Dec 25, 2022
2022: Automotive Paints and Coatings Market Share Competition Analysis
The look, texture, and appearance of automobiles attract a large number of consumers and mostly these consumers are shifting their preference towards better color appearances of the vehicles. Coatings manufacturers provide the color of the year shades for exterior looks or appearances to have a significant marketing agenda and sales growth.
Changing dynamics with the effect of Covid-19, the Russian-Ukraine war, varying oil prices, environmental concerns, and emerging technologies are the key factors in the volatility of the global automotive sector over the last three years. There is an estimated net growth of over 4.6% in auto production in 2022 from 2021 which has positively supported the market drive for the automotive paints & coatings sector. The strong prices of raw materials, and the end coatings' products along with the significant volume growth have increased the net revenues of the global top paints & coatings players in the year 2022.
The 8 key players in the global automotive paints and coatings market listed below are estimated to account for about 82% market share together with an estimated sales value of about USD 13,576.3 million and show a strong market dominance in 2022. Axalta continued to be the top player in the overall automotive paints and coatings market followed by BASF and PPG industries. Sherwin Williams gained two positions to reach 4th position and have close competition from AkzoNobel followed by Nippon Paint in terms of the global automotive paints and coatings market share.
The top countries in automotive production in 2022 are China, the USA, Japan, India, South Korea, Germany, Mexico, Spain, and Thailand. In 2022, China is also estimated to account for the highest market share more than 30% in the global automotive paints & coatings market followed by USA, and Japan.
The high growth in demand for Electric Vehicles and the focus of auto manufacturers to increase EV's sales are supporting sustainability in the global automotive industry. Tesla, BYD, SGMW, Volkswagen, and BMW are the top five electric vehicle manufacturers. AkzoNobel is the global refinish partner for the BYD whereas BMW has partnered with the BASF.
In the recent month of December 2022, the top player in the automotive paints and coatings market, Axalta signed a multi-year agreement with independently owned vehicle repair organization Steer Automotive Group for their 57 UK sites. The 2nd largest automotive paints and coatings player BASF Coatings has launched biomass balance automotive OEM coatings in China, which were earlier launched in Europe, as a way towards their reducing carbon emission targets.
The top players are following strategies such as partnerships with automotive dealers/suppliers or manufacturers, expansion of their product portfolio in interior and exterior applications, M&A activities, etc. to gain market share globally. The government intervention and regulations in the automotive industry for environmental concerns and reduced carbon emission in many countries, the automotive paints, and coatings manufacturers are also getting benefits from the new BS6 vehicle production lines and EVs to provide sustainable coatings solutions.
According to a recent market forecast by AKI Research, the global automotive paints and coatings market will reach over USD 19.4 billion by 2027. For detailed updated market research reports, please contact at firstname.lastname@example.org.
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