Automotive Paints Market Size, Share & Industry Analysis, By Paint Type (Powder Coating., Solvent-Borne., Waterborne., Others.), By Resin Type (Polyurethane., Epoxy., Acrylic., Others.) And Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
Paints provide rich texture to the vehicles; it also offers aesthetic appearance to the interior and exterior of the vehicle. It also protects the vehicle from unwanted dirt, acidic rains, UV rays, corrosion, and oxidation. Automotive paints consist of a thinner, pigment, and binder. Most of the vehicles use a flat coat, which is further covered by a coat, and then a final clear coat to provide a consistent and aesthetic finish. Automotive paints also play an important
Factors such as increasing demand for automobiles and the adoption of eco-friendly paints are expected to drive the growth of the market. For instance, several products such as thin-film electro-deposition paints, high-weathering resistance electro-deposition type paints, and lower baking temperature type electro-deposition have been introduced in the automotive industry to fulfill the various environmental regulations. However, the presence of solvents such as toluene in the paints that release volatile organic compounds (VOC) and harm the environment and the rise of raw material prices are expected to hamper the growth of the market.
Key Market Driver -
The rise in demand for vehicles with rich texture, aesthetic finish and glossy looks with increased disposable income of the consumers are expected to drive the growth of the market.
Key Market Restraint -
The factors such as presence of solvents such as toluene in the paints which release VOC (volatile organic compounds) harm the environment which is expected to hamper the growth of the market.
Market Segmentation:
The global automotive paints market is segmented by paint type, resin type, and geography. Based on paint type, the market is further sub-segmented powder coating, solvent-borne, waterborne, and others. The powder coating segment held the largest share of the market in 2020. They are environmentally friendly as these paints don’t use wet paints and hence do not release any harmful compounds into the environment. These paints are also cheaper in cost and provide an aesthetic finish, which is expected to drive the growth of the segment. Based on resin type, the market is segmented into polyurethane, epoxy, acrylic, and others. The polyurethane automotive coating segment is expected to dominate the market during the forecast period. Factors such as the rise in implementation of polyurethane in clear coats and basecoats to improve the sturdiness of the coats, improved protection from scratches, and better appearance are anticipated to drive the growth of the segment.
Key Players:
Major players operating in the global automotive paints market include PPG, BASF SE, Dupont, Solvay, Clariant, Axalta Coating Systems, LLC., Nippon Paint Holdings Co., Ltd., The Sherwin-Williams, Akzo Nobel N.V, and Kansai Paint Holdings Co., Ltd., among others.
Key Insights
- New Advancements in Automotive Paints Market.
- Number of Products, Key Countries, 2020
- New Product Launches, Key Players
Regional Analysis:
Geographically, the global automotive paints market is segmented into North America, Europe, Asia Pacific, and the rest of the world. Asia Pacific held the largest share of the market in 2020. Factors such as the presence of manufacturing sites for major OEMs in the region and increased demand for passenger cars in the countries such as India and China are expected to drive the growth of the market. North America is expected to show steady growth during the forecast period. This can be attributed to the increased production of electric passenger vehicles in the region and growing trend of consumers towards vehicles with rich texture, aesthetic finish, and glossy look. Europe is expected to show substantial growth in the market during the forecast period owing to higher disposable incomes of consumers in the region and increasing focus of the EU and major OEMs in the region on domestic production.
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Segmentation
ATTRIBUTES | DETAILS |
By Paint Type |
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By Resin Type |
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By Geography |
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- Ongoing
- 2023
- 2019-2022
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