The global automotive paint market size is projected to witness an above-average growth over the next couple of years. Demand for automotive paints is growing due to constant improvements in their properties and functionalities. Today, automotive paints are not only used for the beautification of the vehicles but also to enhance surface durability.
Automotive paints increase the endurance of metal and aluminium parts of a vehicle, enabling them to withstand extreme environmental conditions such as heat, acid, UV radiation, and dust particles. Moreover, automakers are channelizing efforts to improve overall car coat and painting techniques.
Several layers of paint and coating are applied on modern vehicles, which can reach thickness of nearly 100 µm (0.1mm). In order to ensure proper application of automotive paint, most manufacturers follow a highly systematic and precautious preparation procedure. Automotive paints usually comprise a combination of coating layers, which include primer paint, basecoat, and clearcoat.
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- Sherwin-Williams Company
- Akzo Nobel N.V.
- Valspar Corporation
- BASF SE
- PPG Industries
- NIPPON PAINT
- Kansai Paint Co., Ltd.
- Axalta Coating Systems Ltd
- DuPont Coatings & Color Technologies Group
- Clariant AG
Automotive Paint Market Trends
Surging Automotive Sector: Global sales of automotive paint are increasing owing to rising production of vehicles, coupled with robust growth of the automotive sector in countries such as Brazil, China, Mexico, India, and South Korea.
In addition, growing trends of automotive restorations and refurbishing are likely to reflect favourably on the sales prospects of automotive paints in the aftermarket vertical. At the same time, rapid adoption of advanced powder coating and thermal spray technologies is likely to boost the growth of the global automotive paint market.
Reduction of Emission-producing Products: Companies that manufacture automotive paints are focusing on the development of products that are eco-friendly. This is primarily due to increasing concerns over emission of toxic gasses in the environment. The automotive sector is under pressure to reduce the effects of their products that contribute to environmental degradation.
Moreover, government organisations and environmental bodies are encouraging the utilization of technologies that help in lowering emission levels. Hence, companies are shifting towards painting and coating products that are non-toxic.
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Regional Outlook of Automotive Paint Market
In terms of revenue, North America is expected to hold the top spot as far as global automotive paint market share is concerned. Existence of a massive automotive sector is substantiating the growth of the automotive paint market in North America. During the forecast period of 2020 to 2030, the region’s market is projected to exhibit an impressive growth as compared to other regions.
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COVID-19 Impact on Automotive Paint Market
The COVID-19 pandemic has led to almost all countries, economies, and industries going into declining growth. Lockdowns, travel and trade restrictions and regulations, suspension of manufacturing activities due to labor shortage, and reduced demand across sectors are being witnessed throughout the world.
With the COVID-19 crisis putting the brakes on regular economic activities, sales of new vehicles have plunged across the globe, thereby badly impacting the automotive paint market too. As lockdowns and restrictions ease with the containment of the virus, and manufacturing picks pace, the automotive paint market will go back to its original growth trajectory.
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A detailed view of the global automotive paint market has led our analysts to conclude that, the market is projected to expand at a steady CAGR of around 5% over the forecast period of 2020 to 2030. North America will play a leading part in this growth, with metallic finish paint witnessing high demand from end users. Players in the automotive paint market can also look to solvent-borne paint bases for increased returns and profits.
Key Segments of Automotive Paint Market
PMR’s study on the automotive paint market is divided into five significant segments – coating, finish, vehicle, paint base, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters related to these categories.
Key Questions Answered in PMR’s Automotive Paint Market Report
- Which region is anticipated to hold a prominent market share in the global automotive paint market over the forecast period?
- What will be the key driving factors propelling the demand for automotive paint during the forecast period?
- How will current trends impact the automotive paint market?
- Who are the significant market participants in the automotive paint market?
- What are the crucial strategies of prominent players in the automotive paint market to upscale their positions in this landscape?