Overview and Scope
Automotive paint refers to specialized coatings used to protect and decorate vehicles. These paints serve aesthetic and functional purposes, providing a glossy finish while protecting the vehicle’s metal or composite body from corrosion, UV radiation, and other environmental damage.
Sizing and Forecast
The automotive paint market size has grown strongly in recent years. It will grow from $14.87 billion in 2023 to $15.65 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to a rise in automotive production, a rise in consumer preferences for aesthetically pleasing vehicles, a rise in stringent environmental regulations, a shift towards lightweight materials, and an expansion of aftermarket services.
The automotive paint market size is expected to see strong growth in the next few years. It will grow to $19.44 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to the growing electric vehicle market, rise in digitalization in vehicle design, expansion of shared mobility services, rising focus on sustainable solutions, and expansion of automotive customization services. Major trends in the forecast period include advancements in coating technologies, development of eco-friendly solutions, integration of advanced color matching technologies, emphasis on surface protection and maintenance, advancements in digital color matching technologies, and developments in smart coatings.
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Segmentation & Regional Insights
The automotive paint market covered in this report is segmented –
1) By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles
2) By Coating: Primer, Base Coat, Clear Coat, Electrocoat
3) By Technology: Waterborne Coating, Solvent-Borne Coating, Powder Coating
4) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
Asia-Pacific was the largest region in the automotive paint market in 2023. The regions covered in the automotive paint market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing vehicle production is expected to propel the automotive paint market going forward. Vehicle production refers to manufacturing automobiles, from the initial design and engineering stages to the final assembly of components into finished vehicles ready for sale and distribution. The increasing vehicle production can be attributed to rising global demand for automobiles, the expansion of transportation infrastructure, and growing urbanization. Automotive paint is indispensable in vehicle production, offering aesthetic enhancement, protection, brand differentiation, corrosion resistance, and manufacturing efficiency benefits that contribute to the overall quality and success of automotive products. For instance, according to the European Automobile Manufacturers Association, a Belgium-based association, around 85.4 million motor vehicles were produced worldwide in 2022, an increase of 5.7% compared to 2021. Therefore, an increase in vehicle production is driving the automotive paint market.
Key Industry Players
Major companies operating in the automotive paint market are BASF SE, Dow Chemical Company, 3M Company, Henkel AG And Co. KGaA, Sherwin-Williams Company, Covestro AG, PPG Industries, Akzo Nobel N.V., Eastman Chemical Company, Nippon Paint Holdings Co. Ltd., Masco Corporation, RPM International Inc., Clariant AG, KCC Corporation, Axalta Coating Systems Ltd., Cabot Corporation, Asian Paints Limited, Kansai Paint Co. Ltd., Hempel A/S, Berger Paints India Limited, Teknos Group, SK Kaken Co. Ltd., Yip’s Chemical Holdings Limited, Matrix System Automotive Finishes, Cresta Paint Industries Ltd.
The automotive paint market report table of contents includes:
1. Executive Summary
2. Automotive Paint Market Characteristics
3. Automotive Paint Market Trends And Strategies
4. Automotive Paint Market – Macro Economic Scenario
5. Global Automotive Paint Market Size and Growth
…..
32. Global Automotive Paint Market Competitive Benchmarking
33. Global Automotive Paint Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Automotive Paint Market
35. Automotive Paint Market Future Outlook and Potential Analysis
36. Appendix
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