세계의 온로드 상용차 코팅 시장(2024-2031년)

Evolving Coating Demands Are Driving Transformational Growth Due to Environmental Regulations, Fleet Longevity, and Visual Branding

This study provides a comprehensive assessment of the current status and future prospects of the global commercial vehicle coatings market, analyzing volume shipments and revenue at the manufacturer level from 2021 to 2031. It focuses on coatings applied to the exterior surfaces of on-road commercial vehicles-including heavy trucks, buses, coaches, and light commercial vehicles-while excluding interior coatings from the scope. The coatings are classified into 2 major product groups: OEM coatings, applied during original vehicle manufacturing, and refinish coatings, used for repair and maintenance. These categories are further segmented by sub-product types such as primers, e-coats, basecoats, clearcoats, and monocoats; by resin chemistries including epoxy, polyurethane, acrylic, and polyester; and by coating technologies such as solvent-borne, waterborne, and powder coatings.

Several key trends are shaping the CV coatings market. The global shift toward low-VOC and sustainable coating solutions is accelerating, leading to wider adoption of waterborne and powder-based technologies. Meanwhile, growing demand for refinish coatings reflects the aging of commercial fleets and the expansion of logistics networks driven by eCommerce growth. Vehicle aesthetics are also becoming increasingly important, as fleet operators leverage vehicle appearance for branding, which in turn drives demand for durable, high-gloss monocoats and clearcoats. While advanced coating solutions are gaining traction in developed regions, cost sensitivity in emerging markets sustains the use of traditional solvent-borne systems, resulting in a diverse technology landscape across regions.

The Impact of the Top 3 Strategic Imperatives on the On-Road CVs Coatings

Geopolitical Chaos

• Why
  • In early 2025, the US imposed tariffs on imports from Canada, Mexico, China, and other countries, creating cost uncertainties for coating manufacturers as well as CV OEMs and fleet operators.
  • These tariffs will likely contribute to a decline in new vehicle orders and cautious fleet expansion, as companies face higher input costs and operational risks. Furthermore, Canada, Mexico, and China are major suppliers of raw materials such as resins, solvents, and coating additives. The tariffs are likely to disrupt supply chains, potentially causing further project delays.
• Frost Perspective
  • OEMs are looking at multiple business models, such as feature-on-demand and pay-as-you-use services based on subscription models.
  • This is giving consumers the ability to use features that would have been unavailable traditionally, and OEMs are looking to capitalize on this trend.

Transformative Megatrends

• Why
  • Sustainability, autonomous driving, and vehicle electrification are key megatrends influencing the CV market.
  • Vehicle designs are evolving to integrate advanced features such as sensors, cameras, and mirrors aimed at improving driver assistance.
• Frost Perspective
  • Although the CV sector is slower to adopt these technologies compared to passenger cars, the share of such vehicles will likely grow significantly during the forecast period.
  • OEMs and refining coating suppliers must align their products and services with these evolving trends to remain viable and relevant.

Competitive Intensity

• Why
  • The increasing adoption of vehicle wraps is reshaping branding strategies in commercial fleets and redefining the competitive dynamics of the coatings market.
  • Wraps offer fleet operators a fast, flexible, and environmentally friendly alternative to traditional repainting-especially in segments like urban logistics, leasing, and shared mobility where frequent branding updates are required.
  • Rising pressure to meet sustainability and ESG goals is driving the adoption of wraps, as they emit no VOCs.
• Frost Perspective
  • The rise of wraps has attracted non-coating players such as vinyl manufacturers and digital printing companies into the ecosystem, diverting part of the market away from traditional refinish coatings.
  • While OEM coatings remain essential for structural durability and performance, wraps are increasingly capturing aftermarket demand, altering repaint economics, and reducing the volume of conventional refinishing jobs.

Key Competitors

• Global
  • PPG Industries
  • BASF SE
  • Axalta Coating Systems
  • Sherwin-Williams
  • Nippon Paint Holdings Co., Ltd.
  • Kansai Paint Co., Ltd.
  • Hempel A/S
  • Beckers Group
  • Mascoat
  • Rust-Oleum
  • Red Spot Paint & Varnish Co
• Americas
  • PPG Industries
  • BASF SE
  • Axalta Coating Systems
  • Sherwin-Williams
  • Nippon Paint Holdings Co., Ltd.
  • Kansai Paint Co., Ltd.
  • Hempel A/S
  • Beckers Group
  • Rust-Oleum
  • WEG Coatings
  • LKQ Coatings
• Europe
  • PPG Industries
  • BASF SE
  • Axalta Coating Systems
  • Sherwin-Williams
  • Nippon Paint Holdings Co., Ltd.
  • Kansai Paint Co., Ltd.
  • Hempel A/S
  • Beckers Group
  • Helios Group
  • Painsystems GmbH
  • Teknos Group
• APAC
  • PPG Industries
  • BASF SE
  • Axalta Coating Systems
  • Sherwin-Williams
  • Nippon Paint Holdings Co., Ltd.
  • Kansai Paint Co., Ltd.
  • Hempel A/S
  • Guangzhou Jinwei Chemical Co., Ltd.
  • Helios Group
• MEASA
  • PPG Industries
  • BASF SE
  • Axalta Coating Systems
  • Sherwin-Williams
  • Nippon Paint Holdings Co., Ltd.
  • Kansai Paint Co., Ltd.
  • Hempel A/S
  • Berger Paints
  • Mido Coatings

