Automotive Paints Market Overview
Automotive Paints Market Size was valued at USD 8.6 Billion in 2023. The Global Automotive Paints market industry is projected to grow from USD 8.9 Billion in 2024 to USD 11.24 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.40% during the forecast period (2024 - 2032). Key players are now compelled by strict emission rules to manufacture low-VOC, and sustainable paints are the key market drivers that are boosting the expansion of the market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Paints Market Trends
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Growing compelled by strict emission rules to manufacture low-VOC is driving the market growth.
Market CAGR for Automotive Paints supplements is being driven by the rising number of manufacturers with low-VOC. A vital component used on cars for both protective and aesthetic reasons is automotive paint. The automotive sector is essential to improving the appearance, dependability, and functionality of automobiles as it develops further. Here are some important market insights for automotive paints. These paints usually consist of polyurethane-based enamel, which protects cars from environmental harm while also improving their aesthetic appeal.
Additionally, the car industry is under growing pressure to lessen its environmental impact as environmental legislation and concerns grow. Reducing automotive paints' emissions of volatile organic compounds (VOCs), which significantly contribute to air pollution, is one of the main areas of focus. Governmental organizations around the world are enforcing strict emission standards that require lower VOC content in automobile paints in order to address this issue. The automotive paints sector is being significantly impacted by these strict emission regulations, which are compelling manufacturers to make significant investments in research and development (R&D) to create new, low-VOC paints.
SUVs are very popular because of their greater size and higher driving position, which provide comfort, security, and ample space. They meet a variety of consumer demands for both off-road and urban applications. SUV designs have evolved to become sleeker and more fashionable, appealing to a wider range of consumers than just off-road aficionados. For instance, the Association of Automobile Manufacturers (CAAM) estimates that 5,456,857 automobiles will be produced in 2022, a 24% increase from the 4,399,112 units produced in 2021. Over the projection period, the market is anticipated to benefit from the expanding automotive sector. Thus, result in driving the Automotive Paints market revenue.
Automotive Paints Market Segment Insights
Automotive Paints Type Insights
The Automotive Paints Market segmentation, based on Type, includes Electrocoat, Base coat, First, and Clearcoat. In 2023, the electrocoat segment dominated the market. This is because there is a growing need for automotive and construction & household items, and the worldwide electrocoat market is expected to rise rapidly. The application of a protective coating to metal components by submerging them in an electrically charged solution is called electro-coating.
Automotive Paints Technology Type Insights
The Automotive Paints Market segmentation, based on Technology Type, includes Solvent Borne, Waterborne, and Powder Coating. In 2023, the waterborne category generated the most income. This is due to its significant cost savings and ability to shield vehicles from inclement weather. The waterborne technique also offers great chemical resistance, reduced processing temperatures, and solvent-free coating preparation.
Automotive Paints Resin Type Insights
The Automotive Paints Market segmentation, based on Resin Type, includes Polyurethane, Epoxy, Acrylic, and Other Resin. In 2023, the Epoxy segment dominated the market. This is because it is a thermosetting resin; when it cures, it experiences an irreversible chemical reaction that forms a strong, long-lasting layer. Epoxy resins are renowned for their superior chemical, corrosion, and adherence resistance.
Automotive Paints Texture Type Insights
The Automotive Paints Market segmentation, based on Texture Type, includes Solid Texture, Metallic Texture, Matte Finish Paints, Pearlescent Paints, and Solar Reflective Paints. In 2023, the Solid Texture category generated the most income. Vehicles with solid texture paints have a timeless, traditional look. Solid colors are popular among car buyers because they are classy, straightforward, and low maintenance.
Automotive Paints Content Type Insights
The Automotive Paints Market segmentation, based on Content Type, includes Petroleum-Based Solvent, Resins & Binders, Pigments & Colorants, Silicone Polymers & Other Additives. In 2023, the Petroleum-Based Solvent segment dominated the market. Because they are so affordable, petroleum-based solvents are utilized extensively. They are reasonably priced and easily accessible. By using these solvents, manufacturers can reduce the cost of producing car paints.
