The automotive coatings market is projected to grow from USD 15.5 billion in 2023 to USD 19.0 billion by 2028, at a CAGR of 4.1% between 2023 and 2028. The driving factors for automotive coatings is increasing demand for vehicles worldwide, fueled by rising disposable incomes and urbanization. As consumers seek aesthetically appealing and durable coatings to enhance the appearance and longevity of their vehicles, manufacturers are compelled to innovate and offer advanced coating technologies. Additionally, stringent environmental regulations have spurred the development of eco-friendly and low-VOC (volatile organic compounds) coatings, aligning with the automotive industry’s commitment to sustainability.
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The rising trend of electric vehicles (EVs) and autonomous vehicles is influencing the automotive coatings market. As the automotive landscape evolves with the introduction of new technologies, coatings play a crucial role in protecting sensitive electronic components and ensuring the longevity of advanced vehicle systems. This has led to increased research and development activities, resulting in the formulation of coatings tailored to meet the specific requirements of EVs and autonomous vehicles.
The major players operating in this business include, PPG Industries, Inc. (US), Axalta coating systems (US), Akzo Nobel N.V. (Netherlands), BASF SE (Germany), and Nippon Paint Holdings Co., Ltd (Japan).
PPG Industries, Inc.: PPG Industries, Inc. is a global leader in the production of paints, coatings, and specialty materials. Headquartered in Pittsburgh, Pennsylvania, PPG operates in more than 70 countries, serving diverse industries such as automotive, aerospace, construction, consumer products, and industrial markets. With a rich history dating back to 1883, PPG has established itself as an industry innovator, consistently delivering cutting-edge solutions that enhance the performance and aesthetics of a wide range of products. The company’s portfolio includes a comprehensive range of paints and coatings, from protective and marine coatings to architectural and automotive finishes.
In May 2021,PPG completed the acquisition of Worwag, a global manufacturer of coatings for industrial and automotive applications. The company specializes in developing liquid, powder, and film coatings and operates in Germany, the US, China, South Africa, Mexico, Spain, Switzerland, and Poland. This acquisition is expected to provide further value to the company’s existing or new customers and shareholders.
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Akzo Nobel N.V.: Akzo Nobel NV is a global provider of paints and coatings, offering a diverse range of specialty chemicals. The company’s product portfolio includes functional chemicals, industrial chemicals, pulp and performance chemicals, surfactants, vehicle refinishes, powder coatings, industrial coatings, wood finishes and adhesives, as well as marine and protective coatings. These products cater to a variety of markets, including buildings and infrastructure, industrial, consumer goods, and transportation. Recognizable brands in its portfolio include Dulux, Sadolin, Flexa, Marshall, Coral, Alba, and others. Akzo Nobel operates across North America, Latin America, Europe, and Asia-Pacific, with its headquarters situated in Amsterdam, the Netherlands.
In 2021,Akzo Nobel N.V. and Mercedes-Benz extended their partnership agreement for another four years. This entails the continuation of providing vehicle refinish products including automotive and specialty coatings and services in China and a preferred partner in Indonesia.
