Global Automotive Paint Market is expected to reach US$ 14.63 Billion by 2030. Automotive paints perform as a protective coat and provide a beautiful appearance. They include interior and exterior materials like aluminum, plastic, steel, and metal alloys. Automotive paint is referred to as a water-based formula, which is sprayed on automobile surfaces with the assistance of a spray gun. These paints consist of polyurethane-based enamel, which protects the surface from environmental damage, thus enhancing the aesthetics of motor vehicles. UV and powder coats are the future of automotive paints due to their eco-friendly nature and low VOC coatings. They offer protection against oxidation, UV rays, and acid rain corrosion while providing vehicle scratch resistance, driving market growth.
Developing countries have witnessed increased demand and production of automobiles, which is expected to support the demand for automotive paints during the forecast period. For example, as per the International Organization of Motor Vehicle Manufacturers (OICA), passenger cars and commercial vehicle production increased by 3%. Thus, the surge in automobile production is projected to boost the rise of the global automotive paint industry during the forecast period. Market players in the automotive paints market are focused on expansion and developments as these companies are investing heavily in the automotive paint market, which is expected to drive the market during the forecast period. For instance, in February 2022, FP Advanced Coatings, a UK-based company, invested a massive amount in a business expansion that aims to increase production capacity by 60%. Investments have been made to introduce a more modern powder application system incorporating robotic powder applicators and a quick color change powder feed and handling center.
In May 2022, BASF extended its automotive coatings application headquarters to the coating technology center in Mangalore, India, as part of its investment in the country.
The report titled “Global Automotive Paint Market By Vehicle Types (passenger cars, light commercial vehicles, and heavy commercial vehicles), Technology (waterborne, solvent-borne, and powder coatings), Paint Types (Primer, Base Coat, Clear Coat, and Electrocoat), Countries (North America (United States and Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Switzerland), Asia Pacific (Japan, China, India, Australia, South Korea, Indonesia), Latin America (Mexico, Brazil, Argentina), Middle East & Africa (South Africa, Saudi Arabia, United Arab Emirates) and Rest of World), Company Analysis (PPG Industries, Akzo Nobel N.V., Axalta Coating Systems Ltd., The Sherwin Williams Company, Kansai Paints Co. Ltd., DuPont de Nemours Inc, Solvay S.A, Cabot Corporation, and Covestro AG)” provides a complete study of Global Automotive Paint Industry.
2. Light commercial vehicles
3. Heavy commercial vehicles
2. Solvent-borne
3. Powder coatings
2. Base Coat
3. Clear Coat
4. Electrocoat
1.1 United States
1.2 Canada
2. Europe
2.1 Germany
2.2 United Kingdom
2.3 France
2.4 Italy
2.5 Spain
2.6 Switzerland
3. Asia Pacific
3.1 Japan
3.2 China
3.3 India
3.4 South Korea
3.5 Indonesia
3.6 Australia
4. Latin America
4.1 Mexico
4.2 Brazil
4.3 Argentina
5. Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.3 South Africa
6. Rest of World
2. Akzo Nobel N.V.
3. Axalta Coating Systems Ltd.
4. The Sherwin Williams Company
5. Kansai Paints Co. Ltd.
6. DuPont de Nemours Inc
7. Solvay S.A
8. Cabot Corporation
9. Covestro AG
Global Automotive Paint Market is anticipated to grow at a CAGR of 4.21% during the forecast period of 2024 to 2030
The dynamic increase in the market is driven by numerous automobile kinds, technological advancements, and evolving paint types. Due to extreme government regulations, advanced coating solutions are manufactured and delivered to vehicle manufacturers by automotive paint companies. These innovations minimize the overall cost and time required per vehicle unit through controlled paint shop emissions, which is expected to spur the demand for basecoats in the market. Growing demand for metallic paints is anticipated to surpass the demand for solid texture paints owing to changing buyer preferences towards metallic colors and increased sales of premium passenger cars. Also, the passenger car, being the largest segment, is expected to focus on the automotive paints market augmentation over the forecast period. So, the worth of the global automotive paint market was US$ 10.96 Billion in 2023.Developing countries have witnessed increased demand and production of automobiles, which is expected to support the demand for automotive paints during the forecast period. For example, as per the International Organization of Motor Vehicle Manufacturers (OICA), passenger cars and commercial vehicle production increased by 3%. Thus, the surge in automobile production is projected to boost the rise of the global automotive paint industry during the forecast period. Market players in the automotive paints market are focused on expansion and developments as these companies are investing heavily in the automotive paint market, which is expected to drive the market during the forecast period. For instance, in February 2022, FP Advanced Coatings, a UK-based company, invested a massive amount in a business expansion that aims to increase production capacity by 60%. Investments have been made to introduce a more modern powder application system incorporating robotic powder applicators and a quick color change powder feed and handling center.
