Automotive Paints Market: Global Industry Analysis and Forecast (2023-2029)

Automotive Paints Market was valued at US$ 10.38 Bn. in 2022. Global Automotive Paints Market size is estimated to grow at a CAGR of 4.5% over the forecast period.
Automotive Paints Market Overview:
The process of painting a car follows a set of procedures to ensure that a protective and efficient coating is applied. The automobile's pieces and body panels are assembled into a temporary assembly known as body-in-white (BIW). Then, to speed up the drying process, automobile paint is applied in a temperature-controlled atmosphere. To preserve the paintwork's integrity for a long time, multiple phases of application are used. Automotive paint is a water-based mixture that is sprayed on the surface of automobiles with the help of a spray gun. These paints are made out of polyurethane-based enamel, which preserves the surface of the car from environmental harm while also improving its appearance. Automotive Paints market is expected to register CAGR of 4.5% during the forecast period.To know about the Research Methodology:-Request Free Sample Report
Automotive Paints Market Dynamics:
Government laws influence the demand for automotive paints, whereas government regulations influence the technology and R&D investments. Similarly, strict emission rules and norms governing paint products, production methods, and the industry's CO2 footprint will drive future growth and advancements in the automotive paints market.

Surface pre-treatment of metal, for example, necessitates the application of paint to the surface in order to improve paint adhesion and corrosion resistance. For these pre-treatment operations, chromate and phosphate conversion coatings (CC) were traditionally used. These coatings produce a lot of volatile organic compounds (VOCs). These coating chemicals are being replaced by low- or non-VOC surface pre-treatments as a result of new non-VOC standards.

Furthermore, due to environmental restrictions such as REACH (Registration, Evaluation, Authorization, and Restriction of Chemicals), the majority of electro-deposition technologies have now transitioned to a lead-free method. Additionally, certain developments in the automotive paints industry, such as lower baking temperature type electro-deposition, high-weathering resistance electro-deposition type paints, and thin film electro-deposition paints, have been introduced into the market to comply with environmental regulations and cater to a variety of metal substrates from various OEMs.

Due to the advantages of waterborne technology, such as less odour in the work environment and improved air quality without sacrificing color-matching capability and performance, the paint technology for basecoat and clearcoat has also transitioned from solvent-borne to aqueous technology.

 
Demand for innovative and environmentally friendly automobile paints is on the rise
Vehicle coatings that are creative and environmentally friendly are in high demand in the automotive sector. As a result, a shift in consumer preference toward eco-friendly paints over traditional paints is a crucial element driving market expansion. This is because eco-friendly paints are aqueous, whereas standard paints are solvent-based. Solvent-borne paints employ petrochemical-based materials that include environmentally hazardous volatile organic compounds (VOCs). VOCs are made up of a range of compounds, some of which might cause short- and long-term health problems. Waterborne paints, on the other hand, are thinned with water, reducing the amount of VOCs they contain dramatically.

Traditional coating application processes, such as air dry varnish, have been replaced by sophisticated technologies such as HVLP and air guns, according to market players. Over the projection period, this replacement would have an impact on market growth. Advanced technologies provide the best transfer efficiency with the least amount of waste, resulting in cost-effective automotive paint solutions. Furthermore, numerous manufacturers have taken crucial methods such as replacing the coat layer with new bi-functional coats and reducing coat thickness, resulting in a shift in traditional automotive paint product lines.

Improved lifestyles, economic growth, and changing buyer preferences, together with an increase in the number of vehicles on the road, have increased the demand for more colour options for customers, which is likely to provide profitable prospects in the automotive paints business.

OEMs and aftermarket customers are both served by the automobile paint business. While OEM demand for paints has increased as vehicle production has expanded, aftermarket demand has increased as consumer preferences have changed and the vehicle fleet has grown. As a result of their increased awareness of major paint brands, consumers are upgrading from local automobile paint manufacturers to premium paint manufacturers such as Axalta, AkzoNobel, and Sherwin-Williams.

Consumer preferences are shifting, and emerging economies are a big part of that. Rapid income growth, growing urbanization, a bigger share of the youthful population, and a spending rather than saving mindset are some of the macro indicators. All of these reasons have contributed to the automobile industry's rapid growth, which is reflected in the automotive market.
Automotive Paints Market Segment Analysis:
Waterborne Technology is dominating the market:

Because of its low VOC emissions and improved performance, waterborne technology has a market value of USD 6.9 billion in the automotive paints and coatings market in 2022. Surfactants keep pigments and synthetic resins spread in water, making waterborne paints possible. Waterborne technology has a number of advantages, including reduced odour in the workplace and enhanced air quality without sacrificing performance or colour matching ability. OEMs and automotive paint suppliers are progressively adopting waterborne technology as developed economies in North America and Europe have already implemented VOC emission requirements.



