealers Association (NADA), sales of new lightweight vehicles in 2021 reached 14.93 million units, marking a 3.1% increase from the previous year.

• Significant contribution of lightweight vehicles
• Stringent emission norms drive demand
• Coatings protect surfaces and reduce overall vehicle weight

 

 

Market Leaders Steering the Landscape

Major companies operating in the automotive coatings market include The Valspar Corporation, Solvay SA, Sherwin-Williams Company, and Nippon Paint Automotive Coatings Co. Ltd., among others. These industry leaders play a pivotal role in navigating market dynamics through technological innovations and strategic initiatives.

Major Companies:

• The Valspar Corporation
• Solvay SA
• Sherwin-Williams Company
• Nippon Paint Automotive Coatings Co. Ltd.

 

 

Nanotechnology Meets Market Demands

Innovations in nanotechnology-based technologies are a focus for major companies in the automotive coatings market. Nanotechnology-based coatings involve applying coatings or surface treatments at the nanoscale level, utilizing nanomaterials or nanoparticles. For instance, Hyundai Motor Company introduced an innovative nanotechnology-based automotive self-healing coating feature. This coating involves macromolecules that return to their original form, effectively healing any scratches or dents on the vehicle.

• Focus on nanotechnology-based innovations
• Self-healing coatings with macromolecules
• Healing scratches and dents effectively

 

 

Strategic Acquisition Fortifies Portfolio

In April 2021, PPG Industries Inc., a prominent U.S.-based company, acquired Cetelon Lackfabrik GmbH, a German-based company specializing in coating systems for the automobile industry. This strategic move enhances PPG Industries Inc.’s existing coatings product portfolio, liquid and powder coating technologies, and color matching capabilities.

• PPG Industries Inc. acquires Cetelon Lackfabrik GmbH
• Enhances existing coatings product portfolio
• Expands liquid and powder coating technologies

 

 

Market Segmentation: Navigating Diverse Automotive Needs

The automotive coatings market is segmented based on coat type, resin type, technology, substrate, and end-use. This diverse segmentation caters to the unique requirements of different automotive scenarios, spanning from light vehicle OEMs to commercial OEMs, and encompassing various coating technologies.

 

 

Market Segmentation:

1. Coat Type: Clearcoat, Basecoat, E-Coat, Primer
2. Resin Type: Polyurethane, Epoxy, Acrylic
3. Technology: Waterborne Coatings, Solventborne Coatings, Powder Coatings, UV-Cured Coatings
4. Substrate: Metal, Plastics
5. End-Use: Light Vehicle OEM, Commercial OEM, Automotive Refinish

 

 

Regional Dynamics: Asia-Pacific Takes the Lead

In 2023, Asia-Pacific emerged as the largest region in the automotive coatings market, and it is anticipated to continue leading in the forecast period. The region’s vibrant automotive industry and rapid technological adoption contribute to its position as the fastest-growing region.

 

 

Regional Insights:

• Largest Region (2023): Asia-Pacific
• Fastest-Growing Region: Asia-Pacific (Forecast Period)

 

 

View More On The Automotive Coatings Market Report 2024 – https://www.thebusinessresearchcompany.com/report/automotive-coatings-global-market-report

 

 

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The Automotive Coatings Global Market Report 2024 provides comprehensive insights on the automotive coatings market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the automotive coatings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

 

 

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