The Paints & Coatings market is expected to increase at a 3.3% CAGR from USD 190.1 billion in 2022 to USD 223.6 billion by 2027. The Paints and Coatings industry is divided into two end-use industry types: Decorative (Architectural) Paints and Coatings and Industrial Paints and Coatings. An automotive coating is a substance that is used as a protective, decorative, and operational layer on top of vehicle components. These coatings have important properties such as a great elastomeric finish and enhanced surface hardness. For certain material types such as metals, composites, and polymers, many types of vehicle coatings are available. The coatings can be used inside or externally, as a primer, basecoat, or clear coat, among other applications.
The market is predicted to increase significantly due to growing vehicle manufacturing. The automotive coating industry is predicted to increase significantly since vehicle coatings improve the aesthetics and longevity of automobiles while also protecting them from severe weather conditions like as rain, high temperatures, UV radiation, and foreign particles. Several technical developments in automobile coatings have occurred, including improvements in deposition qualities, improvements in monitoring droplets during application, and new insights into materials employed. The market demand for automotive coatings is expected to rise in the next years as a consequence of these factors. Rising per capita income, population growth, and increased vehicle use are all driving factors in the global market for automotive coatings. A growing number of people throughout the world own automobiles as a hobby and invest in the visual look of their vehicles by changing coatings on a regular basis and the requirement for high-quality corrosion protection encourages market expansion.
Due to increased environmental concerns among customers and rigorous government laws prohibiting the use of environmentally degrading goods such as solvent-based coatings, the automobile refinish coatings industry is shifting towards eco-friendly solutions. This move is predicted to boost sales of water-based coatings, which are more environmentally friendly and are expected to become the most popular product type in the market. To expand their market share, major companies in the automobile refinish coatings market are focused on merger and acquisition tactics as well as product development.