Automotive Paint Market Analysis by Coating (Primer, Base, E-Coat, Clear, and Electro Coat); by Texture (Solid, Metallic, Pearlescent, and Others); by Technology (Water-borne, Solvent-borne, and Powder Coatings); by Resin (Polyurethane, Epoxy, Acrylic, and Others); by Channel {Original Equipment Manufacturer (OEMs), and Aftermarket}; and by Vehicle (Passenger Cars, Light, and Heavy Commercial Vehicle) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

Global Automotive Paint Market Size, Forecast, and Trend Highlights Over 2022 - 2031

The global automotive paint market is estimated to garner a revenue of USD23billion by the end of 2031 by growing at a CAGR of ~5% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of USD 18billion in the year 2021. Increasing vehicle production, the rise of consumer awareness, and advancements in the technology of painting are estimated to boost the growth of the market size during the forecast period. The covid impact has decreased the growth since 2019 and again boosted in 2021.In 2021, more than 9 million motor vehicles were produced in the U.S., while over 78 million vehicles were manufactured across the world.

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The upsurge in innovative and eco-friendly automotive paints and demand for the aesthetic and glossy look are expected to boost the growth of the market trends during the forecast period. In 2017, the value of total automotive paints produced was around USD 8.5 billion globally. This is estimated to increase to over USD 10 billion by 2025.The resale value of old cars is increased with the colors of paint. Textured paints are a new trend to bring owners a tactile and visual experience.

Global Automotive Paint Market: Growth Drivers and Challenges

Growth Drivers

• Rise in GlobalAutomobile Production –The robust growth of the automotive industry is the key factor for the growth of the market size during the forecast period. As of 2020, the global light-duty vehicle fleet comprises over 1 billion vehicles.
• Growing Demand for Innovative and Eco-Friendly Paints – The automotive manufacturing industry is witnessing a high demand for innovative and eco-friendly paints, which is a key growth driver for the growth of the market during the forecast period. Eco-friendly water-based paints are developed with less toxicity of lead to reduce the exposure of repainting workers to metals. According to various research, eco-friendly paints with lead concentrations range from 0.25 μg/g to 107,928 μg/g are being increasingly manufactured, as a result of this shift amongst consumers.
• Higher Expenditure for Vehicle Maintenance –People are spending more to keep their vehicles in good condition. The expenditure on maintaining a vehicle raised to more than USD 2,000 in 2019 from 1000 in 1997 i.e., about 85% with a 3% growth per year. Moreover, the demand for a classy and elegant look for the vehicle is also estimated to boost the market growth.New colors are developed such as dark seltzer, redolent red, and abstraction blueto give depth and class to the cars.
• High Use of Polyurethane Paints –The high durability standards of solvent-based polyurethanes are replaced by water-based polyurethanes to protect the environment and decrease solvent exposure. The good substrate adhesion, abrasion resistance, toughness, and protection from corrosion increased the demand for use of polyurethane paints market. Urethane resins contribute to 20% of the demand for resins across the globe.
• Growing Resale Market – With the decreased price of new cars in resales and growing resale platforms, consumers are more interested to get used cars. In fact, the value of used car salewasapproximately USD1.25 trillion in 2020.

Challenges

• Emission of Volatile Organic Compounds
• Rapid Change in Consumer Preference
• Adverse Health Issues in Painters

The global automotive paint market is segmented and analyzed for demand and supply by technology into water-borne, solvent-borne, and powder coatings, out of these, the water-borne segment is anticipated to hold the largest market size by the end of 2031. The water-borne paints are cost-efficient and inexpensive, which upsurging the growth of the market during the forecast period. Moreover, the growing environmental concerns and high demand for eco-friendly automotive paint are estimated to boost the market during the forecast period. In a survey, close to 75% of thepeople were environmentally aware, and said they were more likely to make eco-friendly changes in their lifestyle.

Major Macro-Economic Indicators Impacting the Market Growth

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, the Chemical industry in the U.S. accounted for 16.43% of manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in the future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, which accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. The easy availability of low-cost raw materials &labor, as well as government subsidies and relaxed environmental norms, have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for investment in businesses in Asia Pacific countries in the upcoming years.

Global Automotive Paint Market Regional Synopsis

Regionally, the global automotive paint market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific region name is projected to hold the largest market share by the end of 2031. The growth is attributed to the high production of electric vehicles in the region. The growing consumer preference for rich texture, aesthetic finish, and glossy look are estimated to boost the market during the forecast period. The growth in sales of electric cars is twice in 2021 with about 7 million including fully electric and plug-in hybrids. In 2021, China has tripled the sales of electric cars with 3 million units, contributing to half the sales across the globe.The sales in Europe grew to 2 million,up by more than 60% and in the United States with doubling the sales to 630,000.

The global automotive paint market is further classified on the basis of region as follows:

• North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global automotive paint market includes the following segments:

Top Featured Companies Dominating the Global Automotive Paint Market

• 3M

  • Company Overview
  • Business Strategy
  • Key Product Offerings
  • Financial Performance
  • Key Performance Indicators
  • Risk Analysis
  • Recent Development
  • Regional Presence
  • SWOT Analysis

• BASF SE
• PPG Industries, Inc.
• Akzo Nobel N.V.
• Axalta Coating Systems
• The Sherwin-Williams Company
• Kansai Paint Co., Ltd
• Nippon Paint Holdings Co., Ltd
• DuPont de Nemours, Inc.
• ClariantLtd.
• Solvay SA