New Delhi, April 11, 2023 (GLOBE NEWSWIRE) — Global automotive paint market was valued at US$ 18,733.2 Mn in 2022 and is estimated to attain a valuation of US$ 27,539.6 Mn by 2031 at a CAGR of 4.3%. In terms of volume, the market is projected to witness expansion at a CAGR of 4.0% during the forecast period.
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The global automotive paint market is expected to see significant growth in the coming years, driven by a variety of factors. In 2022, the Asia-Pacific region dominated the market due to high vehicle production in countries like China, Japan, India, and South Korea. This trend is expected to continue as the number of electric vehicles on the road is projected to increase from 11 million in 2020 to 145 million by 2030, presenting a significant opportunity. Electric vehicles require different types of paints that are lighter, more durable, and resistant to higher temperatures.
The global economy is expected to give a push to the sales of overall automotive around the globe. As per the International Monetary Fund, the global economy grew 4.9% in 2021 and 4.4% in 2022. This recovery is likely to drive the demand for automotive paint, and with the increasing number of vehicle accidents and the rising demand for customizations and modification. In Line with this, the automotive refinish coatings market is expected to grow at a CAGR of 5.1% during the forecast period.
From the last few years, the automotive OEMs across the global automotive paint market are increasingly investing in advanced paint technologies, such as Nissan’s “self-healing” paint technology, to enhance the durability and appearance of their vehicles. However, the market remains highly competitive, with a few large players dominating the market. Increasing competition from local and regional players is expected to drive innovation and reduce prices, benefiting smaller players.
Top Trends Shaping the Global Automotive Paint Market
- The COVID-19 pandemic has had a profound impact on consumer behavior and preferences, leading to an increased demand for antimicrobial and self-cleaning coatings in automotive paints.
- In response to government regulations aimed at reducing carbon emissions and promoting sustainable practices, the market for eco-friendly and sustainable automotive paints is also expected to grow. The European Union, for example, has introduced regulations to reduce CO2 emissions from new cars by 37.5% by 2030, compared to 2021 levels.
- Waterborne paints are gaining popularity due to their eco-friendly properties and low VOC emissions, and are projected to witness the highest CAGR during the forecast period.
North America Automotive Paint Market to Generate 20% Global Revenue
The automotive paint industry in North America is experiencing strong growth momentum. This can be attributed to several factors, including the high number of vehicles being sold across the US and Canada, the increasing demand for vehicle repainting, and government regulations aimed at reducing carbon emissions and promoting sustainable practices. According to data from the National Automobile Dealers Association (NADA), approximately 13.75 million vehicles are sold in the US in 2022, while in Canada, around 1.49 million vehicles were sold in the same year. As the number of vehicles on the road increases, the demand for automotive paint also increases, driving the growth of the industry.
In addition, the automotive refinish coatings market is also growing, as many vehicle owners choose to repaint their vehicles for various reasons, such as accident repair, customization, or to refresh the appearance of an older vehicle. This trend is expected to continue in the coming years, driving the demand for automotive paint further. According to the US Department of Transportation, the number of registered vehicles in the US increased by 0.5% in 2020, despite the COVID-19 pandemic. This indicates a steady demand for vehicles, which in turn drives the demand for automotive paint market.
Government regulations are also playing a significant role in the growth of the automotive paint industry in North America. In the US, the Environmental Protection Agency (EPA) regulates the emissions of volatile organic compounds (VOCs) from automotive paint. Similarly, in Canada, the Ministry of the Environment and Climate Change regulates VOC emissions from automotive paint. This has led to the development of eco-friendly and sustainable automotive paints that comply with these regulations, which are gaining popularity among consumers.
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Polyurethane to Capture more than 43% Share of Global Automotive Paint Market
Polyurethane paints are a popular type of automotive paint due to their durability, chemical resistance, and ability to provide a glossy finish. The high demand for polyurethane paints in the automotive industry is driven by several factors. One of the key factors driving demand for polyurethane paints is their ability to withstand harsh weather conditions and exposure to chemicals. This makes them an ideal choice for automotive applications, where the paint must be able to withstand exposure to road salt, UV rays, and other environmental factors.
Polyurethane paints also provide excellent adhesion, which helps to prevent chipping and peeling. This is especially important for automotive applications, where the paint must be able to withstand impacts from rocks and debris on the road. In addition, polyurethane paints are known for their ability to provide a high-gloss finish, making them a popular choice for luxury and high-performance vehicles. This is because the glossy finish can help to enhance the vehicle’s appearance and give it a sleek, modern look
Aftermarket Sales of Automotive Paints to Continue Gaining Momentum and Account for More than 48% Market Revenue
The aftermarket is a significant contributor to the overall automotive paint market, with aftermarket sales of automotive paints expected to generate more than 48% of the market revenue. This segment of the industry includes the sale of automotive paints for repainting, refurbishing, or customizing vehicles, and is expected to grow in the coming years.
One of the key drivers of growth in the aftermarket automotive paint market is the increasing demand for vehicle customization. Many vehicle owners are looking to personalize their vehicles with unique paint jobs or graphics, leading to a rise in demand for aftermarket automotive paints. Additionally, the rising number of vehicle accidents and the need for repair and repainting work is also driving growth in this segment. Advancements in paint technology are also contributing to the growth of the aftermarket automotive paint market. Automotive paints that offer enhanced durability, corrosion resistance, and improved aesthetics are becoming more popular among consumers, leading to an increase in demand for such products.
According to the International Carwash Association, the car wash and detailing industry in the US generates an estimated $48 billion in revenue annually. This includes services such as vehicle cleaning, detailing, and paint protection, which can drive demand for aftermarket automotive paints. As per Astute Analytica, most of this revenue come from aging vehicles. For instance, most of the consumer with high network and spending power end up spending more on automotive painting to get the personalized look. A study found that consumers with household incomes over $75,000 were more likely to use professional detailing services, with 28% of respondents in this income bracket using such services compared to 16% of respondents with household incomes under $50,000.
Some of the Top Market Players Are:
- 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
- The Sherwin-Williams
- Valspar Corporation
- Other Prominent Players
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