The global automotive coatings market size was valued at USD 21.28 billion in 2017. Increasing necessity for protecting and enhancing the durability of automobiles coupled with the overall rise in vehicle sales is expected to drive the global automotive coatings market sales over the forecast period.
Automotive coatings increase the robustness of the vehicles and protect it from environmental vulnerabilities including acid rains, extreme temperatures, and ultraviolet radiations. Increasing demand for automobiles is another primary factor which has been instrumental in driving the growth of the global automotive coatings market. The materials mainly used for manufacturing these paints include pigments, additives, binders, and solvents in which the raw material, titanium dioxide, is used commonly. However, procurement of these raw materials can be difficult, thereby obstructing the growth of this market.
The global market for the Automotive Coatings is anticipated to develop at a compound annual growth rate (CAGR) of 7% throughout the course of the forecast, to reach $25.2 Billion by 2030.
The growth of the global automotive coatings market is driven by increasing demand for the automobile industry as a result of the urbanization and industrialization being witnessed, globally. Furthermore, rising demand for electric and hybrid vehicles in light of increasing carbon emissions is expected to scale up the production of automobiles, thereby directly affecting the automotive coatings industry growth during the forecast period. The advancements in coatings technology have opened up new and promising potential for enhanced fuel efficiency in the mass production of vehicles.
The global automotive coatings market share was dominated by basecoats which constituted 44% of the overall revenue. Basecoat refers to a colored layer and is responsible for the visual appearance of the complete coating to a major extent. The main purpose of this coating is protecting the car body from corrosion. The electric coatings (e-coat) segment is seen to witness a high growth owing to its uniform coating and high operation speed. However, strict regulations related to health hazards caused due to the use of toluene, xylene, and ethylbenzene (classified as air pollutants) will restraint the product demand and may be one of the factors for hampering the growth of this market.
Solventborne coatings dominated the technology segment with a 1,841.2 kilo tons demand in 2017. High resistance to corrosion, chipping, and abrasion coupled with protection from chemicals, moisture, and heat has resulted in the high sales of solventborne automotive coatings. However, the presence of norms such as UNCCC and Kyoto Protocol are expected
The global automotive coatings market was led by Asia Pacific which generated the largest revenue exceeding USD 12 billion in 2017. This region has the highest number of automotive manufacturing units which has been the primary driver of revenues in this region. China with its large automobile production base has been the highest revenue generating country in this region constituting nearly 54% of the Asia Pacific market. The automotive coatings market trends 2018 implies that India is projected to be the most attractive market segment projecting a strong growth rate. It was the seventh largest manufacturer of commercial vehicles worldwide in 2017 due to the presence of established domestic and international original equipment manufacturers. Strong growth in demand due to rising income, middle class, and a young population is expected to drive the Indian market during the forecast period.
The automotive industry's efforts towards reducing energy consumption in coating technologies have resulted in synergies for the development of ingenious coatings. For instance, in January 2018, BASF’s Coatings Division entered into a joint development agreement with Sirrus Inc., a wholly owned subsidiary of Nippon Shokubai, a global chemical company. The agreement will help BASF in further developing a high-performance class of automotive coatings which are based on Sirrus’ proprietary technology on methylene malonate. Such synergies are expected to propel the momentum of the global automotive coatings market during the forecast period.
Automotive Coatings Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||$25.2 Billion|
|Growth Rate||CAGR of 7 % during 2022-2030|
|Segment Covered||by Product, Substrate, Technology, Resin Type, Region.|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Lord Corporation, Solvay, Jotun A/S, DSM, Eastman Chemical Company, Cabot Corporation, Clariant AG, Berger Paints, Arkema SA, Kansai Paint, Beckers Group, Sherwin-Williams Company, Valspar Corporation, AkzoNobel, KCC Paint, Nippon Paint, Bayer AG, BASF, PPG Industries, and Axalta Coating Systems|
Key segments of the global automotive coatings market
Product Overview, 2015-2025 (Kilo Tons) (USD million)
Technology Overview, 2015-2025 (Kilo Tons) (USD million)
- Powder Coating
Application Overview, 2015-2025 (Kilo Tons) (USD million)
End-use Overview, 2015-2025 (Kilo Tons) (USD million)
- Light Vehicle OEM
- Commercial OEM
- Automotive Refinish
Regional Overview, 2015-2025 (Kilo Tons) (USD million)
- North America
- Rest of North America
- Rest of Europe
- Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa