Automotive Coatings Market Size, Trends and Insights By Resin Type (Epoxy, Acrylic, Polyurethane, Others), By Technology (Solvent Based, Water Based, Powder Based), By Vehicle Type (Passenger Cars, Commercial Vehicle), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033
Report Snapshot
| Study Period: | 2024-2033 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- BASF SE
- PPG Industries Inc.
- Axalta Coating Systems Ltd.
- Akzo Nobel N.V.
- Sherwin-Williams Company
- Kansai Paint Co. Ltd.
- Others
Reports Description
Global Automotive Coatings Market was valued at USD 20.2 Billion in 2024 and is expected to reach USD 39.4 Billion by 2033, at a CAGR of 6.6% during the forecast period 2024 – 2033.
Automotive coating refers to a protective layer applied to the surface of vehicles to enhance their appearance, durability, and resistance to corrosion, abrasion, UV radiation, and chemicals. These coatings can be solvent-based, water-based, or powder-based, and they are typically applied in multiple layers, including primer, the basecoat, and clearcoat, using techniques like spraying, dipping, or brushing.
Automotive Coatings Market: Growth Factors
Progressive trends for automotive refinishing coatings
Growing trends in automotive refinishing coatings significantly influence the broader automotive coatings market. As consumer preferences shift towards eco-friendly, durable, and aesthetically appealing coatings, manufacturers are compelled to innovate.
The demand for refinishing coatings with advanced properties like faster drying times, improved scratch resistance, and better colour matching capabilities is rising. Moreover, stringent environmental regulations are pushing the industry towards water-based and low-VOC formulations, driving the adoption of environmentally friendly coatings.
Additionally, the increasing number of vehicle repairs and refurbishments due to wear and tear further boosts the demand for automotive refinishing coatings. Thus, the growing demand for advanced refinishing coatings acts as a key driver for the overall automotive coatings market, stimulating innovation and expansion in the industry.
Expanding automotive industry propels the automotive coatings market
The expanding automotive industry propels the automotive coatings market through several avenues. As vehicle production increases globally, there’s a concurrent rise in demand for coatings to protect and enhance the appearance of automobiles.
Moreover, advancements in vehicle design and materials necessitate specialized coatings to meet diverse requirements, such as improved durability, corrosion resistance, and aesthetic appeal. Additionally, stringent environmental regulations drive the development of eco-friendly coatings, catering to the industry’s sustainability goals.
Furthermore, the growing popularity of electric vehicles (EVs) introduces new coating requirements, such as thermal management coatings for battery components. Overall, the automotive industry’s growth fosters innovation and drives investments in automotive coatings research and development, leading to the introduction of novel products and technologies to meet the evolving needs of manufacturers and consumers.
For instance, in May 2023, Paint & Coating Industry estimated that the production of various car types reached approximately 110.8 million units in 2021 and experienced an average annual increase of 5.3% from 2020 to 2025, reaching a total of 250.6 million units by 2030. The growth in the automotive fleet has historically driven sales of automobile refinish coatings.
Automotive Coatings Market: Restraints
Fluctuating price of raw material hinder automotive coatings market
Fluctuations in raw material prices pose significant challenges to the automotive coatings market for several reasons. Firstly, the automotive coatings industry relies heavily on various raw materials, including resins, pigments, solvents, and additives, whose prices are subject to market volatility influenced by factors such as supply-demand dynamics, geopolitical tensions, and currency fluctuations.
Sudden spikes in raw material prices can disrupt production schedules and increase manufacturing costs for coatings companies, impacting their profit margins. Moreover, price instability may lead to uncertainty in pricing for automotive manufacturers, affecting their procurement decisions and potentially deterring investment in new coating technologies.
Overall, the unpredictability of raw material prices presents a significant risk factor for industry players, necessitating robust risk management strategies and close monitoring of market trends.
Automotive Coatings Market: Opportunities
Continuous advancements in coating technology
Continuous advancements in coating technology are propelling growth in the automotive coatings market. These innovations lead to the development of coatings with superior performance characteristics such as enhanced durability, weather resistance, scratch resistance, and colour retention.
Additionally, advancements in coating formulations result in products that are more environmentally friendly, with reduced volatile organic compound (VOC) emissions and improved sustainability. Moreover, breakthroughs in application techniques, such as electrostatic spray painting and robotic coating systems, enhance efficiency and precision, reducing production time and costs for automotive manufacturers.
