Top Companies in the Global Automotive Paints & Coatings Market: 2022

Dec. 27, 2022 - PRLog -- 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 and 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 and coatings players in the year 2022.

The 8 key players in the global automotive paints and coatings market are estimated to account for about 82% of the market share together with an estimated sales value of about USD 13,576.3 million, and show a strong market dominance in 2022. Axalta Coating Systems 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.

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.

Check the market share 2022 chart here:

In the recent month of Dec. 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. With government intervention and regulations in the automotive industry for environmental concerns and reduced carbon emissions in many countries, automotive paints and coatings manufacturers are also benefiting from the new BS6 vehicle production lines and EVs to provide sustainable coating 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.
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