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Global Market for Automotive Coatings to surpass US$ 33 Billion by 2032; Primers & Basecoats to comprise over 2/3rd Market Revenue

Automotive Coatings

Automotive Coatings

The worldwide market for automotive coatings is undergoing tremendous upheaval, from new material advancements in vehicle production to the increased adoption of conventional hues over “more colorful” alternatives, according to a recent Fact.MR research. In the automotive coatings business, refinish formulas continue to take centre stage, while water-borne coatings are gaining traction as basecoats.

Water-borne automotive coatings have risen to prominence in recent years, owing mostly to environmental and health concerns about solvent-borne vehicle coatings. However, as the palpability of UV cures automotive coatings increases, demand for aqueous coatings as priming surface layers is expected to drop. Despite worries about their environmental and health implications, demand for solvent-borne coatings is likely to stay higher during the forecast period.  The preference for solvent-borne automotive coatings is principally based on their greater retention of pigments, liquids, and binding agents.

According to Fact.MR, acrylics will continue to be the most popular resin in the automotive coatings industry due to their widespread use in passenger vehicles, followed by Fluoropolymers. However, recent changes in manufacturer preferences have driven demand for amines and poly alkyds, and it is extremely expected that these resins will sell at a quicker rate over the forecast period.

 Key Takeaways from the Market Study

 “Vehicle lightweighting and a trend toward low-temperature curing have driven improvements in automotive coatings in recent years, with top manufacturers investigating the use of high-strength plastics and carbon fiber-reinforced polymers,” says a Fact.MR analyst.

 Competitive Landscape

Automotive coatings market shares are predicted to remain concentrated at the top and dispersed at the bottom. The top five competitors will account for roughly 40% of the automotive coatings industry. These companies’ dominance will be maintained through their strong operations and extensive sales infrastructure around the world.

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More Insights Available

Fact.MR, in its new report, offers an unbiased analysis of the global automotive coatings market, analyzing historical demand from 2015-2021 and forecast statistics for 2022–2032.

The study reveals growth projections on the automotive coatings market on the basis of resin type (acrylics, fluoropolymers, urethanes, epoxy, poly alkyds and amines), coat type (top coat, primer, basecoat and clearcoat), by vehicle type (passenger cars and commercial vehicles), and technology (water borne, solvent borne and UV cure) across six major regions (North America, Latin America, Europe, APEJ, Japan and Middle East & Africa).

About the Automotive Division at Fact.MR

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned automobile team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.

For more information, refer to our market research report or contact the PR author.

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