Automotive coatings market to reach US$24.55 billion by 2028

The global automotive coatings market size is estimated to be worth US$20.35 billion in 2022. It is forecast to be a readjusted size of US$24.55 billion by 2028 with a CAGR of 3.2% during the forecast period 2022-2028, according to Valuates Reports.  

Automotive coatings are cost-effective and provide longer-lasting solutions. They improve shine, and aesthetic appeal, along with enhancing the metallic hues on vehicles. The coatings produce durable surfaces, maximize efficiency and meet environmental regulations. This will foster the growth of the automotive coatings market in the forthcoming years. They form a protective layer against UV radiation, foreign particles, extreme temperature changes, and acid rain.

Government authorities around the world are enacting strict guidelines for using harmful chemicals and labeling. Hence manufacturers are introducing customized eco-friendly water soluble body coating solutions for producing fuel-efficient vehicles. This in turn will surge the growth of the global automotive coatings market. Body-weight reduction is crucial for mitigating environmental concerns and achieving fuel efficiency. The use of composite materials like Carbon Fiber Reinforced Plastic( CFRP) with aluminum or magnesium alloy is increasing. Coatings and structural adhesives combine together to provide a lightweight and high-strength body.

Powder coatings are solvent-free and do not release volatile organic compounds. They make cars lighter and enhance the rolling resistance of tires to manufacture fuel-efficient vehicles. This will augment the growth of the automotive coatings market in the coming years. The process is carried out in such a way that water and energy consumption is less and waste is decreased.

Automakers are transitioning towards electric vehicles (EV). These cars require specialized coatings for protecting their technology and slick interiors with better-looking paints. There is a huge preference for functional coatings which in turn will drive the growth of the global automotive coatings market. Battery packs require protection from electromagnetic interference and need to maintain inner temperature control for durability and efficiency. Coatings have effective dielectric properties that prevent tension between metal parts and eliminate the chances of fire damage. It resists corrosion and protects the sensors from continuous wear and tear.

Major factors driving the growth of the automotive coatings market have been identified by the report and these  include increasing demand for high-performance, low maintenance, and cost-effective plastic coating solutions, stringent environmental regulations, and preference for powder coatings will fuel the growth of the market. The booming EV industry for reducing carbon emissions will drive the market's growth during the forecast period.