Dublin, April 10, 2024 (GLOBE NEWSWIRE) -- The "Automotive Paint Market, Size, Global Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Automotive Paint Market is expected to reach US$ 14.63 billion by 2030 from US$ 10.96 billion in 2023, growing at a CAGR of 4.21% during 2024-2030. UV and powder coats are the future of automotive paints due to their eco-friendly nature and low VOC coatings. They offer protection against oxidation, UV rays, and acid rain corrosion while providing vehicle scratch resistance, driving market growth.
The dynamic increase in the market is driven by numerous automobile kinds, technological advancements, and evolving paint types. Due to extreme government regulations, advanced coating solutions are manufactured and delivered to vehicle manufacturers by automotive paint companies. These innovations minimize the overall cost and time required per vehicle unit through controlled paint shop emissions, which is expected to spur the demand for basecoats in the market.
Growing demand for metallic paints is anticipated to surpass the demand for solid texture paints owing to changing buyer preferences towards metallic colors and increased sales of premium passenger cars. Also, the passenger car, being the largest segment, is expected to focus on the automotive paints market augmentation over the forecast period.
Developing countries have witnessed increased demand and production of automobiles, which is expected to support the demand for automotive paints during the forecast period. For example, as per the International Organization of Motor Vehicle Manufacturers (OICA), passenger cars and commercial vehicle production increased by 3%. Thus, the surge in automobile production is projected to boost the rise of the global automotive paint industry during the forecast period. Market players in the automotive paints market are focused on expansion and developments as these companies are investing heavily in the automotive paint market, which is expected to drive the market during the forecast period.
Asia Pacific region led the automotive paints market due to its high vehicle production and growing economy. The automotive paints business has advanced habitually with the automobile. Both industries are working hard to give their consumers innovative technology and environmentally secure products. The Asia-Pacific region, notably nations like China and India, has seen a quick rise in the automotive market. This includes both domestic manufacturing and consumption of automobiles. This region's strong automotive manufacturing sector generates significant demand for automotive paints.
Company Analysis: Business Overview, Recent Developments, Revenue Analysis
- PPG Industries
- AkzoNobel N.V.
- Axalta Coating Systems Ltd.
- The Sherwin Williams Company
- Kansai Paints Co. Ltd.
- DuPont de Nemours Inc.
- Solvay SA
- Cabot Corporation
- Covestro AG
Vehicle Types - Global Automotive Paint Market breakup in 3 viewpoints:
- Passenger cars
- Light commercial vehicles
- Heavy commercial vehicles
Technology - Global Automotive Paint Market breakup in 3 viewpoints:
- Waterborne
- Solvent-borne
- Powder coatings
Paint Types - Global Automotive Paint Market breakup in 4 viewpoints:
- Primer
- Base Coat
- Clear Coat
- Electrocoat
Regions - Global Automotive Paint Market breakup in 6 viewpoints:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Rest of the World
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 180 |
| Forecast Period | 2023-2030 |
| Estimated Market Value (USD) in 2023 | $10.96 Billion |
| Forecasted Market Value (USD) by 2030 | $14.63 Billion |
| Compound Annual Growth Rate | 4.2% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/gfx2h8
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