Automotive Coatings Global Market Report 2024

Automotive coatings serve as protective layers applied to the surfaces of automobiles, aimed at preventing corrosion and enhancing their visual appeal. These coatings are utilized both internally and externally, employing either powdered or liquid substances to augment the durability and aesthetics of vehicles while ensuring heat and shock resistance.

The primary types of automotive coatings include clearcoat, basecoat, e-coat, and primer. The clear coat is the final layer applied after the primer and pigmented paint, providing a transparent, lustrous finish to enhance the vehicle's appearance and shield it from environmental damage. These coatings are developed using various technologies such as solvent-borne, water-borne, and powder coatings, incorporating materials like polyurethane, epoxy, and acrylic resins. Automotive coatings are specifically designed for application on metal and plastic substrates, catering to original equipment manufacturer (OEM) and refinishing requirements.

The automotive coatings market research report is one of a series of new reports that provides automotive coatings market statistics, including automotive coatings industry global market size, regional shares, competitors with an automotive coatings market share, detailed automotive coatings market segments, market trends and opportunities, and any further data you may need to thrive in the automotive coatings industry. This automotive coatings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The automotive coatings market size has grown strongly in recent years. It will grow from $20.22 billion in 2023 to $21.99 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth observed in the historical period can be attributed to several factors, including the expansion of the automotive industry, the influence of environmental regulations, evolving consumer preferences, demand from both original equipment manufacturers (OEM) and the aftermarket, as well as the globalization of automotive trade.

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%. Anticipated growth in the forecast period is expected to be driven by several factors, including the increasing electrification of vehicles, the rise of autonomous vehicles, overall economic market growth, increasing urbanization, and a growth in disposable income. Major trends expected during this period involve the adoption of waterborne coatings, advancements in color customization, the development of self-healing coatings, the integration of antimicrobial coatings, and the utilization of UV-cured coatings in the automotive coating industry.

The upsurge in the demand for lightweight vehicles is significantly fueling the expansion of the automotive coatings market. Stringent emission standards and the need to curtail fuel consumption have been instrumental in driving the quest for lightweight vehicles. These vehicles feature coated surfaces employing various types of coatings for both protective and aesthetic purposes. The coatings safeguard automobile surfaces against corrosion while simultaneously contributing to the reduction of overall vehicle weight. Notably, according to the National Automobile Dealers Association (NADA), sales of new lightweight vehicles in 2021 increased to 14.93 million units, marking a 3.1% rise from the previous year. This surge in demand for lightweight vehicles is expected to be a key support for the growth of the automotive coatings market.

The escalating global production of automobiles is anticipated to act as a catalyst for the expansion of the automotive coatings market. Vehicle production encompasses the manufacturing, assembly, and construction of various vehicle types, including automobiles, trucks, buses, motorcycles, and other motorized vehicles. Automotive coatings play a vital role in enhancing aesthetics, protecting against corrosion, ensuring durability, and prolonging the lifespan while preserving the vehicle's appearance. Data from the European Automobile Manufacturers Association in November 2022 revealed a noteworthy increase, with 16.4 million cars manufactured in China from January to September, reflecting a 15.1% rise compared to the same period in 2021. This boost in global automobile production significantly drives the growth of the automotive coatings market.

Strategic collaborations between companies have emerged as a significant trend gaining traction in the automotive coatings market. Industry players within the automotive coating sector are actively engaging in various collaborative efforts to develop novel technologies and products. An instance of this trend is witnessed in March 2023, as AkzoNobel N.V., a Netherlands-based paints and coatings company, announced a strategic partnership with a major automotive manufacturer to jointly develop innovative coatings specifically tailored for electric vehicles. This collaboration underscores the increasing significance of partnerships in driving innovation within the automotive coatings industry.

Leading companies in the automotive coatings market are prioritizing technological innovations, particularly nanotechnology-based solutions, to meet the burgeoning demand for automotive coatings. Nanotechnology-based automotive coatings involve the application of coatings or surface treatments at the nanoscale level utilizing nanomaterials or nanoparticles. For example, in July 2023, Hyundai Motor Company, a South Korea-based automotive manufacturer, unveiled an innovative nanotechnology-based self-healing coating for automobiles. This cutting-edge feature applies macromolecules to a car's surface that can revert to their original form, effectively mending scratches or dents, contributing to the vehicle's appearance and protection.

In April 2021, PPG Industries Inc., a US-based company specializing in a wide array of coatings, paints, and specialty materials, completed the acquisition of Cetelon Lackfabrik GmbH for an undisclosed sum. This strategic acquisition is aimed at expanding PPG Industries Inc.'s existing coatings product portfolio, encompassing liquid and powder coating technologies, and enhancing its color matching capabilities. Cetelon Lackfabrik GmbH, a German-based company, specializes in the development and manufacturing of diverse coating systems for the automobile industry. This acquisition aligns with PPG Industries Inc.'s objectives for market expansion and technological advancement in the automotive coatings sector.

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.

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 research report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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.

The automotive coatings market consists of sales of automotive coating technology, including UV-cured coating. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.