Competitive Environment

• Number of Competitors
  • <50
• Competitive Factors
  • Price, product performance, technology, quality, distribution, brand recognition, customer service
• Key End-User Industry Verticals
  • OEMs, OEM aftermarket body shops, independent body shops, multi-shop operators (MSOs)
• Leading Competitors
  • PPG Industries, Axalta Coating Systems, BASF, AkzoNobel
• Other Notable Competitors
  • Nippon Paint Holdings Co., Ltd., The Sherwin-Williams Company, Kansai Paints, Hempel A/S, ROBERLO, LKQ Coatings, Rust-Oleum, Guangzhou Jinwei Chemical Co., Ltd.
• Distribution Structure
  • Direct sales, body shops, independent retailers, company-owned stores

Growth Drivers

• Growth in the production of CVs
• Vehicles getting slightly larger over time
• Increased use and development of higher-priced premium coating systems driving revenue growth

Growth Restraints

• Use of primer-less coatings and replacement of basecoat/clearcoat systems with monocoats contributing to the decline in coatings volume
• Rise in use of advanced coatings that require lower volumes of product usage
• Changing trends in substrates used in vehicles and the need for coating those surfaces
• Growth in pre-owned vehicles

Table of Contents

Research Scope

• Scope of Analysis
• Segmentation

Growth Environment: Transformation in Coatings for On-Road CVs

• Why Is It Increasingly Difficult to Grow?
• The Strategic Imperative
• The Impact of the Top 3 Strategic Imperatives on the On-Road CVs Coatings Ecosystem
• Key Competitors

Growth Generator in Coatings for On-Road CVs

• Growth Metrics
• Revenue and Volume Forecast
• Revenue and Volume Forecast Analysis
• Revenue Forecast by End-Use
• Volume Forecast by End-Use
• Revenue Forecast by Region
• Volume Forecast by Region
• Revenue and Volume Forecast Analysis
• Average Price Forecast
• Pricing Trends and Forecast Analysis
• Competitive Environment
• Revenue Share
• Revenue Share Analysis
• Value Chain: OEM
• Value Chain: Refinish

Growth Generator: OEM

• Overview: OEM
• Growth Drivers
• Growth Driver Analysis
• Growth Restraints
• Growth Restraint Analysis
• Forecast Consideration
• Growth Metrics
• Revenue and Volume Forecast
• Revenue and Volume Forecast Analysis
• Revenue Forecast by Chemistry
• Volume Forecast by Chemistry
• Revenue and Volume Forecast Analysis by Chemistry
• Revenue Forecast by Product
• Volume Forecast by Product
• Revenue and Volume Forecast Analysis by Product
• Revenue Forecast by Technology
• Volume Forecast by Technology
• Revenue and Volume Forecast Analysis Technology
• Revenue Forecast by Region
• Volume Forecast by Region
• Revenue and Volume Forecast Analysis by Region

Growth Generator: Refinish

• Overview: Refinish
• Growth Drivers
• Growth Driver Analysis
• Growth Restraints
• Growth Restraint Analysis
• Forecast Consideration
• Growth Metrics
• Revenue and Volume Forecast
• Revenue and Volume Forecast Analysis
• Revenue Forecast by Chemistry
• Volume Forecast by Chemistry
• Revenue and Volume Forecast Analysis by Chemistry
• Revenue Forecast by Product
• Volume Forecast by Product
• Revenue and Volume Forecast Analysis by Product
• Revenue Forecast by Technology
• Volume Forecast by Technology
• Revenue and Volume Forecast Analysis Technology
• Revenue Forecast by Region
• Volume Forecast by Region
• Revenue and Volume Forecast Analysis by Region

Growth Opportunity Universe in Global CV Coatings Market

• Growth Opportunity 1: Helping the CV Industry Understand Its Entire Life Cycle Carbon Footprint
• Growth Opportunity 2: Offer Coatings in Line with Automotive Industry Dynamics
• Growth Opportunity 3: Developing Coatings Supporting Lightweight and Branded ECVs

Appendix & Next Steps

• Benefits and Impacts of Growth Opportunities
• Next Steps
• List of Exhibits
• Legal Disclaimer