Automotive & Transportation Coatings Market Size, Share, Growth, And Industry Analysis By Type (Waterborne Coating, Solvent Borne Coating, Powder Coating, UV-cured Coating, Automotive & Transportation Coatings) By Application (Automotive, Plane, Truck, Train, Others) Regional Forecast To 2031

Updated On: 08 April 2024

Automotive & Transportation Coatings Market Report Overview

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The global automotive & transportation coatings Market size was USD 2.470 billion in 2022 and the market is expected to reach USD 3.672 billion in 2030, exhibiting a Compound annual growth rate (CAGR) of 5.1% during the forecast period.

 The market's growth and demand returning to pre-pandemic levels when the pandemic is finished is what caused the abrupt increase in CAGR.

Automotive and transportation coatings are used to cover the surfaces of cars and other vehicles, and they are an example of cutting-edge technology that can create durable surfaces, maximise overall efficiency, and adhere to environmental regulations. In addition to shielding a car from UV rays, severe temperatures, and foreign objects, they also improve the general longevity and appearance of the car. The durability and resistance of automobiles and other vehicles to extreme temperatures, dust, foreign objects, corrosion, and rusting are improved by these coatings. These coatings are applied to automobiles by original equipment manufacturers (OEMs) during the manufacturing process.

The market is expanding due to the rising demand for automotive and transportation coatings intended to improve the durability and aesthetics of these vehicles. The need for these coatings to improve vehicle durability and aesthetics is anticipated to drive growth in the global automotive and transportation coatings market. These coatings can also shield cars from the damaging effects of inclement weather, including acid rain, UV radiation, high temperatures, and foreign particles.

COVID-19 Impact: COVID 19 Outbreak Leads To Decline the Market Growth

The coronavirus outbreak has severely hurt the car coating business. Due to the lockdown measures, the majority of factories had to close and suspend their ongoing projects. The automotive industry has also been impacted by the shutdown of several sectors. The supply chain interruption caused by the COVID 19 outbreak has become another significant effect. Demand and investment have drastically decreased in the sector. The paints and coatings market suffered as a result of the COVID-19 outbreak. However, it is currently believed that the market has recovered to pre-pandemic levels.

Latest Trends

"Market Growth Will Be Boosted By Sustainable Development in the Coatings Sector"

There is a big market for coatings goods that have been developed sustainably due to severe environmental requirements. The substrate that automobile coatings are applied to is preserved and protected, which conserves energy and material resources. Businesses regularly take sustainability into account while running their businesses. With regard to lowering volatile organic compounds, renewable materials, resource and energy conservation, process efficiency improvements, and waste reduction are the key areas of concern.

Automotive & Transportation Coatings Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Waterborne Coating, Solvent Borne Coating, Powder Coating, UV-cured Coating, and Automotive & Transportation Coatings. Waterborne Coating is anticipated to have the dominant market share.

• By Application Analysis

Based on application, the market can be divided into Automotive, Plane, Truck, Train, Others. Automotive will be the leading segment during the forecast period.

Driving Factors

"Automotive Coatings Industry Is Expanding As A Result Of Expanding Trends for Vehicle Refinishing Coatings"

The rise of electrified and driverless vehicles is creating a stir in the automobile sector. Therefore, physical stores are facing a rise in complexity and maintenance costs, with the particular effort required to maintain and analyze these systems in accordance with OEM criteria, as OEMs implement advanced driver assistance programmes more frequently. Moreover, there is a growing market for automotive coatings that improve the durability and aesthetics of cars. These coatings help shield cars from the harmful impacts of harsh environmental factors like ultraviolet radiation, foreign objects, acid rain, and high temperatures. These advantages will probably increase the industry's rapid growth during the anticipated period.

"Positive Impact on Environment and Economy to Propel Growth "

Due of the positive effects on the environment and economy, they are expected to increase. In addition, rising interest in electric and hybrid vehicles in response to carbon emissions is anticipated to support industry growth in the coming years. The use of automotive coating solutions is anticipated to be influenced by expanding trends in automotive refinishing, custom paint design, and vinyl. The visibility and durability of pricey paint customizations are increased by these products' assistance in protecting and enhancing bespoke automobile paint coating finishes. Additionally, these coatings guard against general deterioration and shield against prolonged sun exposure, which is anticipated to increase demand.

Restraining Factors

"The Difficulty in Obtaining Raw Materials Will Probably Prevent the Market from Expanding"

Solvents, pigment binders, and additives are used as raw materials to make coatings. One of the most significant and frequently utilized raw components in the production of the product is titanium dioxide. The market expansion is anticipated to be hampered by the fluctuating prices of raw materials like titanium dioxide, one of the most used raw materials. Additionally, it is anticipated that during the projected period, manufacturers would face significant challenges related to acquiring raw materials.

Automotive & Transportation Coatings Market Regional Insights

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"Asia Pacific Will Be the Leading Segment during Forecast Period"

With 56.5% of the volume share in 2015, Asia Pacific was the largest market, and this trend is anticipated to continue due to the region's rising vehicle production. China, Japan, India, South Korea, and Thailand are just a few of the nations in the Asia Pacific region where the automotive industry is growing in terms of sales and production.

Due to its extensive base of auto manufacturing, China is predicted to experience considerable growth. Due to its abundant economic labour, China was the world's largest producer of automobiles and is anticipated to continue to be the industry leader. Additionally, it is projected that the market demand would be fueled by the movement of manufacturing bases by businesses like Volkswagen, Audi, Honda, Nissan, Toyota, Hyundai, Skoda, and Fiat to China due to the availability of a reasonably priced labour.

Due to increased car production in nations including Germany, Sweden, Italy, France, the UK, and the Czech Republic, Europe is anticipated to experience stable expansion over the ensuing years. Additionally, over the forecast period, the demand is likely to be stimulated by rising income levels and a growing population.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• BASF (Germany)
• Evonik (Germany)
• Axalta Coating Systems (U.S.)
• PPG (U.S.)
• Nippon Paint (Japan)
• Kansai Paint (Japan)
• AkzoNobel (Arnhem)
• Sherwin-Williams (U.S.)
• Covestro AG (Germany)
• Arkema (France)
• Beckers Group (China)
• Berger Paints India Limited (India)
• Eastman (U.S.)
• Clariant AG(Switzerland)
• Royal DSM (Netherland)
• Lord Corporation (Brazil)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.