Automotive Paints Painting Equipment Type Insights
The Automotive Paints Market segmentation, based on Painting Equipment Type, includes Airless Spray Gun and electrostatic Spray Gun. In 2023, the Electrostatic Spray Gun category generated the most income. This is due to its capacity to increase productivity, reduce paint waste, and enhance overall paint quality; electrostatic spray guns are quickly becoming the standard option for automotive paint applications.
Automotive Paints Vehicle Type Insights
The Automotive Paints Market segmentation, based on Vehicle Type includes Passenger Car, Light Commercial Vehicle, Trucks, and Buses. In 2023, the Light Commercial Vehicle segment dominated the market. This is because of growing e-commerce, last-mile delivery services, and urbanization, and the worldwide LCV market has been growing steadily. The need for automotive paints and coatings increases in line with the number of LCVs on the road.
Automotive Paints EV Type Insights
The Automotive Paints Market segmentation, based on EV Type, includes Battery Electric Vehicle, Hybrid Electric Vehicle, and Fuel Cell Electric Vehicle. In 2023, the Battery Electric Vehicle category generated the most income. The number of new EVs sold globally is increasing dramatically, which is opening up new growth prospects for the automotive coatings industry. Electric vehicles (EVs) market a significant engineering shift from mechanically to chemically powered automobiles.
Figure 1: Automotive Paints Market, by EV Type, 2023 & 2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Paints Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Automotive Paints market area will dominate this market owing to an increasing number of factors, including population growth. In addition, the growing number of established health clubs and fitness facilities will boost market growth in this region. Further, the major countries studied in the market report are South Korea, China, Japan, India, Australia, Germany, France, the UK, Italy, and Spain.
Figure 2: Automotive Paints Market Share By Region 2023 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Europe Automotive Paints market has the second-largest portion of the market. This is due to the large number of automakers in the area. Further, the German Automotive Paints market had the biggest market share, and the UK Automotive Paints market was the European market with the quickest rate of growth.
The Asia-Pacific Automotive Paints Market is anticipated to expand between 2024 and 2032 at the quickest CAGR. This is due to disposable income and rising car affordability, which is predicted to increase the rate of vehicle adoption. Moreover, China’s Automotive Paints market had the biggest market share, and the Indian Automotive Paints market was the Asia-Pacific region's fastest-growing market.
Automotive Paints Key Market Players & Competitive Insights
Leading market players are putting a lot of money into research and development to expand their product lines, which will drive the market for Automotive Paints to expand even further. Additionally, market players are engaging in a range of calculated initiatives to increase their worldwide presence, with important market developments involving the introduction of new products, contracts, M&A transactions, increased investment, and cooperation with other enterprises. To grow and endure in an increasingly cutthroat and dynamic market, the Automotive Paints industry must provide reasonably priced goods.
Manufacturing locally is one of the primary business techniques used by manufacturers to cut operational costs in the global Automotive Paints industry to help customers and expand the market segment. In recent years, the Automotive Paints industry has provided some of the biggest benefits to medicine. Major players in the Automotive Paints market, including US-based PPG Industries LLC, US-based Axalta Coating Systems LLC, Dutch company Akzo Nobel N.V., and German-based BASF SE, are engaging in research and development activities in an effort to boost market demand.
PPG Industries, Inc. is a Fortune 500 American corporation that supplies paints, coatings, and specialty materials all over the world. With its global headquarters located in Pittsburgh, Pennsylvania, PPG has operations in over 70 countries. It is the world's largest coatings company by revenue, trailed only by AkzoNobel. In May 2020, ASC (Adhesives and Sealants Council) Innovation Award winner PPG received recognition for PR 2930, a high-strength, highly-ductile structural adhesive.