Because of its durability, high gloss, corrosion resistance, and scratch resistance, polyurethane had roughly 20% of revenue share in 2022. Polyurethane coatings are also used to add strength, glaze windshields and windows, and reduce fogging. The prevalence of numerous texture options and colour shades might be ascribed to the changing inclination of service providers towards the category.

Automotive Refinishing is expected to Grow at a Rapid Pace Throughout the Prediction Period:

External elements such as temperature, as well as damage from accidents, stones, and other debris, are utilized to enhance the appearance and heal the damages caused by automotive refinishing coatings. The refinishing coatings are suitable for aftermarket applications on light cars, buses, heavy-duty trucks, and specialist OEMs, as well as for refinishing automobiles at auto body shops and service facilities. The demand for automotive refinish coatings is being driven by an increased focus on R&D and innovative methods to reduce cycle time, and the reduced cycle time encourages customers to use automotive refinish coatings more frequently, which in turn increases demand for automotive paints and coatings.
Automotive Paints Market Regional Insights:
Asia Pacific Region is expected to dominate the Market owing to Demographic Demands:

Because of its high vehicle production and rising economy, Asia Oceania is predicted to be the largest market for automotive paints. The automotive paints business has progressed in lockstep with the automobile. Both industries are working hard to give their clients with cutting-edge technology and environmentally safe products.

Passenger automobiles account for the majority of total vehicle manufacturing worldwide, as well as in Asia and Oceania. The main market for automotive paints is likely to be passenger cars. Asia and Oceania are also expected to be the most important markets for electric and hybrid automobiles. Due to the rising popularity of hybrid vehicles around the world, the hybrid vehicle market is expected to be the largest for automotive paints.

Consumer preferences for colours are also shifting throughout time. Customers are increasingly gravitating toward organised players as they become more aware of brand names and product quality. Consumers are just changing the paint on their cars to make a fashion statement. OEMs are producing cars in a variety of pleasing hues in response to consumer desire for more colour variation. However, meeting the diverse demands of clients in various areas is extremely difficult for paint makers and OEMs. As a result, businesses must keep to a narrow product selection, which may not be able to meet the needs of all market clients. As a result, the automotive paint business faces a problem in responding to the demands of a vast client base.

The objective of the report is to present a comprehensive analysis of the global Automotive Paints Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Automotive Paints Market dynamic, structure by analyzing the market segments and projecting the Automotive Paints Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Automotive Paints Market make the report investor’s guide.
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Global Automotive Paints Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 10.38 Bn.


Forecast Period 2023 to 2029 CAGR:
4.5%
Market Size in 2029:
US $ 14.13 Bn.


 Segments Covered:
by Coating Type
Primer
Base coat
Clear coat
Electrocoat


by Resin Type
Polyurethane
Other Resins
Epoxy
Acrylic


by Technology
Solvent borne
Waterborne
Powder Coating


by Content Type
Solvent-Borne Clearcoat
Waterborne Basecoat
Waterborne Clearcoat
(Water, Petroleum-based solvents, Resins and Binders, Silicone Polymers, Pigments and Colorants, and Other additives)
E-coat



Automotive Paints Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Automotive Paints Market, Key Players are
1. Akzo Nobel NV (Netherlands)
2. Axalta Coating Systems Ltd. (USA)
3. BASF SE (Germany)
4. Clariant AG (Germany)
5. Solvay (Belgium)
6. DOW Chemical (USA)
7. 3M (USA)
8. KCC (South Korea)
9. The Valspar Corporation (USA)
10. Nippon Paint Holdings Co Ltd. (Japan)
11. The Sherwin Williams Company (USA)
12. PPG (USA)
13. DuPont Coatings & Color Technologies Group (USA)
14. Kansai Paint Co Ltd. (Japan)
15. Valspar (USA)
16. Berger Paints India Limited (india)
17. Bayer AG (Germany)
18. Guangdong Yin Fan Chemistry Co. Ltd. (China)
19. Cabot Corp. (USA)

Frequently Asked Questions:

1] What segments are covered in the Global Automotive Paints Market report?
Ans. The segments covered in the Automotive Paints Market report are based on Coating Type, Technology, Resin Type and Content Type

2] Which region is expected to hold the highest share in the Global Automotive Paints Market?
Ans. The Asia Pacific region is expected to hold the highest share in the Automotive Paints Market.

3] What is the market size of the Global Automotive Paints Market by 2029?
Ans. The market size of the Automotive Paints Market by 2029 is expected to reach US$ 14.13 Bn.

4] What is the forecast period for the Global Automotive Paints Market?
Ans. The forecast period for the Automotive Paints Market is 2023-2029.

5] What was the market size of the Global Automotive Paints Market in 2022?
Ans. The market size of the Automotive Paints Market in 2022 was valued at US$ 10.38 Bn.