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).
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$70.12 billion in 2024 and grow at a
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of the market share.
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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:
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and achieving long-term success. With a global presence and a team
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actionable insights to capitalize on emerging opportunities and
stay ahead in the competitive landscape.
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