An American business called Axalta Coating Systems Ltd., or just Axalta, specializes in coatings for a broad range of industrial uses, materials, and industries, including automobile paints. The business was founded in Bermuda and has its headquarters in Philadelphia, Pennsylvania. Axalta creates and produces coatings for use in refinishing, industry, and light and commercial vehicles. The company employs about 13,000 people, conducts business in 130 countries, and serves over 100,000 clients. In August 2021, Axalta Coating Systems saw Berkshire Hathaway sell out all of its shares.
Key Companies in the Automotive Paints market include
Automotive Paints Industry Developments
June 2023: 3M settled lawsuits alleging that the business contaminated water with persistent naturally occurring substances (PFASs), or "forever chemicals," by agreeing to pay US public water utilities more than $10 billion.
May 2022: Expanding its Automotive Coating Application Center at the Coatings Technologies Center in Mangalore, India, BASF is better able to support its clients.
February 2022: McLaren Racing and AkzoNobel expanded and improved their long-standing partnership.
Automotive Paints Market Segmentation
Automotive Paints Type Outlook
- Electrocoat
- Base coat
- First
- Clearcoat
Automotive Paints Technology Type Outlook
- Solvent Borne
- Waterborne
- Powder Coating
Automotive Paints Resin Type Outlook
- Polyurethane
- Epoxy
- Acrylic
- Other Resins
Automotive Paints Texture Type Outlook
- Solid Texture
- Metallic Texture
- Matte Finish Paints
- Pearlescent Paints
- Solar Reflective Paints
Automotive Paints Content Type Outlook
- Petroleum-Based Solvent
- Resins & Binders
- Pigments & Colorants
- Silicone Polymers & Other Additives
Automotive Paints Painting Equipment Type Outlook
- Airless Spray Gun
- Electrostatic Spray Gun
Automotive Paints Vehicle Type Outlook
- Passenger Car
- Light Commercial Vehicle
- Trucks
- Buses
Automotive Paints EV Type Outlook
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Fuel Cell Electric Vehicle
Automotive Paints Regional Outlook
North America
Europe
- Germany
- France
- UK
- Italy
- Spain
Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
Rest of the World
- Middle East
- Africa
- Latin America
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Report Attribute/Metric
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Details
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Market Size2023
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USD 8.6 Billion
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Market Size 2024
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USD 8.9 Billion
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Market Size2032
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USD 11.24 Billion
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Compound Annual Growth Rate (CAGR)
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3.40% (2024-2032)
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Base Year
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2023
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Market Forecast Period
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2024-2032
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Historical Data
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2019- 2022
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Market Forecast Units
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Value (USD Billion)
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Report Coverage
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Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
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Segments Covered
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Type, Technology Type, Resin Type, Texture Type, Content Type, Painting Equipment Type, Vehicle Type, EV Type and Region
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Geographies Covered
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North America, Europe, AsiaPacific, and the Rest of the World
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Countries Covered
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Brazil, South Korea, China, Japan, India, Australia, Germany, France, UK, Italy, and Spain
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Key Companies Profiled
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US-based PPG Industries LLC, US-based Axalta Coating Systems LLC, Dutch company Akzo Nobel N.V., and German-based BASF SE
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Key Market Opportunities
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· Environmental concerns and sustainability
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Key Market Dynamics
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· Growing demand compelled by strict emission rules to manufacture low-VOC
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Frequently Asked Questions (FAQ) :
The Automotive Paints Market size was valued at USD 8.6 Billion in 2023.
The global market is projected to grow at a CAGR of 3.40% during the forecast period, 2024-2032.
North America had the largest share in the global market.
The key players in the market are US-based PPG Industries LLC, US-based Axalta Coating Systems LLC, Dutch company Akzo Nobel N.V., and German-based BASF SE, among others.
The Petroleum-Based Solvent category dominated the market in 2023.
The Electrostatic Spray Gun had the largest share in the global market.
