Automotive Coatings Market Size to Hit US$ 28.1 Billion by 2034: Fact.MR Report

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May 22, 2024, 10:16 ET

High Focus on More Aesthetically Pleasing Automobiles in Today's World Increasing Use of Automotive Coatings

ROCKVILLE, Md., May 22, 2024 /PRNewswire/ -- Fact.MR, a market research and competitive intelligence provider, in its recently updated report, asserts that the global automotive coatings market size is poised to reach a size of US$ 18.4 billion in 2024 and further expand at a CAGR of 4.3% from 2024 to 2034. With attractive and aesthetically pleasing automobiles the norm nowadays, where coatings play a key role, steady market growth has been projected for the decade.

Automotive coatings are utilized for the protection of automobiles from corrosion along with improving their appearance and performance. They are manufactured from various raw materials, including pigments, titanium dioxide, and acrylates, which are derived from chemicals based on petroleum. Good elastomeric treatment and higher surface hardness of these materials are projected to widen their application in different types of automotive coatings.

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Vehicles with automotive coatings are capable of withstanding UV radiation and harsh weather. These coatings find application in automobiles, especially the passenger cars segment, for improving aesthetic appeal and also their life span.

Key Takeaway from Market Study

The global market for automotive coatings is forecasted to reach a value of US$ 28.1 billion by the end of 2034.
Sales of amine-based automotive coatings are projected to climb at 3.8% CAGR and reach US$ 8.7 billion by 2034.
Passenger cars are projected to account for 77.3% share of the global market by 2034-end.
Demand for automotive coatings in South Korea is poised to increase at a CAGR of 7.1% from 2024 to 2034.
East Asia is approximated to capture 24.6% share of global market revenue by 2034-end.

"Increasing purchasing power parity (PPP), improved sales promotion policies, and high requirements for multiple textures and colors in automotive coatings are widening the opportunities for market players," says a Fact.MR analyst.

Key Market Players

Nippon Paint (USA)
PPG
Benjamin Moore & Co.
AkzoNobel
Behr Process Corp.
The Sherwin-Williams Co.
Kansai Paint Co. Ltd.
RPM International Inc.
BASF Coatings
Nippon Paint Holdings Co.
Axalta Coating System

Passenger Cars Account for High Market Share of Automotive Coatings

Worldwide demand for automotive coatings for passenger cars is anticipated to increase at a CAGR of 4.1% and reach a value of US$ 21.7 billion by the end of 2034. More consumers around the world are willing to spend on personal cars as a convenient mode of transportation. Therefore, an increased demand for automotive coatings is experienced for passenger cars for their regular maintenance and long life.

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Competitive Landscape

Some of the biggest companies are focused on developing more efficient automobile coatings in order to attract new leads and keep existing consumers. As a result, market participants use methods such as collaboration, new product development, supply chain management, supplying quality products, and so on to get a competitive advantage.

For example:

BMW and BASF formed a collaboration in May 2022. BMW installed the latter's CathoGuard 800 ReSource e-coat at several locations, including Germany, Rosslyn, and Leipzig. In addition, the company intends to use BASF's iGloss matt ReSource Clearcoat across Europe. These coatings are expected to help reduce CO2 emissions in their particular plants.

Country-wise Insights:

According to a newly updated analysis by Fact.MR, a provider of market research and competitive intelligence, East Asia is expected to account for 24.6% of the global automotive coating market by the end of 2034. The growing number of automobiles in the region is expected to increase demand for automotive coatings that maintain and enhance vehicle appearance. The adoption of electric vehicles is also expected to result in increased demand for automotive coatings.

The United States is predicted to account for 73.5% of the North American market by the end of 2034. More consumers in the country want high-performance and long-lasting coating solutions to protect their vehicles from moisture, corrosion, and rain in tough conditions. As a result, the demand for automobile coatings in the United States is likely to grow.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the automotive coating market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).

The study divulges essential insights into the market based on resin type (acrylic-based, fluoropolymer-based, urethane-based, epoxy-based, poly alkyd-based, amine-based), vehicle type (passenger cars, commercial vehicles), technology (water-borne, solvent-borne, UV cure), and coat type (top coat, primer, base coat, clear coat), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).

Explore More Trending Reports of the Automotive Sector Published by Fact.MR Research:

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Automotive Interior Surface Lighting Market: Global automotive interior surface lighting sales are expected to reach $1.59 billion in 2024 and grow at a CAGR of 4.9% to $2.57 billion by 2034.

Automotive LiDAR Market: The global automotive LiDAR market, driven by the rise of autonomous vehicles, is projected to grow from $866 million in 2024 to $5.14 billion by 2034 at a CAGR of 19.5%.

About Fact.MR:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.

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