Automotive Paint Market, Size, Global Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis

Automotive Paint Market, Size, Global Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis

Global Automotive Paint Market is expected to reach US$ 14.63 Billion by 2030, according to Renub Research. Automotive paints perform as a protective coat and provide a beautiful appearance. They include interior and exterior materials like aluminum, plastic, steel, and metal alloys. Automotive paint is referred to as a water-based formula, which is sprayed on automobile surfaces with the assistance of a spray gun. These paints consist of polyurethane-based enamel, which protects the surface from environmental damage, thus enhancing the aesthetics of motor vehicles. UV and powder coats are the future of automotive paints due to their eco-friendly nature and low VOC coatings. They offer protection against oxidation, UV rays, and acid rain corrosion while providing vehicle scratch resistance, driving market growth.

Global Automotive Paint Market is anticipated to grow at a CAGR of 4.21% during the forecast period of 2024 to 2030

The dynamic increase in the market is driven by numerous automobile kinds, technological advancements, and evolving paint types. Due to extreme government regulations, advanced coating solutions are manufactured and delivered to vehicle manufacturers by automotive paint companies. These innovations minimize the overall cost and time required per vehicle unit through controlled paint shop emissions, which is expected to spur the demand for basecoats in the market. Growing demand for metallic paints is anticipated to surpass the demand for solid texture paints owing to changing buyer preferences towards metallic colors and increased sales of premium passenger cars. Also, the passenger car, being the largest segment, is expected to focus on the automotive paints market augmentation over the forecast period. So, the worth of the global automotive paint market was US$ 10.96 Billion in 2023.

Developing countries have witnessed increased demand and production of automobiles, which is expected to support the demand for automotive paints during the forecast period. For example, as per the International Organization of Motor Vehicle Manufacturers (OICA), passenger cars and commercial vehicle production increased by 3%. Thus, the surge in automobile production is projected to boost the rise of the global automotive paint industry during the forecast period. Market players in the automotive paints market are focused on expansion and developments as these companies are investing heavily in the automotive paint market, which is expected to drive the market during the forecast period. For instance, in February 2022, FP Advanced Coatings, a UK-based company, invested a massive amount in a business expansion that aims to increase production capacity by 60%. Investments have been made to introduce a more modern powder application system incorporating robotic powder applicators and a quick color change powder feed and handling center.

Passenger car sales growth is projected to increase demand for automotive paint

By vehicle types, the global automotive paint market is fragmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger vehicles section anticipates a boom in the automotive paint market. Increasing urbanization, growing disposable income, and enhancing living requirements pressure the need for private transportation. Technological advancements in automotive layout and production also enhance vehicle aesthetics, prompting better paint usage. Moreover, purchaser possibilities for custom-designed colorings and precise finishes contribute to the section's expansion.

Worldwide automobile paints market is ruled by waterborne coating

Global automotive paint is segmented into waterborne, solvent-borne, and powder coatings by technology. Waterborne coating leads the market with a significant sales share due to its capability to guard automobiles against numerous weather conditions and tremendous cost reduction. In addition, waterborne technology offers lower temperature processing, excessive chemical resistance, and solvent-free practice of coatings. On the other hand, powder coating provides a precise film thickness that enables them to rectify inappropriately lined regions. This makes powder coating a preferred desire for huge stop-use packages. Also, the enterprise individuals comply with the appealing features of paints.

Clear coat is famous in the automotive paint market

By paint type, the global automotive paint market is categorized into Primer, Base Coat, Clear Coat, and Electrocoat. Rising demand for an exceptional gloss finish and attractive exterior appearance on advanced and luxurious vehicles positively induces the demand for automotive clearcoats. Further, temperature fluctuation and long-term protection from micro scratches are projected to drive the demand for clearcoats in the automotive section. However, the market for electrocoats captures a significant revenue share and is expected to propel prominently during the forecast period. Electrocoats like cathodic epoxy, anodic acrylic, and cathodic acrylic are popular among market players due to their benefits. They make vehicle surfaces more durable and weather-resistant.

Asia-Pacific automotive paints section is expected to rise significantly in the global market

By countries, the global automotive paint market is divided into North America (United States and Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Switzerland), Asia Pacific (Japan, China, India, Australia, South Korea, Indonesia), Latin America (Mexico, Brazil, Argentina), Middle East & Africa (South Africa, Saudi Arabia, United Arab Emirates) and Rest of world. Asia Pacific region led the automotive paints market due to its high vehicle production and growing economy. The automotive paints business has advanced habitually with the automobile. Both industries are working hard to give their consumers innovative technology and environmentally secure products. The Asia-Pacific region, notably nations like China and India, has seen a quick rise in the automotive market. This includes both domestic manufacturing and consumption of automobiles. This region's strong automotive manufacturing sector generates significant demand for automotive paints.

Key Players

PPG Industries, Akzo Nobel N.V., Axalta Coating Systems Ltd., The Sherwin Williams Company, Kansai Paints Co. Ltd., DuPont de Nemours Inc, Solvay S.A, Cabot Corporation, and Covestro AG comprise the global automotive paint market.

In May 2022, BASF extended its automotive coatings application headquarters to the coating technology center in Mangalore, India, as part of its investment in the country.

Renub Research report titled “Global Automotive Paint Market By Vehicle Types (passenger cars, light commercial vehicles, and heavy commercial vehicles), Technology (waterborne, solvent-borne, and powder coatings), Paint Types (Primer, Base Coat, Clear Coat, and Electrocoat), Countries (North America (United States and Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Switzerland), Asia Pacific (Japan, China, India, Australia, South Korea, Indonesia), Latin America (Mexico, Brazil, Argentina), Middle East & Africa (South Africa, Saudi Arabia, United Arab Emirates) and Rest of World), Company Analysis (PPG Industries, Akzo Nobel N.V., Axalta Coating Systems Ltd., The Sherwin Williams Company, Kansai Paints Co. Ltd., DuPont de Nemours Inc, Solvay S.A, Cabot Corporation, and Covestro AG)” provides a complete study of Global Automotive Paint Industry.

Vehicle Types – Global Automotive Paint Market breakup in 3 viewpoints:

1. Passenger cars
2. Light commercial vehicles
3. Heavy commercial vehicles

Technology – Global Automotive Paint Market breakup in 3 viewpoints:

1. Waterborne
2. Solvent-borne
3. Powder coatings

Paint Types – Global Automotive Paint Market breakup in 4 viewpoints:

1. Primer
2. Base Coat
3. Clear Coat
4. Electrocoat

Countries – Global Automotive Paint Market breakup in 21 viewpoints:

1. North America

1.1 United States
1.2 Canada

2. Europe

2.1 Germany
2.2 United Kingdom
2.3 France
2.4 Italy
2.5 Spain
2.6 Switzerland

3. Asia Pacific

3.1 Japan
3.2 China
3.3 India
3.4 South Korea
3.5 Indonesia
3.6 Australia

4. Latin America

4.1 Mexico
4.2 Brazil
4.3 Argentina

5. Middle East & Africa

5.1 Saudi Arabia
5.2 United Arab Emirates
5.3 South Africa

6. Rest of World

All the Key players have been covered from 3 Viewpoints:

• Overview
• Recent Development
• Revenue Analysis

Company Analysis:

1. PPG Industries
2. Akzo Nobel N.V.
3. Axalta Coating Systems Ltd.
4. The Sherwin Williams Company
5. Kansai Paints Co. Ltd.
6. DuPont de Nemours Inc
7. Solvay S.A
8. Cabot Corporation
9. Covestro AG