Furthermore, innovations in smart coatings incorporating functionalities like self-healing properties or anti-fouling capabilities are gaining traction, meeting the demand for high-performance coatings in the automotive industry. Overall, the continuous evolution of coating technology drives market growth by meeting the increasing demands for performance, sustainability, and efficiency in automotive coatings.
For instance, in May 2023, Axalta Coating Systems unveiled a novel, fully automated mixing machine designed to revolutionize the automotive refinish sector by saving both time and money known as Axalta Irus Mix, this system employs a three-step process (scan, locate, mix) to provide precise colour matching without requiring manual mixing. Its advanced technology ensures highly accurate colour results, streamlining the mixing process and enhancing efficiency for users in the automotive refinishing industry.
Automotive Coatings Market: Segmentation Analysis
The Automotive Coatings market is segmented by resin type, technology, vehicle type and region. Based on resin type, the market is classified into epoxy, acrylic, polyurethane and others. Polyurethane dominated the market in 2022 with a market share of 40% and is expected to keep its dominance during the forecast period 2024-2032.
Polyurethane plays a pivotal role in driving the automotive coatings market due to its exceptional properties. Its versatility allows for the formulation of coatings with superior durability, scratch resistance, and wearability, making them ideal for automotive applications.
Polyurethane coatings offer excellent adhesion to various substrates, including metal, plastic, and composites, ensuring long-lasting protection for vehicles against corrosion, abrasion, and harsh environmental conditions. Additionally, polyurethane coatings can be tailored to meet specific performance requirements, such as high gloss finishes or matte textures, providing automotive manufacturers with flexibility in design and aesthetics. Henceforth above mentioned factors drive the growth of the market.
Based on technology, the market is classified into solvent based, water based, and powder based. Solvent based segment dominated the market in 2022 with a market share of 65% and is expected to keep its dominance during the forecast period 2024-2032. Solvent-based technology propels the automotive coatings market due to its unparalleled performance and versatility.
These coatings offer exceptional durability, adhesion, and resistance to harsh environmental conditions, making them ideal for protecting vehicles from corrosion, abrasion, and UV radiation. Moreover, ongoing advancements in solvent-based technology, such as the development of low-VOC (volatile organic compound) formulations, address environmental concerns while maintaining the superior qualities of solvent-based coatings. Henceforth above mentioned factors drive the growth of the market.
Based on vehicle type, the market is classified into passenger cars and commercial vehicles. The passenger cars segment dominated the market in 2022 with a market share of 60% and is expected to keep its dominance during the forecast period 2024-2032. Passenger cars play a pivotal role in propelling the automotive coatings market due to several factors.
Additionally, consumer preferences for personalized colours and finishes drive innovation and diversification within the coatings industry. Moreover, stringent regulations regarding environmental impact and safety standards push manufacturers to develop eco-friendly and high-performance coatings for passenger vehicles.
Furthermore, advancements in technology, such as self-healing and anti-corrosion coatings, are increasingly sought after in the passenger car segment to prolong the lifespan and maintain the aesthetic appeal of vehicles. Henceforth above mentioned factors drive the growth of the market.
Report Scope
| Feature of the Report | Details |
| Market Size in 2024 | USD 20.2 Billion |
| Projected Market Size in 2033 | USD 39.4 Billion |
| Market Size in 2023 | USD 19.2 Billion |
| CAGR Growth Rate | 6.6% CAGR |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Key Segment | By Resin Type, Technology, Vehicle Type and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Automotive Coatings Market: Regional Insight
By region, Automotive Coatings market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. The Asia-Pacific dominated the global automotive coatings market in 2022 with a market share of 40% in 2022 and is expected to keep its dominance during the forecast period 2024-2032.
The Asia-Pacific region is a major driver of the automotive coatings market due to several factors. The region’s booming automotive industry, fuelled by rapid urbanization, rising disposable incomes, and expanding middle-class populations, creates substantial demand for coatings to protect and enhance vehicle aesthetics.
Additionally, increasing production and sales of vehicles, especially in emerging economies like China and India, further contribute to market growth. Moreover, stringent environmental regulations in the region drive the adoption of eco-friendly coatings, promoting innovation and the development of sustainable solutions. Furthermore, the shift towards electric vehicles and autonomous driving technologies necessitates specialized coatings for unique requirements, presenting opportunities for market expansion.
