A USD14.5 Billion Global Automotive Coatings Market to Grow at a CAGR of Around 4.44% During 2025-2030

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The Global Automotive Coatings Market was valued at USD 14.5 billion in 2023 and is projected to reach USD 19.8 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 4.44% during the forecast period, i.e., 2025-30., cites MarkNtel Advisors in the recent research report. The increasing utilization of passenger cars & commercial vehicles, the growing inclination of consumers towards customizing their personal vehicles, and the surging production of automobiles are contributing to the market growth.

In recent years, the sales of passenger cars have increased tremendously due to the expansion of ride-hailing services and the rising net disposable income of individuals. Along with this, post-COVID-19, consumers in developed nations have become more conscious and they do not travel via public transport. As a result, they are utilizing their personal vehicles for intracity & intercity travel. This increase in the utilization of automobiles is resulting in the automotive paints & coating coming off. Therefore, the individuals are ensuring that their cars undergo regular maintenance and look aesthetically appealing, enhancing the requirement of automotive coatings.

In addition, commercial vehicles, such as heavy trucks are also widely used across the globe. These automotive vehicles are used at construction sites and rugged terrain, owing to which the condition of these vehicles & the outer appearance are affected very fast. Therefore, to ensure that the vehicles look perfect from the outside and protect them from UV rays and rust, the operators and owners are ensuring that they are painted and coated from time to time, enlarging market size.

Further, individuals nowadays are increasingly influenced by celebrities and vloggers. These celebrities use cars with the customized design. Therefore, individuals & sports enthusiasts are actively spending money to remodel their cars & other personal vehicles, uplifting the requirement for coatings, paints, and other accessories.  

Along with this, there is a growing focus on adopting Electric Vehicles (EVs) across the globe to curb carbon emissions. Therefore, several manufacturers are setting up their units and ramping up the production of the automotive. This, in turn, would continue to generate the demand for automotive coatings directly from the original equipment manufacturers in the forthcoming years, further states the research report, “Global Automotive Coatings Market Analysis, 2025.”

Global Automotive Coatings Segmentation Analysis

Metal to Dominate During Forecast Period

Based on the Application segment, the market is further bifurcated into, Plastic, and Metal. Among them, metal holds a prominent market share since a majority of automobile bodies are made up of metal. The automobile's outer body is majorly made from different alloys & metals and is exposed to sunlight and extreme weather conditions. Therefore, there is a requirement to impart a formulation on the outer covering, i.e., metal to protect the vehicle from rust, collision, and snow. Besides, plastic does not react with the water and does not deteriorate after being put in critical weather conditions. However, when metal comes in contact with the water, it rusts, which results in poor vehicle performance & overall look. Therefore, the top companies ensure to provide a coating on the metal, enhancing its market share.

Asia-Pacific to Outperform in Coming Years

Geographically, Asia-Pacific holds a substantial market share due to the presence of several automotive manufacturers and the higher vehicle ownership rates. Asian nations have a higher population and the majority of the population travels daily due to their work-related commitments. Therefore, the utilization of vehicles, including cars, motorcycles, and buses is higher in these countries. Moreover, the countries in the region often face hot temperatures and unpredictable rain. Therefore, there is a requirement for an automotive coating that is resistant to UV rays & water. Further, the official governing bodies across the region are laying policies encouraging foreign manufacturers to set up their production units. This would continue to boost the market growth even during the forecast period.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including BASF SE, Axalta Coating Systems, PPG Industries, Inc., Kansai Paint Co. Ltd., Nippon Paint Holdings Co., Ltd., The Valspar Corporation, KCC Corporation, The Sherwin-Williams Company, Akzonobel N.V., Jotun A/S, Bayer AG, Arkema SA, Beckers Industrial Coatings Ltd., Cabot Corporation, Berger Paints India Ltd., are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various region?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?