Some of the key reasons fueling the expansion of the passenger car paint & coating market are the rising demand for passenger vehicles, growing awareness of the advantages of automotive coatings, and rising demand for environmentally friendly coatings. This increase has been further encouraged by the rising tendency toward personalization and customization. Additionally, the car industry has created vehicles with coatings that use less energy and are more sturdy due to government laws surrounding pollution.
The growing demand for passenger vehicles necessitates the existence of the passenger vehicle paint and coating market. Automotive coating producers are concentrating on creating coatings that are less in weight and offer the best protection possible from outside elements like rusting and wear and tear. The market has grown as a result of the increased public knowledge of the advantages of automobile coatings. Further, laws governing emissions have been put in place by governments in many different nations, forcing automakers to create coatings for their vehicles that use less power and are more resilient.
A thin layer of protective and ornamental material is applied to the body of a vehicle as passenger car paint and coating. This coating aids in shielding the body from rust, wear and tear, and other outside influences. It provides a glossy surface, which enhances the vehicle's aesthetic appeal. Liquid coatings, solvent coatings, protective coatings, and high-solid coatings can all be found in the industry for passenger vehicle coatings. Applications for the aftermarket and OEM are further separated from the market.
The automotive coatings market is anticipated to expand at a CAGR of 7.0% from 2021 to 2031, rising from USD 15.68 billion in 2021 to USD 26.07 billion by 2031.
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The demand for passenger vehicles is rising, there is a growing understanding of the advantages of automotive coatings, and there is a growing need for environmentally friendly coatings, all of which are contributing factors to the advancement of the automotive coatings market.
COVID-19 Impact and Market Status
The global market for passenger vehicle paint and coatings has been severely disrupted by the COVID-19 outbreak. Due to the lockdown time and impacted production schedules, manufacturing and distribution of automobile coatings have been halted globally. Furthermore, there has been a sharp decline in demand for passenger cars as a result of the strict health regulations put in place by various countries. The automobile coatings sector has also been negatively impacted by rising raw material costs brought on by supply-chain interruptions.
Segment Analysis
The Water-based Coating Segment emerged as the Most Lucrative Type
The water-based coating market category is anticipated to have the biggest market share during the forecast period. This is explained by their excellent surface smoothness, ease of application, and capacity to minimise volatile organic compounds (VOCs). Water-based coatings are also more affordable than other coating kinds and produce a smooth surface finish.
The Most Prominent Application is the Aftermarket Segment
The aftermarkets sector is anticipated to hold the highest share of the automotive coatings market in the predicted period based on application. This is mostly related to rising pre-owned vehicle sales, rising demand for repainting and recoating automotive components, and rising sales of spare parts and components.
The APAC Region to render Ample Financing Opportunities
From 2021 to 2031, the Asia Pacific area is anticipated to have the largest market for passenger vehicle paint and coatings. This can be ascribed to the region's expanding raw material supply, rising demand for car personalization and aesthetics, and rising passenger vehicle production. Additionally, it is anticipated that developing nations like China and India will considerably contribute to the expansion of the passenger vehicle paint & coating market in this region.
The rapid increase in the manufacturing of electric vehicles, stringent regulations aimed at minimizing VOC emissions during coating operations, and fluctuating raw material prices are a few of the major factors impeding the growth of the automotive coatings industry. Other factors constraining the market's growth include the need for water-borne coatings in automotive applications and the existence of strict regulations on a global scale. During the anticipated period, the market for automotive coatings is anticipated to grow significantly as a result of developments in coating technology that provide anti-corrosive properties and improved scratch resistance.
AkzoNobel N.V. (Netherlands), BASF SE (Germany), Axalta Coating Systems LLC (US), Kansai Paint Co., Ltd. (Japan), PPG Industries (US), The Valspar Corporation (US), KCC Corporation (South Korea), Sherwin-Williams Company (US), Nippon Paint Holdings Co., Ltd. (Japan), and JOTUN A/S are some of the major players in the (Norway). The competitive environment, product launches, partnerships, collaborations, and positioning strategy of the leading competitors are all covered in-depth in this study's research of the market.
Recent Developments in the Passenger Vehicle Paint & Coating Market
• A new aqueous basecoat technology called ColorExpress 2.0 was introduced by BASF in March 2021. Its goal is to speed up painting by using fewer coats to get good coverage.
• PPG Industries, a leading provider and producer of paints, coatings, and speciality materials, announced the introduction of their new waterborne paint system in July 2021. The new paint system is made with unique ingredients that, when compared to conventional solvent-based paints, cut VOC emissions by up to 40%. In the near future, the business also intends to release an improved version of its well-liked automobile refinishes product line for passenger cars.
• Axalta Coating Systems introduced its new Line-X Durabond coating system for passenger automobiles in June of that year. This innovative coating technology offers a finish that lasts for a very long time and has superior resistance to fading, scratches, and other environmental variables that can harm car paint surfaces. In addition, the coating shields the surface of the car against UV radiation and corrosive substances like acid rain and road salt.
• Axalta Coating Systems introduced its new Line-X Durabond coating system for passenger automobiles in June of that year. This innovative coating technology offers a finish that lasts for a very long time and has superior resistance to fading, scratches, and other environmental variables that can harm car paint surfaces. In addition, the coating shields the surface of the car against UV radiation and corrosive substances like acid rain and road salt.
• PPG introduced a cutting-edge aqueous paint technology in November 2020 that can be utilised on assembly lines for electric vehicles (EVs). The technology complies with the sustainability requirements set forth by automakers and emits little volatile organic compounds (VOC).
• Axalta Coating Systems unveiled a new aqueous basecoat system in June 2020. This technology enables automotive refinish customers to benefit from increased production, reduced costs, and quicker colour matching in the collision repair sector.
• PPG Industries revealed that it had created a first-of-its-kind paint system in December 2020 that provides enhanced corrosion protection and endurance for metallic materials used on public vehicles.
Passenger Vehicle Paint & Coating Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2031 |
| Study Period | 2018-2031 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2031 | USD 26.07 billion |
| Growth Rate | CAGR of 7.0 % during 2021-2031 |
| Segment Covered | by Type, By Application, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | AkzoNobel N.V. (Netherlands), BASF SE (Germany), Axalta Coating Systems LLC (US), Kansai Paint Co., Ltd. (Japan), PPG Industries (US), The Valspar Corporation (US), KCC Corporation (South Korea), Sherwin-Williams Company (US), Nippon Paint Holdings Co., Ltd. (Japan), and JOTUN A/S |
Key Segments of the Global Passenger Vehicle Paint & Coating Market
Type Overview (USD Billion)
- Water-based Coating
- Solvent Coatings
- Powder Coatings
- High Solid Coatings
Application Overview (USD Billion)
- Aftermarkets
- OEMs
Regional Overview (USD Billion)
North America
- U.S
- Canada
Europe
- Germany
- France
- UK
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- Rest of Asia Pacific
South America
- Mexico
- Brazil
- Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
The global Passenger Vehicle Paint & Coating market size is expected to reach in USD 26.07 billion.
The Passenger Vehicle Paint & Coating market is estimated to grow at a CAGR of 7.0% during 2021-2031
Key companies covered in the Passenger Vehicle Paint & Coating market are AkzoNobel N.V. (Netherlands), BASF SE (Germany), Axalta Coating Systems LLC (US), Kansai Paint Co., Ltd. (Japan), PPG Industries (US), The Valspar Corporation (US), KCC Corporation (South Korea), Sherwin-Williams Company (US), Nippon Paint Holdings Co., Ltd. (Japan), and JOTUN A/S