Report Ocean published the latest research report on the “Automotive Paint Market”. In order to comprehend a market holistically, a variety of factors must be evaluated, including demographics, business cycles, and microeconomic requirements that pertain precisely to the market under study.
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. 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.
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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.
Growth Influencers:
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.
Segments Overview:
The global Automotive Paint market is segmented into type, technology, resin, texture, vehicle, and channel.
By Type,
Electrocoat
Primer
Basecoat
Clearcoat
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.
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By Resin,
Polyurethane
Epoxy
Acrylic
Other Resins
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.
By Technology,
Solvent Borne
Waterborne
Powder Coating
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.
By Texture,
Solid
Metallic
Matte
Pearlescent
Solar Reflective
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.
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By Vehicle,
Passenger Cars
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.
By Channel,
OEMs
Aftermarket
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.
On June 8th, 2023, the Bureau of Economic Analysis and the U.S. Census Bureau jointly released a report highlighting the resurgence of the U.S. market. The comprehensive analysis extended to the recovery of U.S. International Trade in July 2022. Notably, April 2022 witnessed a notable upswing in exports, reaching $300 billion, signifying a $13.4 billion surge. Concurrently, imports saw an increase to $294.5 billion, marking a substantial growth of $17.4 billion.
Despite the ongoing challenges posed by the persistent impact of COVID-19 on global economies, the report underscored a positive trajectory in the U.S. market. The year-over-year comparison between April 2020 and April 2022 revealed a decline in exports but a noteworthy rise in imports during the same period, indicative of the market’s evident attempts at recovery. However, it is essential to acknowledge that this recovery will directly influence the Consumer Goods industries, creating significant opportunities in the Market. The evolving market dynamics call for strategic considerations and proactive measures within the Consumer Goods sector to capitalize on the emerging trends and navigate the evolving landscape successfully.
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Regional Overview
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.
Competitive Landscape
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.
Table of Content
- Introduction
- Study Assumptions
- Scope of the Study
- Research Methodology
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Industry Attractiveness – Porter’s Five Forces Analysis
- Market Segmentation
- Competitive Landscape
- Vendor Market Share
- Company Profiles
- Market Opportunities and Future Trends
- Industrial Chain, Downstream Buyers, and Sourcing Strategy
- Marketing Strategy Analysis
………Continued…!
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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?
Report Components:
- Market Overview: This section encapsulates the current market scenario and the industry’s scope. A comprehensive segmental analysis is detailed, covering major segments such as product types, applications, and regions. Revenue and sales forecasts are also a part of this overview.
- Competitive Landscape: Shedding light on the market’s competitive landscape, this segment delivers a detailed manufacturer analysis, providing insights into individual players’ revenue and sales figures. Additionally, it encompasses significant mergers, acquisitions, and industry investments.
- Regional Analysis: Offering an overview of market revenue, sales, and shares across major regions and sub-regions, this section also delves into the pricing structure, sales growth rate, and other essential estimations.
- Company Profiles: This section furnishes strategic business data about key firms operating within the Market landscape. It encompasses product specifications, revenue shares, and portfolios of these major companies.
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