Overall, Asia-Pacific’s robust automotive sector, coupled with evolving regulatory landscapes and technological advancements, solidifies its pivotal role in driving growth and innovation within the automotive coatings market. Henceforth above mentioned factors drive the growth of the market.
Automotive Coatings Market: Recent Developments
- In December 2022, BASF introduced its inaugural biomass balance automotive coatings, ColorBrite, within its ColorBrite® waterborne basecoat series in China. This advancement is expected to contribute to a reduction of approximately 20% in the product’s carbon footprint.
- In November 2022, PPG launched the OPTIGUARD™ series (formerly known as LineGuard), for its innovative coatings solutions designed to assist automotive original equipment manufacturers (OEMs), tier suppliers, and industrial clients in minimizing the time, expenses, risks, and environmental consequences linked with cleaning paint shop equipment.
- In January 2022, AkzoNobel acquired the paints and coatings business of Kansai Paint. With operations spanning Japan, Europe, the U.S., Southeast Asia, India, and China, Kansai Paint Co. Ltd. provides diverse coating solutions for automotive, decorative, industrial, and marine sectors.
List of the prominent players in the Automotive Coatings Market:
- BASF SE
- PPG Industries Inc.
- Axalta Coating Systems Ltd.
- Akzo Nobel N.V.
- Sherwin-Williams Company
- Kansai Paint Co. Ltd.
- Nippon Paint Holdings Co. Ltd.
- Jotun A/S
- RPM International Inc.
- Berger Paints India Limited
- Hempel A/S
- Valspar Corporation
- Covestro AG
- LORD Corporation
- Dürr AG
- Solvay SA
- Henkel AG & Co. KGaA
- Mitsui Chemicals Inc.
- Wacker Chemie AG
- Dymax Corporation
- Others
These key players are adopting various growth strategies such as mergers & acquisitions, joint ventures, expansion, strategic alliances, new product launches, etc. to enhance their business operations and revenues.
The Automotive Coatings Market is segmented as follows:
By Resin Type
- Epoxy
- Acrylic
- Polyurethane
- Others
By Technology
- Solvent Based
- Water Based
- Powder Based
By Vehicle Type
- Passenger Cars
- Commercial Vehicle
Regional Coverage:
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Russia
- Italy
- Spain
- Netherlands
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Taiwan
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market Research Methodology
- Chapter 2. Executive Summary
- 2.1 Global Automotive Coatings Market, (2024 – 2033) (USD Billion)
- 2.2 Global Automotive Coatings Market: snapshot
- Chapter 3. Global Automotive Coatings Market – Industry Analysis
- 3.1 Automotive Coatings Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Progressive trends for automotive refinishing coatings
- 3.2.2 Expanding automotive industry propels the automotive coatings market
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market Attractiveness Analysis By Resin Type
- 3.7.2 Market Attractiveness Analysis By Technology
- 3.7.3 Market Attractiveness Analysis By Vehicle Type
- Chapter 4. Global Automotive Coatings Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Automotive Coatings Market: company market share, 2023
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Automotive Coatings Market – Resin Type Analysis
- 5.1 Global Automotive Coatings Market Overview: By Resin Type
- 5.1.1 Global Automotive Coatings Market Share, By Resin Type, 2023 and 2033
