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The global automotive paint market was valued at US$ 18023.8 Mn in 2021 and is estimated to grow the revenue of US$ 23,244.2 Mn by the end of the year 2027. In terms of value and volume, the global automotive paint market size recorded sustainable growth at a CAGR of 4.3% and 4.0% respectively.
The automotive paint market growth is attributed to numerous factors such as increasing production of vehicles and higher usage of polyurethane paints. As per American Coating Association, in 2018, Urethane resins held approximately 21% of the global demand for resins in coatings. Usage of polyurethane resins has been growing over the past several years due to their performance properties and ability to be used in lower VOC (Volatile Organic Compound) formulations. This in turn has supported the market demand for Urethane Paint and usage of waterborne paints and primers, which reduces VOC emission and workers' exposure to dangerous air pollutants. Powder coating emits no VOC emissions and has very low toxic aspects. Operating costs for a powder line are significantly lower than for liquid lines. As a result, powder coatings are gaining popularity and in the North America region, powder coating has emerged as the fastest-growing finishing technology.
The report of the global automotive paint market provides the automotive paint market growth over the forecast period 2017-2027, highlighting COVID – 19 impact on the market and subsequent recovery. The report presents a detailed and comprehensive study of the market across 24 chapters, totaling 442 pages, with 185 data tables and 224 figures.
The research report provides a detailed analysis of the global automotive paint market growth and opportunity related to the market considering all the growth factors and challenges such as regulations against VOC emissions by the European parliament in 2004, article 13 of The Paint Directive. The regions analyzed and tracked in the research report include North America, Europe, Asia Pacific, Middle East Africa, and South America.
Geographically, Asia Pacific holds the highest share in revenue terms of the global market clocking close to 58% share globally. The region is projected to maintain its dominance in the market because of the fast pace of economic activity and technological improvements in the region.
The report also includes an analysis of the market based on various segments such as By Type. Based on the type of paints, Clearcoat has the largest market share in the automotive paint market amounting to 37%. It has a higher preference because it offers the car a shinier and deeper appearance while also protecting the paint from the sun and UV rays. As per the research study, it is expected that the Electrocoat segment will have the highest annual growth rate of close to 5% during the forecast period from 2022 to 2027. By Technology, the waterborne segment holds the highest share exceeding 65% of the global market in 2020. In terms of Resin type, in 2020, polyurethane segment held close to 45% of the global market share, while the basis Texture, Metallic segment held the highest market share the same year. By Vehicle Type, the Passenger Cars segment holds the highest share exceeding 70% of the global market in 2020, with the majority of sales attributable to OEMs distribution channel. However, aftermarket demand too closely competes with the OEM channel, adding up to 50% of the global market share in the same year.
The global automotive paint market provides a 360 view on the global market covering recent developments in the industries, supply chain management, global market size, regional analysis, global market growth analyses, and opportunity in the market.
The global automotive paint market report provides our readers with the growth opportunity related to automotive paint such as increasing production of vehicles. The global production of motor vehicles is increasing which is supporting the automotive paint market growth. For instance, in 2019, the top five car-producing countries were China, the United States, Japan, Germany, and India. As per the research, China, Europe, and North America contributed to 25.6%, 17.1%, and 11.4% respectively in 2020, taking into consideration the COVID – 19 related supply chain impacts.
The report also provides price analysis by region from 2017 to 2027. wherein, in 2020, the average pricing of Europe is higher than other regions and it is projected that it will grow by 7.02 base points in the forecast period.
Further, the report details analysis related to Covid – 19 impact, market growth dynamics, and the threats from substitute products such as Car Wraps, PPFs, Ceramic Coating, Paint correction techniques. These potential substitutes are available in the market which is cost-friendly and less time-consuming than the complete repainting process, which can act as a threat to the industry. Further, the report provides an analysis for which key players hold the highest market share in the global automotive paint market.
The global automotive paint market report shows the market was severely affected when the covid-19 outbreak increased. The global sales of automobiles dropped about 14% to 77.9 million units in 2020. This led to decreased manufacturing and use of automotive paints. Around various parts of the world, the recovery phase from covid-19 has already started. With relaxation in the lockdown rules and regulations, companies are starting their production again. For example, Axalta has invested to expand its existing plant in China to enhance its production.
The report provides a graphical representation of covid – 19 and followed pandemic, which shows a V-shaped curve highlighting the decline in the production of vehicles in 2020 but as per the increasing demand of vehicles, the market is seen to recover with an increasing rate during the short-term.
The global automotive paint market report covers several company profiles. Details covered for key players in the automotive paint market includes Recent Developments, Business Overview, Company Financials, Key Officials, List of Products, and Strategy Outlook. The key players in the report are 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, The Sherwin-Williams, and Valspar Corporation.
The global automotive paint market is observed to be Oligopolistic and is projected to maintain the same nature during the forecast period. Companies like PPG, Axlata, AkzoNobel, Nippon hold the highest market share across the globe collectively raking more than 60% share.
** In-depth Segment level market analysis included
|Market Size Value in 2021||US$ 18,023.8 Mn|
|Expected Revenue in 2027||US$ 23,244.2 Mn|
|Unit||Value (USD Mn)|
|Segments covered||By Type, By Technology, By Resin, By Texture, By Vehicle, By Channel, and Region|
|Regional Scope||North America; Europe; Asia Pacific; Middle East & Africa; South America|
|Key Companies||3M, Akzo Nobel N.V, Axalta Coating Systems, LLC, BASF SE, and other prominent players.|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
The Global Automotive Paint market generated a revenue of US$ 118,023.8 million in 2021.
In terms of volume, the Global Automotive Paint market recorded production of 2752.65 million liters in the year 2021.
Clearcoat, Electrocoat, Primer and Basecoat are four types of automotive paint included in the report.
In 2020, Clearcoat held close to 40% share of Global Automotive Paint market and generated approximate revenue of US$ 6.5 billion.
Solvent borne, Waterborne and Powder Coating are some of the technologies used in the automotive paint industry. In 2020, Waterborne held the highest market share, exceeding 65%.
PPG, Axlata, AkzoNobel, BASF SE, 3M, DuPont Coatings & Color Technologies Group, Kansai Paint Co., Ltd., Nippon Paint Holdings Co., Ltd., Valspar Corporation are some of the market players in the automotive paint market.
The global sales of automobiles dropped about 14% to 77.9 million units in 2020. This led to decreased manufacturing and use of automotive paints
Waterborne segment is contributing to more than half of the market share in the year 2020.
Asia Pacific holds about 60% of the global automotive paint market share in 2020.
The automotive paint market is estimated to grow at a CAGR of 4.3% during the forecast period of 2022-2027.
Metallic is the most popular texture with market share of nearly 60%.
During the forecast period, Asia Pacific has the highest growing potential with CAGR of 5.0%.
Passenger Cars holds highest share of approximately 70% of the Global Automotive Paint market.