The Global Automotive Paints Market was worth US$ 9.73 billion in 2022 and is anticipated to reach a valuation of US$ 11.17 billion by 2028 and is predicted to register a CAGR of 2.80% during 2023-2028.
The different products that fall into automotive paints are electrocoats, powder coats, basecoats, and clearcoats. The availability of varied choices of color is growing the automotive paints market. Automotive paint is formed from pigments, binders, and thinners. These days, automotive paints are witnessing demand for technologically advanced paints rather than traditional colors. Furthermore, automotive paints manufacturers are more focused on minimum wastage spray technology, and low volatile compound paints, which is foreseen to support the global automotive paints market.
The global automotive paints market is predicted to witness a surge in demand over the forecast period due to factors like strict government policies and rising awareness of the environment. The business is evolving in terms of various options, durability, and reliability. Automotive paints act as a protective coat and supply an ambient appearance, which is predicted to accelerate the market growth over the next six years. Various regulations regarding non-VOC paints have triggered the automotive paints industry demand resulting in the introduction of waterborne coats, which are expected to dominate the solvent-borne coatings. Today, automotive colors are not only used for the beautification of vehicles but also to reinforce surface durability. At the same time, the rapid adoption of advanced powder coating and thermal spray technologies is probably going to spice up the expansion of the worldwide automotive paints market.
Market Drivers:
Factors like an increase in automobile production and an upsurge in demand for eco-friendly automotive paints are the key factors driving the expansion of the global automotive paints market. On the contrary, increasingly focused on product cost-effective automotive paints is anticipated to supply remunerative growth opportunities for the player operating within the global automotive paints market. Hiking demand for automobiles and increasing disposable incomes are a few of the main elements that are driving the worldwide automotive paint market.
Moreover, durable automotive paints are driving the automotive market as they're preferred by the user while purchasing a vehicle. Furthermore, the rising bourgeoisie population in developing countries and the favorable economic trend are anticipated to spice up the market. Also, the increasing adoption of improved new technologies is predicted to drive the market over the forecast period.
Market Restraints:
The rise in prices of raw materials to manufacture automotive paints hinders the expansion of the market. Moreover, variable staple prices and environmental regulations are expected to dampen the global automotive paints market. Environmental regulations in developed regions like North America and Europe discourage the assembly of highly volatile compound paints, affecting the overall automotive paints market. Furthermore, moderate growth in machinery and appliances for automotive paint manufacturing is predicted to scale back the expansion of demand.
Market Recent Developments:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022 – 2028 |
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Base Year |
2022 |
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Forecast Period |
2023 - 2028 |
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CAGR |
2.80% |
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Segments Covered |
By Coating, Texture Type, Technology, Vehicle Type, and Region. |
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Various Analyses Covered |
Global, Regional and country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Akzo Nobel NV, Axalta Coating Systems Ltd., BASF SE, Clariant AG, DuPont Coatings & Color Technologies Group, Kansai Paint Co., Ltd, Nippon Paint Holdings Co Ltd, The Sherwin Williams Company, The Valspar Corporation, and Others. |
Market Segmentation:
By the coating type, the electrocoat segment is predicted to touch a valuation of US$ 3,865.2 Mn in 2022. This segment currently commands the brink of a 30% share of the worldwide automotive paints market and is foreseen to garner a robust CAGR during the outlook period.
Expanding demand for metallic paints is anticipated to surpass the solid texture paints demand due to the changing buyer preferences towards metallic colors and an increase in sales of premium passenger cars.
In terms of technology, the waterborne automotive segment is predicted to steer throughout the foreseen period. The sector commands over half of the total revenue share of the market and is probably going to succeed in a valuation of more than US$ 5,800 Mn by 2022.
Based on the vehicle type, the passenger cars segment is anticipated to surpass a valuation of US$ 2,600 Mn by 2017. Additionally, the sector is predicted to soar at a healthy rate during the predicted period. This is primarily due to increasing sales of passenger cars in countries like China and India.
Market Reginal Analysis:
The Global Automotive Paints Market Report includes the segmentation of regions:
In terms of revenue, the North American automotive paints market is predicted to carry the highest spot in the global business. The existence of a huge automotive sector is substantiating the expansion of the market in North America. During the forecast period, the region’s market is projected to exhibit powerful growth. Europe's automotive paints market occupies second place in terms of market share and is anticipated to foresee growth in the future. In Europe, the major market share of automotive paint is held by Germany. Furthermore, BENELUX is a major growing marketplace for automotive paints thanks to the new automotive industrial establishments in these countries. The main driving factors accounting for the expansion of the automotive paint market are increasing production of automobiles, burgeoning population, and increasing income. The Asia-Pacific automotive paints market accounted for the best share in 2018 and is anticipated to grow rapidly throughout the forecast period. China, being the most important automobile manufacturer country, is predicted to witness robust growth in the local automotive paint market over the estimated period.
Market Key Players:
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