- 5.2 Epoxy
- 5.2.1 Global Automotive Coatings Market by Epoxy, 2024 – 2033 (USD Billion)
- 5.3 Acrylic
- 5.3.1 Global Automotive Coatings Market by Acrylic, 2024 – 2033 (USD Billion)
- 5.4 Polyurethane
- 5.4.1 Global Automotive Coatings Market by Polyurethane, 2024 – 2033 (USD Billion)
- 5.5 Others
- 5.5.1 Global Automotive Coatings Market by Others, 2024 – 2033 (USD Billion)
- 5.1 Global Automotive Coatings Market Overview: By Resin Type
- Chapter 6. Global Automotive Coatings Market – Technology Analysis
- 6.1 Global Automotive Coatings Market Overview: By Technology
- 6.1.1 Global Automotive Coatings Market Share, By Technology, 2023 and 2033
- 6.2 Solvent Based
- 6.2.1 Global Automotive Coatings Market by Solvent Based, 2024 – 2033 (USD Billion)
- 6.3 Water Based
- 6.3.1 Global Automotive Coatings Market by Water Based, 2024 – 2033 (USD Billion)
- 6.4 Powder Based
- 6.4.1 Global Automotive Coatings Market by Powder Based, 2024 – 2033 (USD Billion)
- 6.1 Global Automotive Coatings Market Overview: By Technology
- Chapter 7. Global Automotive Coatings Market – Vehicle Type Analysis
- 7.1 Global Automotive Coatings Market Overview: By Vehicle Type
- 7.1.1 Global Automotive Coatings Market Share, By Vehicle Type, 2023 and 2033
- 7.2 Vehicle Type
- 7.2.1 Global Automotive Coatings Market by Vehicle Type, 2024 – 2033 (USD Billion)
- 7.3 Commercial Vehicle
- 7.3.1 Global Automotive Coatings Market by Commercial Vehicle, 2024 – 2033 (USD Billion)
- 7.1 Global Automotive Coatings Market Overview: By Vehicle Type
- Chapter 8. Automotive Coating’s Market – Regional Analysis
- 8.1 Global Automotive Coating’s Market Regional Overview
- 8.2 Global Automotive Coating’s Market Share, by Region, 2023 & 2033 (USD Billion)
- 8.3. North America
- 8.3.1 North America Automotive Coating’s Market, 2024 – 2033 (USD Billion)
- 8.3.1.1 North America Automotive Coating’s Market, by Country, 2024 – 2033 (USD Billion)
- 8.3.1 North America Automotive Coating’s Market, 2024 – 2033 (USD Billion)
- 8.4 North America Automotive Coating’s Market, by Resin Type, 2024 – 2033
- 8.4.1 North America Automotive Coating’s Market, by Resin Type, 2024 – 2033 (USD Billion)
- 8.5 North America Automotive Coating’s Market, by Technology, 2024 – 2033
- 8.5.1 North America Automotive Coating’s Market, by Technology, 2024 – 2033 (USD Billion)
- 8.6 North America Automotive Coating’s Market, by Vehicle Type, 2024 – 2033
- 8.6.1 North America Automotive Coating’s Market, by Vehicle Type, 2024 – 2033 (USD Billion)
- 8.7. Europe
- 8.7.1 Europe Automotive Coating’s Market, 2024 – 2033 (USD Billion)
- 8.7.1.1 Europe Automotive Coating’s Market, by Country, 2024 – 2033 (USD Billion)
- 8.7.1 Europe Automotive Coating’s Market, 2024 – 2033 (USD Billion)
- 8.8 Europe Automotive Coating’s Market, by Resin Type, 2024 – 2033
- 8.8.1 Europe Automotive Coating’s Market, by Resin Type, 2024 – 2033 (USD Billion)
- 8.9 Europe Automotive Coating’s Market, by Technology, 2024 – 2033
- 8.9.1 Europe Automotive Coating’s Market, by Technology, 2024 – 2033 (USD Billion)
- 8.10 Europe Automotive Coating’s Market, by Vehicle Type, 2024 – 2033
- 8.10.1 Europe Automotive Coating’s Market, by Vehicle Type, 2024 – 2033 (USD Billion)
- 8.11. Asia Pacific
- 8.11.1 Asia Pacific Automotive Coating’s Market, 2024 – 2033 (USD Billion)
- 8.11.1.1 Asia Pacific Automotive Coating’s Market, by Country, 2024 – 2033 (USD Billion)
