Automotive Coatings Market To Reach $33.4 Billion By 2030

Automotive Coatings Market Growth & Trends

The global automotive coatings market size is expected to reach USD 33.4 billion in 2030 and is projected to grow at a CAGR of 5.4% from 2024 to 2030. Surging demand for both passenger and commercial automobiles in emerging countries including China, India, Mexico, Brazil, and South Africa on account of population growth and developing living standards is expected to augment market size over the forecast period. Moreover, increasing requirement of protection against harsh climate, dust, dirt, UV radiation, and acid rain is expected to aid in industry expansion.

A growing number of accidents in countries including India and Brazil owing to adverse road conditions in mountainous areas is anticipated to fuel the demand for these products over the upcoming years. Moreover, increasing requirement of maintenance, repair, and refurbishing work of old vehicles is expected to stimulate growth.

Rising consumption of powder coatings in light of its superior properties, such as near-zero volatile organic compound emissions and thicker layer compared to conventional coatings, is expected to increase market size. Furthermore, continuous investments by manufacturers along with an increasing number of manufacturing facilities in Brazil and China will drive growth over the forecast period.

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Automotive Coatings Market Report Highlights

• Basecoats dominated the market and accounted for the largest revenue share of 43.9% in 2023

• Waterborne coatings led the market and accounted for the largest revenue share in 2023 driven by the stringent environmental regulations that prompted the automotive industry to shift toward these coatings

• Metals dominated the market and accounted for the largest revenue share of 71.0% in 2023

• Light vehicle OEM held the largest revenue share in 2023, owing to the increasing vehicle production, particularly in emerging markets, as manufacturers seek high-quality coatings for durability and aesthetics.

• The Asia Pacific automotive coatings market dominated the global market and accounted for the largest revenue share of 51.4% in 2023 attributed to the explosive growth in the automotive sector, particularly in emerging countries such as China, Japan, India, South Korea, and Thailand. 

Automotive Coatings Market Segmentation

Grand View Research has segmented the global automotive coatings market report based on product, technology, application, end use, and region:

Automotive Coatings Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Primer

• E-coat

• Basecoat

• Clearcoat

Automotive Coatings Technology Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Waterborne Coatings

• Solventborne Coatings

• Powder Coating

• UV-Cured Coatings

Automotive Coatings Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Metal

• Plastic

Automotive Coatings End Use Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Light Vehicle OEM

• Commercial OEM

• Automotive Refinish

Automotive Coatings Regional Outlook (Revenue, USD Million, Kilotons, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

• Latin America

  • Brazil

  • Argentina

• Middle East and Africa (MEA)

  • Saudi Arabia

  • South Africa

List of Key Players in the Automotive Coatings Market

• The Sherwin-Williams Company

• PPG Industries, Inc.

• Akzo Nobel N.V.

• NIPSEA Group

• RPM International Inc.

• BASF SE

• Kansai Paint Co., Ltd.

• Asian Paints

• Berger Paints India

• Axalta Coating Systems, LLC

• FUJIKURA KASEI CO., LTD.

• KCC Corporation