The global Automotive Paint market held a market value of USD 18,023.8 Million in 2021 and is projected to reach USD 23,244.2 Million by the year 2027. The market is anticipated to grow at a CAGR of 4.3% from 2022 to 2027. Approximately, 2,752.65 million litres of automotive paint was sold in 2021.
Automotive paints uses in automobiles for decoration as well as protection purposes. The market is expected to be driven by the increasing production for vehicles. Furthermore, higher use of polyurethane paints is also estimated to fuel the market growth.
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In addition to these driving factors emerging trends, such as availability of various color options, reliability, and durability are also expected to provide lucrative opportunities for the market growth. Despite the driving factors, regulations against volatile organic compounds emissions are anticipated to hinder the market growth. Also, constantly changing raw material prices and issues regarding painting plastic and composite components are also estimated to negatively impact the market growth.
Increasing production for vehicles
Automobile production is rapidly rising globally due to their high demand. According to International Organization of Motor Vehicle Manufacturers, in 2017, around 97,302,534 vehicles were produced globally, which was a 2.36% increase from the previous year. Therefore, such increase in the production of vehicles is also increasing the demand for automotive paints as well, which is boosting the market growth during the forecast period.
The global Automotive Paint market is segmented into type, technology, resin, texture, vehicle, and channel.
The clearcoat segment is expected to hold the largest market share of around 37% owing to its high preference as it provides a good and consistent finish on the vehicle surface. The electrocoat segment is estimated to hold a market volume size of around 700 million liters by 2027.
The polyurethane segment is expected to hold the largest market share owing to its increasing usage of this resin in topcoats for improving the durability of coats and improves vehicle appearance as well as protects them from scratches. Furthermore, for the acrylic segment, around 500 million liters of acrylic resin is estimated to be sold by 2025.
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The waterborne segment is anticipated to hold the largest market share owing to its increasing demand as it is inexpensive as compared to other technologies, and also has quick drying properties. The powder coating segment is expected to witness the fastest growth rate of 5.5% owing to its rising adoption for premium and ultra-premium automobiles.
The metallic segment is anticipated to hold the largest market share of more than 60% owing to its increasing demand. The pearlescent segment is expected to grow at the fastest CAGR of 5% owing to its growing popularity globally.
Light Commercial Vehicles
Heavy Commercial Vehicles
The passenger cars segment is anticipated to hold the largest market share owing to high demand of automotive paints for coating passenger cars. The heavy commercial vehicles segments volume is estimated to witness a growth rate of around 4.9% during the projected period.
The aftermarket segment is expected to witness a growth rate of 4.6% during the forecast period. The OEMs segment is expected to register significant growth owing to growing demand of automotive paints through the OEM channels.
By region, the global Automotive Paint market is divided into Asia Pacific, Europe, North America, Middle East & Africa, and South America.
The Asia Pacific region is expected to hold the largest market share of more than 55% owing to the increasing production as well as sales of automobiles in the region. According to the International Organization of Motor Vehicle Manufacturers, as of 2017, in China, the production of vehicles increased by 3.19% from the previous year and reached to 29,015,434.
The North America region is anticipated to witness a growth rate of about 3.2% owing to the presence of a huge automotive sector in the region. Furthermore, various technological advancements is also estimated to fuel the market growth.
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Major players in the global Automotive Paint market include 3M, Akzo Nobel N.V, Axalta Coating Systems, LLC, BASF SE, Clariant AG, DOW Chemical, DuPont Coatings & Color Technologies Group, Kansai Paint Co., Ltd., KCC, Nippon Paint Holdings Co., Ltd., PPG Industries, Sherwin-Williams Company, Solvay, Valspar Corporation, and Other Prominent Players. The cumulative market share of the five major players is near about 70%.
These market players are involved in collaborations, mergers & acquisitions, and new product launches, among other initiatives, to strengthen their market presence. For instance, in October 2021, Clariant launched the Emulsogen CPN 100 XS and Emulsogen CPA 100 XS. The products are innovative reactive emulsifiers for polymeric binders which assist paint manufacturers for achieving architectural coatings that are water resistant as well as have higher resistance to dirt pick up and snail trails.
The global Automotive Paint market report provides insights on the below pointers:
Market Penetration: Provides comprehensive information on the market offered by the prominent players
Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global Automotive Paint market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
Major Automotive Paint Manufacturers, List of Automotive Paint Manufacturers, List of Automotive Paint Distributors of Top Companies
Automotive Production, Country Wise (2020); Average Cost to Paint a Car, by Parts
Automotive Color Trends; Expensive Automotive Paint Examples
The global Automotive Paint market report answers questions such as:
What is the market size and forecast of the Global Automotive Paint Market?
What are the inhibiting factors and impact of COVID-19 on the Global Automotive Paint Market during the assessment period?
Which are the products/segments/applications/areas to invest in over the assessment period in the Global Automotive Paint Market?
What is the competitive strategic window for opportunities in the Global Automotive Paint Market?
What are the technology trends and regulatory frameworks in the Global Automotive Paint Market?
What is the market share of the leading players in the Global Automotive Paint Market?
What modes and strategic moves are considered favorable for entering the Global Automotive Paint Market?
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