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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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
