DUBLIN, Feb. 8, 2024 (GLOBE NEWSWIRE) — Resin types (polyurethane, epoxy, acrylic), vehicle types (passenger cars, commercial vehicles), technology types (solvent-based, water-based, powder-based), coating types ( Clearcoats, Basecoats) and Regions – Global Forecast to 2028” report added ResearchAndMarkets.com Recruitment.
The automotive paint market size is expected to reach USD 19 billion by 2028, at a CAGR of 4.1%, from USD 15.5 billion in 2023. Asia Pacific is estimated to account for the largest share by value of the automotive paints market in 2022.
The automotive coatings industry has evolved at the same time as the automotive industry. Both industries are continually advancing to provide buyers with advanced technology and environmentally friendly products.
Demand for automotive coatings is primarily influenced by automotive industry demand trends, environmental regulations, health and safety standards, buyer preferences, lifestyles, and economic growth.
These factors have a positive impact on the automotive coating industry. Apart from the appearance of your vehicle, automotive coatings play an important role in protecting your vehicle's metal surfaces from rust and other damage. Attractive colors, textures, and patterns make a vehicle more appealing and serve as important decision-making factors for buyers.
The key companies profiled in this report are BASF SE (Germany), PPG Industries, Inc. (USA), Axalta Coating Systems (USA), Akzo Nobel NV (Netherlands), and Kansai Paint Co., Ltd. (Japan).
North America accounts for the second largest share of the automotive coatings market by value.
The region has an established automotive industry, with high production volumes and a focus on innovation and advanced coating technology, driving consumer demand for cars with great aesthetics and durability. . Additionally, stringent environmental regulations in the region are driving the adoption of eco-friendly coatings, contributing to the overall market growth.
Ongoing infrastructure projects such as road construction and maintenance are contributing to the demand for coatings used in commercial vehicles and public transportation, further strengthening the automotive coatings market. The region is at the forefront of technological innovation in the automotive sector. Advances such as electric vehicles (EVs) and smart coatings are increasing the need for specialized coatings that protect sensitive electronic components and provide advanced functionality.
The presence of major companies and industry leaders in the automotive coatings field, along with increasing attention to research and development initiatives, ensures continued growth and competitiveness of the global market.
Base coats are projected to be the fastest growing coat type segment in the automotive paint market.
Advances in technology have enabled the development of high-performance basecoat formulations that improve color matching, application efficiency, and overall coating quality. Consumer preference for customizable and aesthetically pleasing vehicle finishes has skyrocketed, driving demand for innovative basecoat options that offer a wide range of colors and special effects.
Additionally, the basecoat plays an important role in achieving the vehicle's desired appearance and contributes significantly to the vehicle's visual appeal. As consumers increasingly value the aesthetics of their vehicles' exteriors, automakers are focused on enhancing the capabilities of basecoat technology to meet these demands.
Additionally, environmental concerns have led to the development of eco-friendly basecoat formulations with reduced levels of volatile organic compounds (VOCs) to align with stringent environmental regulations. This shift towards sustainability in coating solutions is contributing to the growing popularity of advanced basecoats.
By country, China is projected to become the largest market for automotive paints during the forecast period.
The growing affluence of China's middle class has led to an increase in car ownership. As more consumers purchase cars in China, the demand for automotive coatings to protect and enhance the appearance of their cars has also increased proportionately. Significant advances in coating technology have been made in China. Coating innovations such as smart coatings and coatings tailored for electric vehicles are contributing to the overall growth of the domestic automotive coatings market.
China's ongoing urbanization and infrastructure development projects are contributing to the demand for commercial vehicles and public transportation. This further increases the need for automotive coatings for both new vehicle and maintenance purposes.
This report provides insight into the following guidelines:
- Analysis of key drivers (increasing automobile and EV sales driving the coating industry, greener, eco-friendly and healthier coating systems) constraints (fluctuations in raw material prices, abolition of government subsidiaries for EVs), opportunities ( Process optimization, advancements in coating technology), and challenges affecting the growth of the automotive coatings market (strict regulatory policies).
- Product Development/Innovation: Detailed insights into upcoming technologies, R&D activities, and new product launches in the Automotive Coatings market.
- Market Development: Comprehensive information about the market – This report analyzes the automotive coatings market across different regions.
- Market Diversification: Exclusive information on untapped areas, recent developments, and investments in new products and services in the automotive coatings market.
- Competitive assessment: BASF SE (Germany), PPG Industries, Inc. (USA), Axalta Coating Systems (USA), Akzo Nobel NV (Netherlands), and Kansai Paint Co., Ltd. (Japan) are among the leading companies in the automotive coatings market. plays an important role.
Key attributes:
| report attributes | detail |
| number of pages | 315 |
| Forecast period | 2023-2028 |
| Estimated market value in 2023 (USD) | $15.5 billion |
| Projected market value to 2028 (USD) | $19 billion |
| compound annual growth rate | 4.1% |
| Target area | global |
Company Profile
- Akzo Nobel NV
- APV engineering coating
- Asian Paint Co., Ltd.
- Axalta Coating System
- BASF SE
- beckers group
- Berger Paint India Ltd.
- concept paint
- grand poly coat
- Guangzhou Zhenlangmei Chemical Coating Co., Ltd.
- Jotun A/S
- Kansai Paint Co., Ltd.
- capsi coating
- KCC Co., Ltd.
- National Paint Factory Co., Ltd.
- Nippon Paint Holdings Co., Ltd.
- PPG Industries Co., Ltd.
- Qingyuan Baohiro Paint Co., Ltd.
- Red Spot Paint and Varnish Co., Ltd.
- RPM International
- Shanghai Kinrita Chemical Co., Ltd.
- sherwin williams company
- Titan Coating International
- usa paint
- Weg SA
For more information on this report, please visit https://www.researchandmarkets.com/r/axgdim.
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Global automotive coatings market
