Automotive Paints Market is predicted to reach USD 11.24 billion at a CAGR of 3.40% during the forecast period 2023-2032

Market Research Future (MRFR) has published on the “Global Automotive Paints Market”.

Paints market is estimated to register a CAGR of 3.40% during the forecast period of 2024 to 2032.

MRFR recognizes the following companies as the key players in the global Automotive Paints market— PPG Industries LLC. (US), Axalta Coating Systems LLC, (US), Akzo Nobel N.V. (Netherlands), BASF SE (Germany), The Sherwin Williams Company (US), Valspar (US), DOW Chemical (US), 3M (US), and KCC (South Korea.

Market Highlights

The global Automotive Paints market is accounted to register a CAGR of 3.40% during the forecast period and is estimated to reach USD 11.24 billion by 2032.

R&D efforts are mostly focused on creating novel technologies that drastically lower volatile organic compound (VOC) emissions from vehicle paints. This includes developments in waterborne paints, which emit fewer volatile organic compounds (VOCs) because they use water as the main solvent rather than more conventional organic solvents. Cars are now safer than ever thanks to new safety features including automated emergency calling (eCall), pedestrian detection systems, and advanced driver assistance systems (ADAS). As a result, there are fewer accidents, which in turn is limiting the market's expansion for automobile refinishing.

Browse In-depth Detailed Research Report [Table of Content, List of Figures, List of Tables] of Global Automotive Paints Market

Segment Analysis

The global Automotive Paints market has been segmented based on Type, Technology Type, Resin Type, Texture Type, Content Type, Painting Equipment Type, Vehicle Type and EV Type.

Based on Type, the market is segmented into Electrocoat, Base coat, First, Clearcoat. The Electrocoat segment was expected to hold the largest market share in 2023. This is a result of the rising demand for home, automotive, and construction supplies.

Based on Technology Type, the global Automotive Paints market has been segmented into Solvent Borne, Waterborne, and Powder Coating. The Waterborne segment was expected to hold the largest market share in 2023. This is because it can protect automobiles from bad weather and offers significant cost savings.

Based on Resin Type, the global Automotive Paints market has been segmented into Polyurethane, Epoxy, Acrylic, and Other Resin. The Epoxy segment was expected to hold the largest market share in 2023. This is because epoxy resins have an excellent reputation for being more resistant to chemicals, corrosion, and adhesion.

Based on Texture Type, the global Automotive Paints market has been segmented into Solid Texture, Metallic Texture, Matte Finish Paints, Pearlescent Paints, and Solar Reflective Paints. The Solid Texture segment was expected to hold the largest market share in 2023. This is because vehicles painted with solid texture paints have a classic, ageless appearance.

Based on Content Type, the global Automotive Paints market has been segmented into Petroleum-Based Solvent, Resins & Binders, Pigments & Colorants, Silicone Polymers & Other Additives. The Petroleum-Based Solvent segment was expected to hold the largest market share in 2023. This is because they are widely used and quite inexpensive.

Based on Painting Equipment Type, the global Automotive Paints market has been segmented into Airless Spray Gun, Electrostatic Spray Gun. The Electrostatic Spray Gun segment was expected to hold the largest market share in 2023. This is because of its ability to boost output, cut down on paint waste, and improve paint quality overall.

Based on Vehicle Type, the global Automotive Paints market has been segmented into Passenger Car, Light Commercial Vehicle, Trucks, and Buses. The Light Commercial Vehicle segment was expected to hold the largest market share in 2023. This is because the global LCV market has been expanding gradually, owing in part to increased e-commerce, last-mile delivery services, and urbanization.

Based on EV Type, the global Automotive Paints market has been segmented into Battery Electric Vehicle, Hybrid Electric Vehicle, Fuel Cell Electric Vehicle. The Battery Electric Vehicle segment was expected to hold the largest market share in 2023. This is due to the sharp rise in new electric vehicle sales occurring worldwide, which is creating new growth opportunities for the automotive coatings sector.

Regional Analysis

The global Automotive Paints market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Automotive Paints market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Automotive Paints market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Automotive Paints market comprises of Middle East, Africa, and Latin America.

The largest market share for Automotive Paints was maintained by the North American regional sector. This increase is attributed due to demand for automobiles, particularly in North America, has significantly increased, according to the automotive industry. This tendency has been influenced by a number of factors, including population growth, the expansion of the middle class, and better economic conditions. The demand for automotive paints to improve appearance and preserve surfaces has increased as more people buy cars. The use of polyurethane paints is anticipated to increase as laws governing VOC emissions in vehicle painting become more stringent.

Moreover, the Europe market has been persistently growing over the forecast period. The demand for Automotive Paints is driven by the market for automotive paints and coatings are anticipated to increase in Europe because of the large number of automakers in the area. Furthermore, the region actively pursues notable mergers and acquisitions among industry participants, hence intensifying competition among them.

Additionally, It is projected that Asia Pacific will provide significant growth during the projected timeframe. Growing disposable income and rising car affordability, which is predicted to increase the rate of vehicle adoption, are the main drivers of the region's growth. Simultaneously, the expansion of production facilities in Asian countries by global players is contributing to the growth of the area.

Furthermore, the rest of the world's Automotive Paints market is divided into the Middle East, Africa, and Latin America. This growth is attributed to the rising they use water as the main solvent rather than more conventional organic solvents. Government support, a rise in investor interest, and the viability of the technology in the sector are all contributing factors to the market expansion.

Key Findings of the Study

• The global Automotive Paints market is expected to reach USD 11.24 billion by 2032, at a CAGR of 3.40% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market due to the rising car affordability, which is predicted to increase the rate of vehicle adoption, are the main drivers of the region's growth.


• Based on Vehicle Type, the Light Commercial Vehicle segment was expected to hold the largest market share in 2023.


• PPG Industries LLC. (US), Axalta Coating Systems LLC, (US), Akzo Nobel N.V. (Netherlands), BASF SE (Germany), The Sherwin Williams Company (US), Valspar (US), DOW Chemical (US), 3M (US), and KCC (South Korea) are the key market players.