Global Automotive Coatings Market Outlook 2031

• The global industry was valued at US$ 26.5 Bn in 2022
• It is estimated to grow at a CAGR of 6.3% from 2023 to 2031 and reach US$ 45.7 Bn by the end of 2031

Rise in Production of Vehicles Fueling Automotive Coatings Market Size
Rise in the production of vehicles is fueling the demand for high-quality coatings. Original Equipment Manufacturers (OEMs) apply coatings to new vehicles during the manufacturing process. OEM coatings must meet stringent performance requirements, such as providing protection from corrosion, UV radiation, and other environmental factors, while also providing a high-quality appearance.

Global electric vehicle stock reached 11.21 million units at the end of 2020, with China accounting for a
significant share of 5.4 million units. Thus, surge in the production of EVs and other vehicles is likely to spur the automotive coatings market growth in the near future.

Key Developments

• In September 2022, BASF Coatings started a new research center for electrophoretic dip coating at its headquarters in Münster-Hiltrup, Germany
• In June 2022, AkzoNobel signed an agreement to acquire Kansai Paint, a provider of automotive, industrial, and decorative coatings, to further strengthen its footprint in Africa
• In May 2021, PPG Industries, Inc. completed the acquisition of Wörwag, a global manufacturer of coatings for industrial and automotive applications