- 8.11.1 Asia Pacific Automotive Coating’s Market, 2024 – 2033 (USD Billion)
- 8.12 Asia Pacific Automotive Coating’s Market, by Resin Type, 2024 – 2033
- 8.12.1 Asia Pacific Automotive Coating’s Market, by Resin Type, 2024 – 2033 (USD Billion)
- 8.13 Asia Pacific Automotive Coating’s Market, by Technology, 2024 – 2033
- 8.13.1 Asia Pacific Automotive Coating’s Market, by Technology, 2024 – 2033 (USD Billion)
- 8.14 Asia Pacific Automotive Coating’s Market, by Vehicle Type, 2024 – 2033
- 8.14.1 Asia Pacific Automotive Coating’s Market, by Vehicle Type, 2024 – 2033 (USD Billion)
- 8.15. Latin America
- 8.15.1 Latin America Automotive Coating’s Market, 2024 – 2033 (USD Billion)
- 8.15.1.1 Latin America Automotive Coating’s Market, by Country, 2024 – 2033 (USD Billion)
- 8.15.1 Latin America Automotive Coating’s Market, 2024 – 2033 (USD Billion)
- 8.16 Latin America Automotive Coating’s Market, by Resin Type, 2024 – 2033
- 8.16.1 Latin America Automotive Coating’s Market, by Resin Type, 2024 – 2033 (USD Billion)
- 8.17 Latin America Automotive Coating’s Market, by Technology, 2024 – 2033
- 8.17.1 Latin America Automotive Coating’s Market, by Technology, 2024 – 2033 (USD Billion)
- 8.18 Latin America Automotive Coating’s Market, by Vehicle Type, 2024 – 2033
- 8.18.1 Latin America Automotive Coating’s Market, by Vehicle Type, 2024 – 2033 (USD Billion)
- 8.19. The Middle-East and Africa
- 8.19.1 The Middle-East and Africa Automotive Coating’s Market, 2024 – 2033 (USD Billion)
- 8.19.1.1 The Middle-East and Africa Automotive Coating’s Market, by Country, 2024 – 2033 (USD Billion)
- 8.19.1 The Middle-East and Africa Automotive Coating’s Market, 2024 – 2033 (USD Billion)
- 8.20 The Middle-East and Africa Automotive Coating’s Market, by Resin Type, 2024 – 2033
- 8.20.1 The Middle-East and Africa Automotive Coating’s Market, by Resin Type, 2024 – 2033 (USD Billion)
- 8.21 The Middle-East and Africa Automotive Coating’s Market, by Technology, 2024 – 2033
- 8.21.1 The Middle-East and Africa Automotive Coating’s Market, by Technology, 2024 – 2033 (USD Billion)
- 8.22 The Middle-East and Africa Automotive Coating’s Market, by Vehicle Type, 2024 – 2033
- 8.22.1 The Middle-East and Africa Automotive Coating’s Market, by Vehicle Type, 2024 – 2033 (USD Billion)
- Chapter 9. Company Profiles
- 9.1 BASF SE
- 9.1.1 Overview
- 9.1.2 Financials
- 9.1.3 Product Portfolio
- 9.1.4 Business Strategy
- 9.1.5 Recent Developments
- 9.2 PPG Industries Inc.
- 9.2.1 Overview
- 9.2.2 Financials
- 9.2.3 Product Portfolio
- 9.2.4 Business Strategy
- 9.2.5 Recent Developments
- 9.3 Axalta Coating Systems Ltd.
- 9.3.1 Overview
- 9.3.2 Financials
- 9.3.3 Product Portfolio
- 9.3.4 Business Strategy
- 9.3.5 Recent Developments
- 9.4 Akzo Nobel N.V.
- 9.4.1 Overview
- 9.4.2 Financials
- 9.4.3 Product Portfolio
- 9.4.4 Business Strategy
- 9.4.5 Recent Developments
- 9.5 Sherwin-Williams Company
- 9.5.1 Overview
- 9.5.2 Financials
- 9.5.3 Product Portfolio
- 9.5.4 Business Strategy
- 9.5.5 Recent Developments
- 9.6 Kansai Paint Co. Ltd.
- 9.6.1 Overview
- 9.6.2 Financials
- 9.6.3 Product Portfolio
- 9.6.4 Business Strategy
- 9.6.5 Recent Developments
- 9.7 Nippon Paint Holdings Co. Ltd.
- 9.7.1 Overview
- 9.7.2 Financials
- 9.7.3 Product Portfolio
- 9.7.4 Business Strategy
- 9.7.5 Recent Developments
- 9.8 Jotun A/S
- 9.8.1 Overview
- 9.8.2 Financials
- 9.8.3 Product Portfolio
- 9.8.4 Business Strategy
- 9.8.5 Recent Developments
- 9.9 RPM International Inc.
