Automotive Paints Market Size, Share, Growth Analysis Report 2032

Automotive Paints Market Insights

According to a report from Zion Market Research, the global Automotive Paints Market was valued at USD 8.92 Billion in 2023 and is projected to hit USD 13.31 Billion by 2032, with a compound annual growth rate (CAGR) of 4.1% during the forecast period 2024-2032.

This report explores market strengths, weaknesses, opportunities, and threats. It also provides valuable insights into the market's growth drivers, challenges, and prospects that may emerge in the Automotive Paints Market industry over the next decade.

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Automotive Paints Market: Overview    

Automotive paints are sprayed on automobile surfaces with the assistance of a spray gun. This paint comprises additive pigments, color pigments, binder, and thinner. These are responsible for imparting the necessary viscosity, leveling, appearance, and flexibility to automotive paints. The paint is used in a temperature-controlled environment to quicken the drying process. The automotive paints increase the endurance of the parts of the vehicle and enable them to withstand extreme temperature conditions.

The increase in automobile and automotive sector production and the rise in demand for eco-friendly paints are the major factors fuelling the growth of the market. On the contrary, fluctuations in raw material prices limit the growth of the market.

COVID-19 Impact Analysis

The global automotive paints market has witnessed a decrease in the sales of vehicles due to the lockdown enforcement placed by various governments to contain COVID-19 spreading. People had no option but to remain indoors, so the sales of vehicles had decreased drastically.

The restrictions imposed by various nations to contain COVID had stopped the production resulting in a disruption across the whole supply chain. However, the world markets are slowly opening to their full potential and theirs a surge in demand for vehicles and accessories. The market will remain bullish in the upcoming year.  

Automotive Paints Market: Dynamics

An increase in vehicle production in countries including China, India, Japan, Indonesia, South Korea, the U.S., and Germany along with the aging of vehicles is likely to upsurge the growth of the market. This trend is likely to remain dominant over the forecast period. Furthermore, demand for automotive paints is anticipated to grow on account of increasing demand for innovative and specialty products in the automobile sector.

Moreover, rising demand for eco-friendly coatings such as powder coatings, UV-cured coatings, and waterborne coatings in emerging economies is anticipated to boost the market in the coming years. However, key raw materials like titanium oxide, pigments, additives, and resins face supply imbalances and price variations, which may affect cost and result in the upswing of automotive paint market prices.

Automotive Paints Market: Report Scope

Automotive Paints Market: Segmentation Analysis

The automotive paints market has been segmented based on vehicle type, coat type, technology, texture, and region.

On the basis of technology, the segment market is classified into solvent, waterborne, and powder coating. In 2023, Solvent-borne coatings dominated the market and accounted for around 44.5% of the total volume. Solvent-borne technology is expected to sluggishly grow owing to stringent regulations on VOC emissions, particularly in the developed regions.

Based on coat types, the market is further divided into a base coat, clear coat, a primer coat, and electro coat. Basecoat is likely to grow over the forecast period owing to the only paint type that consists of colors. The coat has maximum contribution in terms of value, as it consists of actual visual properties of color and effects.

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Automotive Paints Market: Competitive Analysis

Some of the major players in the global Automotive Paints market include:

• BASF SE
• Akzonobel N.V.
• PPG Industries Inc.
• Kansai Paint Co., Ltd.
• Paint Holdings Co., Ltd
• Nippon
• Valspar Corporation
• Arkema SA

The global Automotive Paints Market is segmented as follows:   

By Vehicle Type

• Light Commercial Vehicles
• Heavy Commercial Vehicles
• Passenger Cars

By Coat Type

• Electro coat
• Primer
• Basecoat
• Clear coat

By Technology

• Solvent
• Waterborne
• Powder Coating

By Texture

• Solid
• Metallic

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa