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Automotive Paint Market Demand and Supply Dynamics for the Next Decade

Automotive Paint Market Demand and Supply Dynamics for the Next Decade

The recent “Automotive Paint Market” report by Report Ocean gathers insights and assessments through genuine consultations with key stakeholders, including CEOs, Managers, Department Heads of Suppliers, Manufacturers, and Distributors. This comprehensive study aims to thoroughly examine the global industry, target market, competition, and various influencing factors. Ask for Free Sample Report

The report on the “Automotive Paint Market” conducts a data-driven quantitative analysis of the relevant industry. It utilizes research based on public records to identify significant patterns. Additionally, it provides predictions for the market sector’s growth between 2024 and 2032. The research primarily focuses on major global market manufacturers, analyzing sales volume, rates, competitive aspects, market share, and development strategies up to 2032.

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Global Automotive Paint Market Analysis and Growth Forecast:

The global Automotive Paint market held a market value of USD 18,023.8 Million in 2021 and is projected to reach USD 23,244.2 Million by the year 2027. The market is anticipated to grow at a CAGR of 4.3% from 2022 to 2027. Approximately, 2,752.65 million litres of automotive paint was sold in 2021.

Automotive paints uses in automobiles for decoration as well as protection purposes. The market is expected to be driven by the increasing production for vehicles. Furthermore, higher use of polyurethane paints is also estimated to fuel the market growth. In addition to these driving factors emerging trends, such as availability of various color options, reliability, and durability are also expected to provide lucrative opportunities for the market growth.

Despite the driving factors, regulations against volatile organic compounds emissions are anticipated to hinder the market growth. Also, constantly changing raw material prices and issues regarding painting plastic and composite components are also estimated to negatively impact the market growth.

Growth Influencers:

Increasing production for vehicles

Automobile production is rapidly rising globally due to their high demand. According to International Organization of Motor Vehicle Manufacturers, in 2017, around 97,302,534 vehicles were produced globally, which was a 2.36% increase from the previous year. Therefore, such increase in the production of vehicles is also increasing the demand for automotive paints as well, which is boosting the market growth during the forecast period.

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Segments Overview:

The global Automotive Paint market is segmented into type, technology, resin, texture, vehicle, and channel.

By Type,
Electrocoat
Primer
Basecoat
Clearcoat

The clearcoat segment is expected to hold the largest market share of around 37% owing to its high preference as it provides a good and consistent finish on the vehicle surface. The electrocoat segment is estimated to hold a market volume size of around 700 million liters by 2027.

By Resin,
Polyurethane
Epoxy
Acrylic
Other Resins

The polyurethane segment is expected to hold the largest market share owing to its increasing usage of this resin in topcoats for improving the durability of coats and improves vehicle appearance as well as protects them from scratches. Furthermore, for the acrylic segment, around 500 million liters of acrylic resin is estimated to be sold by 2025.

By Technology,
Solvent Borne
Waterborne
Powder Coating

The waterborne segment is anticipated to hold the largest market share owing to its increasing demand as it is inexpensive as compared to other technologies, and also has quick drying properties. The powder coating segment is expected to witness the fastest growth rate of 5.5% owing to its rising adoption for premium and ultra-premium automobiles.

By Texture,
Solid
Metallic
Matte
Pearlescent
Solar Reflective

The metallic segment is anticipated to hold the largest market share of more than 60% owing to its increasing demand. The pearlescent segment is expected to grow at the fastest CAGR of 5% owing to its growing popularity globally.

By Vehicle,
Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles

The passenger cars segment is anticipated to hold the largest market share owing to high demand of automotive paints for coating passenger cars. The heavy commercial vehicles segments volume is estimated to witness a growth rate of around 4.9% during the projected period.

By Channel,
OEMs
Aftermarket

The aftermarket segment is expected to witness a growth rate of 4.6% during the forecast period. The OEMs segment is expected to register significant growth owing to growing demand of automotive paints through the OEM channels.

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Regional Overview

By region, the global Automotive Paint market is divided into Asia Pacific, Europe, North America, Middle East & Africa, and South America.