Passenger car sales growth is projected to increase demand for automotive paint
By vehicle types, the global automotive paint market is fragmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger vehicles section anticipates a boom in the automotive paint market. Increasing urbanization, growing disposable income, and enhancing living requirements pressure the need for private transportation. Technological advancements in automotive layout and production also enhance vehicle aesthetics, prompting better paint usage. Moreover, purchaser possibilities for custom-designed colorings and precise finishes contribute to the section's expansion.Worldwide automobile paints market is ruled by waterborne coating
Global automotive paint is segmented into waterborne, solvent-borne, and powder coatings by technology. Waterborne coating leads the market with a significant sales share due to its capability to guard automobiles against numerous weather conditions and tremendous cost reduction. In addition, waterborne technology offers lower temperature processing, excessive chemical resistance, and solvent-free practice of coatings. On the other hand, powder coating provides a precise film thickness that enables them to rectify inappropriately lined regions. This makes powder coating a preferred desire for huge stop-use packages. Also, the enterprise individuals comply with the appealing features of paints.Clear coat is famous in the automotive paint market
By paint type, the global automotive paint market is categorized into Primer, Base Coat, Clear Coat, and Electrocoat. Rising demand for an exceptional gloss finish and attractive exterior appearance on advanced and luxurious vehicles positively induces the demand for automotive clearcoats. Further, temperature fluctuation and long-term protection from micro scratches are projected to drive the demand for clearcoats in the automotive section. However, the market for electrocoats captures a significant revenue share and is expected to propel prominently during the forecast period. Electrocoats like cathodic epoxy, anodic acrylic, and cathodic acrylic are popular among market players due to their benefits. They make vehicle surfaces more durable and weather-resistant.Asia-Pacific automotive paints section is expected to rise significantly in the global market
By countries, the global automotive paint market is divided into North America (United States and Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Switzerland), Asia Pacific (Japan, China, India, Australia, South Korea, Indonesia), Latin America (Mexico, Brazil, Argentina), Middle East & Africa (South Africa, Saudi Arabia, United Arab Emirates) and Rest of world. Asia Pacific region led the automotive paints market due to its high vehicle production and growing economy. The automotive paints business has advanced habitually with the automobile. Both industries are working hard to give their consumers innovative technology and environmentally secure products. The Asia-Pacific region, notably nations like China and India, has seen a quick rise in the automotive market. This includes both domestic manufacturing and consumption of automobiles. This region's strong automotive manufacturing sector generates significant demand for automotive paints.Key Players
PPG Industries, Akzo Nobel N.V., Axalta Coating Systems Ltd., The Sherwin Williams Company, Kansai Paints Co. Ltd., DuPont de Nemours Inc, Solvay S.A, Cabot Corporation, and Covestro AG comprise the global automotive paint market.In May 2022, BASF extended its automotive coatings application headquarters to the coating technology center in Mangalore, India, as part of its investment in the country.
The report titled “Global Automotive Paint Market By Vehicle Types (passenger cars, light commercial vehicles, and heavy commercial vehicles), Technology (waterborne, solvent-borne, and powder coatings), Paint Types (Primer, Base Coat, Clear Coat, and Electrocoat), Countries (North America (United States and Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Switzerland), Asia Pacific (Japan, China, India, Australia, South Korea, Indonesia), Latin America (Mexico, Brazil, Argentina), Middle East & Africa (South Africa, Saudi Arabia, United Arab Emirates) and Rest of World), Company Analysis (PPG Industries, Akzo Nobel N.V., Axalta Coating Systems Ltd., The Sherwin Williams Company, Kansai Paints Co. Ltd., DuPont de Nemours Inc, Solvay S.A, Cabot Corporation, and Covestro AG)” provides a complete study of Global Automotive Paint Industry.
Vehicle Types - Global Automotive Paint Market breakup in 3 viewpoints:
1. Passenger cars2. Light commercial vehicles
3. Heavy commercial vehicles
Technology - Global Automotive Paint Market breakup in 3 viewpoints:
1. Waterborne2. Solvent-borne
3. Powder coatings
Paint Types - Global Automotive Paint Market breakup in 4 viewpoints:
1. Primer2. Base Coat
3. Clear Coat
4. Electrocoat
Countries - Global Automotive Paint Market breakup in 21 viewpoints:
1. North America1.1 United States
1.2 Canada
2. Europe
2.1 Germany
2.2 United Kingdom
2.3 France
2.4 Italy
2.5 Spain
2.6 Switzerland
3. Asia Pacific
3.1 Japan
3.2 China
3.3 India
3.4 South Korea
3.5 Indonesia
3.6 Australia
4. Latin America
4.1 Mexico
4.2 Brazil
4.3 Argentina
5. Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.3 South Africa
6. Rest of World
All the Key players have been covered from 3 Viewpoints:
- Overview
- Recent Development
- Revenue Analysis
Company Analysis:
1. PPG Industries2. Akzo Nobel N.V.
3. Axalta Coating Systems Ltd.
4. The Sherwin Williams Company
5. Kansai Paints Co. Ltd.
6. DuPont de Nemours Inc
7. Solvay S.A
8. Cabot Corporation
9. Covestro AG
Table of Contents
1. Introduction2. Research Methodology3. Executive Summary5. Global Automotive Paint Market
4. Market Dynamics
6. Market Share - Global Automotive Paint Market
7. Vehicle Types - Global Automotive Paint Market
8. Technology - Global Automotive Paint Market
9. Paint Types - Global Automotive Paint Market
10. Countries - Global Automotive Paint Market
11. Porter’s Five Forces - Global Automotive Paint Market
12. SWOT Analysis - Global Automotive Paint Market
13. Key Players Analysis
List of Figures
List of Tables
Companies Mentioned
- PPG Industries
- Akzo Nobel N.V.
- Axalta Coating Systems Ltd.
- The Sherwin Williams Company
- Kansai Paints Co. Ltd.
- DuPont de Nemours Inc
- Solvay S.A
- Cabot Corporation
- Covestro AG
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 180 |
| Published | February 2024 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 10.96 Billion |
| Forecasted Market Value ( USD | $ 14.63 Billion |
| Compound Annual Growth Rate | 4.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 9 |
