Global Automotive Paints Market Size study & Forecast, by Paint Type (Powder Coating, Solvent-Borne, Waterborne, Others), by Resin Type (Polyurethane, Epoxy, Acrylic, Others.) and Regional Analysis, 2023-2030

Global Automotive Paints Market Size study & Forecast, by Paint Type (Powder Coating, Solvent-Borne, Waterborne, Others), by Resin Type (Polyurethane, Epoxy, Acrylic, Others.) and Regional Analysis, 2023-2030

Global Automotive Paints Market is valued at approximately USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030. Automotive paints are specialized coatings designed for application on vehicles to provide both aesthetic appeal and protection. These paints serve several purposes, ranging from enhancing the visual appeal of the vehicle to protecting its underlying metal surfaces from corrosion, weathering, and other environmental factors. Automotive paints are formulated to meet specific requirements, considering factors such as durability, adhesion, flexibility, and resistance to various elements. The key factors driving the market growth are increasing automotive production, growing demand for specialty coatings, such as anti-corrosion coatings, high-performance coatings, and eco-friendly water-based coatings, rising disposable income and Consumer Preferences that are anticipated to support the market growth.

Additionally, the automotive industry's overall growth and an increase in the production of vehicles contribute directly to the demand for automotive paints. According to the International Organization of Motor Vehicle Manufacturers, in 2020, the number of vehicles produced globally was 77.6 million and the number reached 80.1 million in 2021. As a result, the rising demand for automotive vehicles globally is anticipated to accelerate the market growth over projected period. Moreover, increasing focus on customization and the emergence of innovative paint technologies are anticipated to create lucrative opportunities for the market over the projected period. However, the fluctuating raw material prices stifled market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Automotive Paints Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the rise of electric and autonomous vehicles, robust automotive manufacturing, extreme climatic conditions, and the presence of key market players. Whereas, the Asia Pacific is expected to grow with the highest CAGR over the forecast period, owing to factors such as growing vehicle production, favorable government policies for electric vehicles, and a robust automobile manufacturing industry.

Major market player included in this report are:
BASF SE
Akzo Nobel N.V.
Axalta Coatings Systems LLC
Clariant AG
The Sherwin Williams Company
Nippon Paints Holdings Co. Ltd
DuPont
DuPont de Nemours, Inc.
Solvay S.A.
Kansai Paints Co. Ltd.

Recent Developments in the Market:
 In December 2022, BASF introduced its inaugural biomass balance automotive coatings in China, with the initial offering being the ColorBrite Airspace Blue ReSource basecoat. Certified by REDcert² through a biomass balance approach, this basecoat is crafted from renewable raw materials utilized in its production and assigned to the product via a mass balance system. As a result, there is a 20% reduction in the carbon footprint of the product. Additionally, BASF has obtained biomass certification for its resins plant in Caojing, along with its paint manufacturing facilities in Minhang and Caojing, both managed by BASF Shanghai Coatings Co., Ltd.

Global Automotive Paints Market Report Scope:
 Historical Data – 2020 - 2021
 Base Year for Estimation – 2022
 Forecast period - 2023-2030
 Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
 Segments Covered – Paint Type, Resin Type, Region
 Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Paint Type:
Powder Coating
Solvent-Borne
Waterborne
Others

By Resin Type:
Polyurethane
Epoxy
Acrylic
Others

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
BASF SE
Akzo Nobel N.V.
Axalta Coatings Systems LLC
Clariant AG
The Sherwin Williams Company
Nippon Paints Holdings Co. Ltd
DuPont
DuPont de Nemours, Inc.
Solvay S.A.
Kansai Paints Co. Ltd.

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