The Asia Pacific region is expected to hold the largest market share of more than 55% owing to the increasing production as well as sales of automobiles in the region. According to the International Organization of Motor Vehicle Manufacturers, as of 2017, in China, the production of vehicles increased by 3.19% from the previous year and reached to 29,015,434.

The North America region is anticipated to witness a growth rate of about 3.2% owing to the presence of a huge automotive sector in the region. Furthermore, various technological advancements is also estimated to fuel the market growth.

Competitive Landscape

Major players in the global Automotive Paint market include 3M, Akzo Nobel N.V, Axalta Coating Systems, LLC, BASF SE, Clariant AG, DOW Chemical, DuPont Coatings & Color Technologies Group, Kansai Paint Co., Ltd., KCC, Nippon Paint Holdings Co., Ltd., PPG Industries, Sherwin-Williams Company, Solvay, Valspar Corporation, and Other Prominent Players. The cumulative market share of the five major players is near about 70%.

These market players are involved in collaborations, mergers & acquisitions, and new product launches, among other initiatives, to strengthen their market presence. For instance, in October 2021, Clariant launched the Emulsogen CPN 100 XS and Emulsogen CPA 100 XS. The products are innovative reactive emulsifiers for polymeric binders which assist paint manufacturers for achieving architectural coatings that are water resistant as well as have higher resistance to dirt pick up and snail trails.

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The global Automotive Paint market report provides insights on the below pointers:

Market Penetration: Provides comprehensive information on the market offered by the prominent players

Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets

Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments

Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global Automotive Paint market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.

Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

Major Automotive Paint Manufacturers, List of Automotive Paint Manufacturers, List of Automotive Paint Distributors of Top Companies

Automotive Production, Country Wise (2020); Average Cost to Paint a Car, by Parts

Automotive Color Trends; Expensive Automotive Paint Examples

The global Automotive Paint market report answers questions such as:

  • What is the market size and forecast of the Global Automotive Paint Market?
  • What are the inhibiting factors and impact of COVID-19 on the Global Automotive Paint Market during the assessment period?
  • Which are the products/segments/applications/areas to invest in over the assessment period in the Global Automotive Paint Market?
  • What is the competitive strategic window for opportunities in the Global Automotive Paint Market?
  • What are the technology trends and regulatory frameworks in the Global Automotive Paint Market?
  • What is the market share of the leading players in the Global Automotive Paint Market?
  • What modes and strategic moves are considered favorable for entering the Global Automotive Paint Market?

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Report Components

Market Synopsis: This section encapsulates the present market scenario and outlines the industry’s scope. It includes a comprehensive analysis of key segments such as product types, applications, and regions, with revenue and sales forecasts provided as part of this overview.

Competitive Landscape: Illuminating the market’s competitive terrain, this section presents an in-depth analysis of manufacturers, offering insights into individual players’ revenue and sales figures. Additionally, it encompasses noteworthy details on mergers, acquisitions, and industry investments.

Regional Analysis: Providing an overview of market revenue, sales, and shares across major regions and sub-regions, this segment also explores the pricing structure, sales growth rate, and other crucial estimations.

Company Profiles: This section provides strategic business insights about key firms operating within the market landscape. It covers product specifications, revenue shares, and portfolios of these major companies.

The Analysis Objectives of the Report are:

To determine the size of the Market by identifying its sub-segments.

To research the key players and analyze their growth strategies.

To assess the size and value of the Market based on key regions.

To analyze the Market in terms of growth trends, potential, and participation in the overall sector.

To investigate the Market size (volume and value) from the company, key regions/countries, goods and applications, and background data.

Primary Market manufacturers to specify, clarify, and analyze the product sales volume, value, market share, market rivalry landscape, SWOT analysis, and future development plans.

To investigate market competitive developments such as market expansions, agreements, new product launches, and acquisitions.

What is new in 2024?

– Major developments that can change the business landscape as well as market forecasts.

– Addition/refinement in segmentation–Increase in depth or width of segmentation of the market.

– Coverage of new market players and change in the market share of existing players of the market.

– Updated financial information and product portfolios of players operating in the market.

– Updated market developments of the profiled players.

– Any new data points/analysis (frameworks) which was not present in the previous version of the report

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