Automotive Paints and Coatings Market Size, Share, and Trends 2024 to 2034

The global automotive paints and coatings market size accounted for USD 17.41 bn in 2022 and it is expected to reach around USD 36.05 bn by 2032 with a CAGR of 7.60% from 2023 to 2032.

Key Takeaway

• Europe has held the largest share in 2022.
• By Coating Type, the electrocoats segment captured a significant revenue share in 2022.
• By Technology, the Waterborne coating segment led the global market in 2022.

Automotive Paints and Coatings Market in the Europe 2023 To 2032

The Europe automotive paints and coatings market size reached USD 6.96 bn in 2022 and is projected to hit around USD 14.42 bn by 2032, growing at a CAGR of 7.60% between 2023 and 2032.

Europe expected to offer potential growth prospects for the automotive paints & coatings market due to significant presence of auto manufacturers in the region. In addition, the region seeks prominent merger & acquisitions among the market players that increases the competition among players and makes the market more volatile for development. For example, in December 2016, BASF announced the acquisition of Chemetell that results into the expansion of coating portfolio of the company. Besides this, the company had expanded the vehicle production facility over UK, Germany, and France that supports the product penetration in the region.

Asia Pacific is anticipated to offer substantial growth over the forecast period. The prime factors behind the growth of the region are proliferating disposable income along with increasing vehicle affordability expected to augment the vehicle adoption rate. Parallelly, shifting focus of global players towards Asian countries for expanding their production facility supports the regional growth. In August 2018, PPG announced to establish a research & development center in Tianjin, China to enhance their capabilities to offer innovative and attractive products.

Growth Factors

Shifting preference of consumers towards attractive texture and improved aesthetic appearance of the vehicles drives the global automotive paints & coatings market growth. At present, significant benefits offered by paints & coatings such as UV protection and color retention are gaining high popularity. Introduction of numerous exterior shades of vehicles and coating solutions have provided significant potential for the market growth. In addition, continuous engagement of industry participants for developing latest and cost-effective coating & paints solutions projected to fuel the market growth in the coming years. Furthermore, rising production of commercial and passenger vehicles expected to proliferate the paints & coatings demand during the forecast period. As per statistics provided by International Organization of Motor Vehicle Manufacturers (OICA) in 2019, total vehicle production across the world was 91.78 Mn out of which 24.64 Mn were commercial and 67.15 Mn were passenger vehicles.

However, increase in vehicle safety solutions have reduced the number of accidents, thus restricts the growth of paints coatings market. Nonetheless, rising adoption of eco-friendly paints and coatings due to stringent government regulations for gas emission and environmental concerns related to paint & coating manufacturing process expected to drive the automotive paints & coatings market in the coming years.

Report Scope of the Automotive Paints & Coatings Market

Coating Type Insights

Rising demand for superior gloss finish and appealing exterior appearance on advanced and luxurious vehicles is positively inducing the demand for automotive clearcoats. In addition, temperature fluctuation, long term protection from micro scratches projected to propel the demand for clearcoats in the automotive segment.

Electrocoats offer large number of benefits such as superior throw power, higher corrosion resistance, and lower curing temperature owing to which the segment is gaining high popularity. The market for electrocoats capture significant revenue share and expected to propel prominently during the forecast period. HAP’s free properties coupled with lower VOC formulation contribute significantly towards environmental protection. Furthermore, market players adopt various types of electrocoats such as cathodic epoxy, anodic acrylic, anodic epoxy, and cathodic acrylic because of their attractive properties and benefits that make vehicle surface more durable and weather resistant.

Technology Insights

Waterborne coating led the global automotive paints & coatings market with significant revenue share in 2022 owing to its capability to protect vehicle from severe weather condition along with substantial cost reduction. In addition, waterborne technology provides lower temperature processing, high chemical resistance, and solvent free preparation of coatings.

On the other hand, powder coating offers precise thickness of film that enables them to rectify inappropriate coated area, this makes powder coating a preferred choice for large end-use applications. Additionally, attractive features of paints & coatings that include cost effectiveness, environment-friendly, high quality, easy usability, and swift paint applicability are some of the key trends followed by the industry participants.

Key Companies & Market Share Insights

The global automotive paints & coatings market offers high competition due to presence of large number of players. The market players are adopting new strategies to behold their strong market footprint such as partnerships, long term contracts, and new product development. For instance, in February 2018, BASF announced the launches of R-M refinish and Glasurit paint brands in Europe. The paints are certified to reduce the CO2 emission as per biomass balance approach.

Automotive Paints and Coatings Market Companies

• Akzo Nobel NV
• Axalta Coating Systems
• BASF SE
• Cabot Corp
• Clariant AG
• Covestro
• Donglai Coating Technology
• Dupont
• Eastman
• Kansai Paint Co. Ltd
• KCC Corporation
• Nippon Paint Holdings Co. Ltd
• PPG Industries, Inc.
• The Valspar Corporation.
• Wanda refinish

Segments Covered in the Report

This report analyses and projects market revenue and growth trend at global, regional, and country levels and offers an analysis of the modern industry developments in each of the sub-segments from 2020 to 2032. This report classifies global automotive paints & coatings market on the basis of vehicle, coating type, technology, texture, distribution channel, raw material, and region:

By Vehicle Type

• Passenger Cars
• Heavy Commercial Vehicles
• Light Commercial Vehicles

By Coating Type

• Basecoat
• Primer
• Electrocoat
• Clearcoat

By Technology Type

• Solvent borne
• Waterborne
• UV Curved
• Powder

By Texture

• Metallic
• Solid
• Matte

By Distribution Channel

• Aftermarket
• OEM

By Raw Material

• Epoxy
• Acrylic
• Polyurethane
• Other Resins

By Regional Outlook

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Rest of the World