Automotive Coating Market Report and Forecast 2023-2028

According to the report the global automotive coating market is projected to grow at a CAGR of 5.80% between 2023 and 2028. Aided by the escalating demand for more durable and aesthetically appealing vehicles, alongside the rise in automobile production globally, the market is expected to reach USD 38.07 billion by 2028.

Automotive coatings are predominantly utilised to furnish vehicles with both decoration and protection. They play an integral role in enhancing the vehicle's visual allure, durability, and resistance to extreme conditions and corrosions. These coatings are not just restricted to the body of the vehicle but extend to its interior components, accessories, and even under-the-hood parts, ensuring a holistic protection and finish.

One of the primary growth propellers for the automotive coating market growth is the burgeoning automotive sector itself. As countries, especially emerging economies, witness higher purchasing powers and an uptick in middle-class populations, the demand for vehicles, both for luxury and utility, has surged. This, in turn, necessitates the need for better coatings, further accentuating the market demand.

In today’s environmentally conscious era, there's a heightened emphasis on producing eco-friendly coatings. This has pivoted the sector towards water-borne coatings, which have a lower volatile organic compound (VOC) emission, replacing solvent-borne alternatives. This green transition is not just a mere sector trend but is being mandated and bolstered by strict regulatory landscapes in several regions.

Another compelling dynamic boosting the automotive coatings market share is the consumers' increasing penchant for customisation and personalisation. No longer are cars just utility items; they are seen as an extension of one's personality, a statement. This has fostered the demand for a broader palette of hues, special effects, and varied finishes, such as matte or metallic, thereby infusing further vitality into the market dynamics.

In addition, innovations and advancements in automotive coating is boosting the market growth. As vehicles undergo technological evolutions, so does the need for coatings to match these advancements. Whether it's coatings for electric vehicles' specific requirements or the creation of self-healing coatings that can autonomously repair minor scratches, the sector is in constant flux, adapting, and innovating, thereby increasing the automotive coating market size.

Market Segmentation

The market can be divided based on resin type, technology, coat type, and region.

Market Breakup by Resin Type

• Polyurethane
• Epoxy
• Acrylic
• Others

Market Breakup by Technology

• Solvent-Borne
• Water-Borne
• Powder Coating
• Others

Market Breakup by Coat Type

• Internal Coating
• External Coating
• E-Coat
• Primer
• Basecoat
• Clearcoat
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global automotive coating market. Some of the major players explored in the report are as follows:

• BASF SE
• PPG Industries, Inc.
• Kansai Paint Co., Ltd
• Nippon Paint Holdings Co., Ltd.
• KCC Corporation
• Others

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*The publisher always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.