Automotive Paint Market size is poised to cross USD 37 Billion by the end of 2035, growing at a CAGR of 5% during the forecast period, i.e., 2023-2035. In the year 2023, the industry size of automotive paint was over USD 20 Billion. Increasing vehicle production, the rise of consumer awareness, and advancements in 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. Additionally, rising personal income of individuals, improvement in lifestyle standards, and increasing investments in the development of automotive paints are expected to increase growth opportunities for the market.
The upsurge in innovative and eco-friendly automotive paints and demand for the aesthetic and glossy look is 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. Besides, the increasing concern of people on health issues and adverse reactions caused by inhalation of volatile organic compounds used in solvent-based paints rise the demand for eco-friendly paints anticipating the escalation in the growth of the market.
Growth Drivers
Challenges
Base Year |
2022 |
Forecast Year |
2023-2035 |
CAGR |
5% |
Base Year Market Size (2023) |
USD 20 Billion |
Forecast Year Market Size (2035) |
USD 37 Billion |
Regional Scope |
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Technology (Water-borne, Solvent-borne, Powder Coatings)
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 2035. Water-borne paints are cost-efficient and inexpensive, which upsurges 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 the people were environmentally aware and said they were more likely to make eco-friendly changes in their lifestyle.
Our in-depth analysis of the global automotive paint market includes the following segments:
By Coating |
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By Texture |
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By Technology |
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By Resin |
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By Channel |
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By Vehicle |
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Asia Pacific Market Forecast
The Asia Pacific automotive paint market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. 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 is 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.
3M innovation of the robotic paint repair system has received the SURCAR award. The imperfections of paint on vehicles are detected manually which is labor intensive and time-consuming process that is now replaced by Finesse-it of 3M.
BASF SE has developed many variations in color options for automotive color trends collection 2021-2022.
Author Credits: Smruti Ranjan, Rajrani Baghel
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