Automotive Paints Market Size to Reach $29.7 Billion by 2031: Allied Market Research

The global automotive paints market is experiencing rapid growth worldwide, owing to factors such as an increase in automobile production and surge in demand for eco-friendly automotive paints. By vehicle type, the passenger cars segment dominated the global automotive paints market in terms of revenue. The LAMEA region is expected to see the fastest growth in the market, with a high CAGR projected by 2031.


Portland, OR, March 24, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global automotive paints market generated $20.5 billion in 2021 and is estimated to reach $29.7 billion by 2031, witnessing a CAGR of 4.1% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.

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Report coverage & details:

Report Coverage Details
Forecast Period 2022–2031
Base Year 2021
Market Size in 2021 $20.5 Billion
Market Size in 2031 $29.7 Billion
CAGR 4.1%
No. of Pages in Report 326
Segments Covered
Vehicle Type, Technology, Coating, Texture Type, Sales Channel, and Region

 

Drivers 

 

Increase in automobile production

Surge in demand for eco-friendly automotive paints
Opportunities
Increased focus on producing cost-effective automotive paints

 
Restraints
Rising costs for the raw materials used in the production of automotive paints

 


Covid-19 Scenario:

  • According to a report published by SIAM, sales of passenger cars and sport utility vehicles declined by 52% and 45%, respectively, in March 2020. This has temporarily impacted the demand for automotive paints in the COVID-19 pandemic.
  • The demand for automotive paints also decreased as a result of the decline in customers' incomes and restrictions on international travel during the pandemic.
  • Additionally, the price of paints and coatings was high in the Asia-Pacific region in 2020. Price increases were attributed to persistent regional demand patterns and limited product supply.
  • However, after the COVID-19 pandemic, the popularity of paints and coatings with low or no volatile organic compound (VOC) emissions increased due to the growing awareness of the need to use environmentally safe products among consumers in both developed and developing economies.

The report offers a detailed segmentation of the global automotive paints market based on vehicle type, technology, coating, texture type, sales channel, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.

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By vehicle type, the passenger cars segment contributed to more than two-thirds of the global automotive paints market revenue and is projected to maintain its dominance by 2031. On the other hand, the heavy commercial vehicle segment would display the fastest CAGR of 5.0% throughout the forecast period. The report also studied the light commercial vehicle segment.

By technology, the waterborne coatings segment held the largest share in 2021, accounting for more than two-thirds of the global automotive paints market and would dominate the market in terms of revenue during the forecast period. However, the powder coatings segment would cite the fastest CAGR of 8.3% throughout the forecast period. The solvent borne coatings segment is also analyzed in the report.

By coating, the clear coat segment held the major share in 2021, garnering more than two-fifths of the global automotive paints market revenue and is projected to maintain the lion’s share by 2031. Simultaneously, the same segment would also portray the fastest CAGR of 4.4% throughout the forecast period. Segments including the primer, base coat, and electrocoat are also discussed in the report.

By sales channel, the OEM segment accounted for the highest share in 2021, for nearly two-thirds of the global automotive paints market revenue and is expected to continue its lead during the forecast period. The aftermarket segment, however, would manifest the fastest CAGR of 4.7% during the forecast period.

By region, Asia-Pacific held the major share in 2021, contributing to more than half of the global automotive paints market revenue. The LAMEA region, simultaneously, would showcase the fastest CAGR of 5.6% during the forecast period. The other provinces studied through the report include North America and Europe.

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The key market players analyzed in the global automotive paints market report include BASF SE, DuPont de Nemours Inc, Nippon Paints Holdings Co. Ltd, Clariant AG, Solvay S.A., Axalta Coatings Systems LLC, Kansai Paints Co. Ltd., Akzo Nobel N.V., PPG Industries, and The Sherwin Williams Company. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

Similar Reports We Have on Automotive Industry:

Automotive Paint Additives Market Research Report 2023-2035

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