0

Automotive Paints Market Expected to Reach $29.7 Billion by 2031—Allied Market Research

 
2022
Automotive Paints Market

Report Code : A00563

quote By vehicle type, the passenger cars segment dominated the global automotive paints market in 2021, in terms of revenue. However, the metallic texture type appears to be the most lucrative segment owing to its growing popularity. By sales channel, the OEM segment is expected to lead the market growth during the forecast period. Asia-Pacific was the highest revenue contributor in 2021 and it is anticipated to maintain its dominance till 2031. quote

Prateek Yadav - Lead Analyst
Automotive and Transportation at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a new report published by Allied Market Research, titled, “Automotive Paints Market," The automotive paints market was valued at $20.5 billion in 2021, and is estimated to reach $29.7 billion by 2031, growing at a CAGR of 4.1% from 2022 to 2031.

Presently, the global automotive paints market is dominated by Asia-Pacific followed by Europe, North America, and LAMEA. In Asia-Pacific, the market is mainly driven by China, owing to the optimistic automotive sector scenario. In North America, the U.S. is expected to witness considerable growth in the automotive paints industry during the forecast period.

Automotive paint is used on automobiles for both protective and decorative purposes, automotive paint is sprayed on automobile surfaces with assistance of a spray gun. These paints consist of polyurethane-based enamel, which protects surface from environmental damage, thus enhancing aesthetics of motor vehicles. The process of automobile painting comprises defined steps to ensure application of protective and efficient coating. Parts and body panels of automobiles are arranged into a temporary assembly known as body-in-white (BIW). Subsequently, automotive paint is applied in a temperature-controlled environment to accelerate the drying process. Multiple stages of application are done to ensure integrity of the paintwork for an extended period.

In addition, key manufacturers have carried numerous developments in the global automotive paints market. For instance, in May 2022, Axalta Coating Systems, one of the largest suppliers of automotive paints and coatings solutions launched its new range of primers Alesta ZeroZinc in Europe, the Middle East, and Africa. Thus, high use and development in primers are expected to drive demand for primers during the forecast period.

In addition, in October 2020, the Sherwin-Williams company launched its Pro Industrial Pre-Catalyzed Water-based Urethane, which is based on waterborne technology. The Pro Industrial Pre-Catalyzed Water-based Urethane offers excellent UV resistance, excellent gloss & color retention, easy application & cleanup and it is also suitable for use in USDA-inspected facilities.

Factors such as increase in automobile production and surge in demand for eco-friendly automotive paints are the key factors that drive growth of the global automotive paints market. However, rise in prices of raw materials to manufacture automotive paints hinder growth of the market. On the contrary, increase in focus to produce cost-effective automotive paints is anticipated to offer remunerative growth opportunities for the player operating in the market.

The global automotive paints market is segmented into the coating, texture type, technology, vehicle type, and region. Depending on coating, the market is classified as a primer, base coat, clear coat, and electrocoat. By texture type, it is categorized into solid, metallic, pearlescent, and others. On the basis of technology, it is segregated into waterborne coatings, solvent-borne coatings, and powder coatings. As per vehicle type, it is fragmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

COVID-19 Impact Analysis:       

According to the International Labor Organization (ILO), it is estimated that factory closures in Europe and North America caused some 2.5 million vehicles to be removed from production schedules at a cost of $77.7 billion in lost revenue for automotive and related manufacturing companies such as automotive paints, and other component industries.

In addition, in 2020, paints and coatings prices were high in Asia-Pacific. Price rise was attributed to continuous regional demand trends and tight product availability. Firm downstream demand for paints & coatings and stronger upstream costs are expected to sustain the price gain. However, rise in awareness for using eco-friendly products among citizens of both developed and developing economies propel popularity of paints and coatings with minimal or no volatile organic compounds (VOCs) emissions in various end use sectors post COVID-19 scenario.

KEY FINDINGS OF THE STUDY

  • By vehicle type, the passenger cars segment dominated the global automotive paints market in 2021, in terms of revenue
  • By technology, the powder coatings segment is expected to register highest growth, registering a CAGR of 8.3% during the forecast period
  • By coating, the clear coat segment dominated the global automotive paints market in 2021, in terms of revenue
  • By texture type, the metallic segment is expected to register the fastest growth, registering a CAGR of 5.0% during the forecast period
  • By sales channel, the OEM segment dominated the global automotive paints market in 2021, in terms of revenue
  • By region, Asia-Pacific dominated the global automotive paints market in 2021 in terms of market share

The key players operating in the global automotive paints market are BASF SE, PPG, Akzo Nobel N.V, Axalta Coating Systems, LLC, The Sherwin-Williams, Kansai Paint Co., Ltd, Nippon Paint Holdings Co., Ltd., DuPont, Clariant, Solvay, and others.

 

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
 
 

First time buyer?
Check offers and discount on this report
To get this report

Click Here
 
 

quote Automotive Paints Market by Vehicle Type (Passenger cars, Light commercial vehicle, Heavy commercial vehicle), by Technology (Waterborne Coatings, Solvent Borne Coatings, Powder Coatings), by Coating (Primer, Base coat, Clear coat, Electrocoat), by Texture Type (Solid, Metallic, Pearlescent, Others), by Sales Channel (OEM, Aftermarket): Global Opportunity Analysis and Industry Forecast, 2021-2031 quote

View Report
 
 

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

WHY ALLIED MARKET RESEARCH?

INFLALLIBLE METHODOLOGY

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

ANALYST SUPPORT

For complete satisfaction

CUSTOMIZATION

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 

Buy Full Version
"Automotive Paints Market"
Purchase Enquiry

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of the scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save the time of readers