- 9.9.1 Overview
- 9.9.2 Financials
- 9.9.3 Product Portfolio
- 9.9.4 Business Strategy
- 9.9.5 Recent Developments
- 9.10 Berger Paints India Limited
- 9.10.1 Overview
- 9.10.2 Financials
- 9.10.3 Product Portfolio
- 9.10.4 Business Strategy
- 9.10.5 Recent Developments
- 9.11 Hempel A/S
- 9.11.1 Overview
- 9.11.2 Financials
- 9.11.3 Product Portfolio
- 9.11.4 Business Strategy
- 9.11.5 Recent Developments
- 9.12 Valspar Corporation
- 9.12.1 Overview
- 9.12.2 Financials
- 9.12.3 Product Portfolio
- 9.12.4 Business Strategy
- 9.12.5 Recent Developments
- 9.13 Covestro AG
- 9.13.1 Overview
- 9.13.2 Financials
- 9.13.3 Product Portfolio
- 9.13.4 Business Strategy
- 9.13.5 Recent Developments
- 9.14 LORD Corporation
- 9.14.1 Overview
- 9.14.2 Financials
- 9.14.3 Product Portfolio
- 9.14.4 Business Strategy
- 9.14.5 Recent Developments
- 9.15 Dürr AG
- 9.15.1 Overview
- 9.15.2 Financials
- 9.15.3 Product Portfolio
- 9.15.4 Business Strategy
- 9.15.5 Recent Developments
- 9.16 Solvay SA
- 9.16.1 Overview
- 9.16.2 Financials
- 9.16.3 Product Portfolio
- 9.16.4 Business Strategy
- 9.16.5 Recent Developments
- 9.17 Henkel AG & Co. KGaA
- 9.17.1 Overview
- 9.17.2 Financials
- 9.17.3 Product Portfolio
- 9.17.4 Business Strategy
- 9.17.5 Recent Developments
- 9.18 Mitsui Chemicals Inc.
- 9.18.1 Overview
- 9.18.2 Financials
- 9.18.3 Product Portfolio
- 9.18.4 Business Strategy
- 9.18.5 Recent Developments
- 9.19 Wacker Chemie AG
- 9.19.1 Overview
- 9.19.2 Financials
- 9.19.3 Product Portfolio
- 9.19.4 Business Strategy
- 9.19.5 Recent Developments
- 9.20 Dymax Corporation
- 9.20.1 Overview
- 9.20.2 Financials
- 9.20.3 Product Portfolio
- 9.20.4 Business Strategy
- 9.20.5 Recent Developments
- 9.21 Others.
- 9.21.1 Overview
- 9.21.2 Financials
- 9.21.3 Product Portfolio
- 9.21.4 Business Strategy
- 9.21.5 Recent Developments
- 9.1 BASF SE
List Of Figures
Figures No 1 to 25
List Of Tables
Tables No 1 to 77
Report Methodology
In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:
Preliminary Data Mining
On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.
Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.
Statistical Model
Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.
Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.
Some of the variables taken into account for forecasting are as follows:
• Industry drivers and constraints, as well as their current and projected impact
• The raw material case, as well as supply-versus-price trends
• Current volume and projected volume growth through 2033
We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.
Primary Validation
This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.
Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.
All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:
• Market leaders
• Suppliers of raw materials
• Suppliers of raw materials
• Buyers.
The following are the primary research objectives:
• To ensure the accuracy and acceptability of our data.
• Gaining an understanding of the current market and future projections.
Data Collection Matrix
| Perspective | Primary research | Secondary research |
| Supply-side |
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| Demand-side |
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Market Analysis Matrix
| Qualitative analysis | Quantitative analysis |
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Prominent Player
- BASF SE
- PPG Industries Inc.
- Axalta Coating Systems Ltd.
- Akzo Nobel N.V.
- Sherwin-Williams Company
- Kansai Paint Co. Ltd.
- Nippon Paint Holdings Co. Ltd.
- Jotun A/S
- RPM International Inc.
- Berger Paints India Limited
- Hempel A/S
- Valspar Corporation
- Covestro AG
- LORD Corporation
- Dürr AG
- Solvay SA
- Henkel AG & Co. KGaA
- Mitsui Chemicals Inc.
- Wacker Chemie AG
- Dymax Corporation
- Others
FAQs
The restraints of the Automotive Coatings market is fluctuating price of raw material.
The major driver for the Automotive Coatings market is progressive trends for automotive refinishing coatings and expanding automotive industry.
The “Epoxy” category dominated the market in 2023.
The key players in the market are BASF SE, PPG Industries Inc., Axalta Coating Systems Ltd., Akzo Nobel N.V., Sherwin-Williams Company, Kansai Paint Co. Ltd., Nippon Paint Holdings Co. Ltd., Jotun A/S, RPM International Inc., Berger Paints India Limited, Hempel A/S, Valspar Corporation, Covestro AG, LORD Corporation, Dürr AG, Solvay SA, Henkel AG & Co. KGaA, Mitsui Chemicals Inc., Wacker Chemie AG, Dymax Corporation, Others.
“Asia-Pacific” had the largest share in the Automotive Coatings Market.
The global market is projected to grow at a CAGR of 6.6% during the forecast period, 2024-2033.
The Automotive Coatings Market size was valued at USD 20.2 Billion in 2024.