New York, United States, May 27, 2024 (GLOBE NEWSWIRE) -- The Global Automotive Paints Market Size is to Grow from USD 8.37 Billion in 2023 to USD 11.43 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 3.16% during the projected period.
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Automotive paint is a water-based mixture that is applied to the surface of an automobile with a spray gun. These paints contain polyurethane-based enamel, which protects the surface from environmental degradation while also increasing the appearance of automobiles. Furthermore, the process of painting an automobile comprises specific processes that ensure the application of a protective and efficient coating. Furthermore, the automotive paint market is rising as a result of population growth and the rise of the middle class in developing countries. Furthermore, increased disposable incomes and more financing options have made it easier for customers to buy cars. The growing need for automotive paint is important to extending the life of the vehicle and safeguarding its look. Increased demand for automobiles and the use of environmentally friendly paints are likely to fuel market expansion. However, the existence of solvents such as toluene in paints, which produce volatile organic compounds (VOC) and impact the environment, necessitates that paint manufacturers invest in research and development to create eco-friendly paint compositions, which can increase production costs and reduce profit margins.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the “Global Automotive Paints Market Size, Share, and COVID-19 Impact Analysis, By Type (Electrocoat, Primer, Basecoat, and Clearcoat), By Vehicle Type (Passenger Cars, Light Commercial Vehicle, Heavy Commercial Vehicle, and Others), By Technology (Solvent Borne, Waterborne, Powder Coating, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The clearcoat segment is anticipated to hold the greatest share of the global automotive paints market during the projected timeframe.
Based on the type, the global automotive paints market is divided into electrocoat, primer, basecoat, and clearcoat. Among these, the clearcoat segment is anticipated to hold the greatest share of the global automotive paints market during the projected timeframe. The growing desire for a high gloss finish and an appealing exterior appearance on modern and expensive automobiles drives demand for clearcoats in the global automotive paints market.
The passenger cars segment is anticipated to grow at the fastest pace in the global automotive paints market during the projected timeframe.
Based on the vehicle type, the global automotive paints market is divided into passenger cars, light commercial vehicles, heavy commercial vehicles, and others. Among these, the passenger cars segment is anticipated to grow at the fastest pace in the global automotive paints market during the projected timeframe. This is due to the sheer volume of production and the diverse aesthetic preferences of passenger vehicles. The passenger car segment has a high demand for coatings that improve appearance, protect against corrosion, and extend product life, which is driving market growth and innovation.
The waterborne segment is predicted to grow at the highest pace in the automotive paints market during the estimated period.
Based on the technology, the global automotive paints market is divided into solvent-borne, waterborne, powder coating, and others. Among these, the waterborne segment is predicted to grow at the highest pace in the automotive paints market during the estimated period. This is because waterborne technology is more environmentally benign and creates fewer volatile organic compounds (VOCs) than solvent-based technology.
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Asia Pacific is expected to hold the largest share of the global automotive paints market over the forecast period.
Asia Pacific is expected to hold the largest share of the global automotive paints market over the forecast period. This is because rising industrialization, urbanization, and a robust local automobile sector all help to drive regional market expansion. Furthermore, rising disposable incomes, technological advancements, and stringent environmental regulations are fuelling demand for coatings. Furthermore, the region's strong supply network and increased investments in automobile production help to improve its position in the industry. Furthermore, China has emerged as a prominent force in car manufacturing and consumption, claiming a substantial share of the regional industry. According to the International Organization of Motor Vehicle Manufacturers (OICA), China will produce more than 25 million passenger cars in 2023, cementing its status as the world's largest automotive market.
North America is predicted to grow at the fastest pace in the global automotive paints market during the projected timeframe. The United States and Canada, with their huge manufacturing capacity and strong presence of major automakers, are significant contributors to the region's automotive paints sector expansion. Furthermore, strict regulatory regulations governing vehicle emissions and safety are driving up demand for high-quality paints and coatings that meet environmental standards. Furthermore, consumer demand for personalized car looks and advanced paint technologies propels market expansion.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Automotive Paints Market include Axalta Coating Systems, LLC, KCC, Sherwin-Williams Company, BASF SE, AkzoNobel N.V., Henkel Corporation, Berger Paints India Limited, PPG Industries, Inc., Nippon Paint Holdings Co., Ltd., 3M, Sika AG, RPM International Inc., Clariant AG, DOW Chemical, DuPont Coatings & Color Technologies Group, Kansai Paint Co., Ltd., and Others.
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Recent Developments
- In August 2023, Axalta announced the inclusion of RADAR-compliant color formulas in its global online color databases, including ChromaWeb, Phoenix Cloud, and Standowin iQ Cloud. ADAS sensors are typically installed under painted plastic surfaces on vehicles, and the coating layers can have a direct impact on the signals sent and received by the sensors. Certain colors, including those with a high concentration of aluminum particles, can interfere with RADAR sensors. Axalta developed RADAR-compliant color formulas for hues known to conflict with RADAR sensors.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Automotive Paints Market based on the below-mentioned segments:
Global Automotive Paints Market, By Type
- Electrocoat
- Primer
- Basecoat
- Clearcoat
Global Automotive Paints Market, By Vehicle Type
- Passenger Cars
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Others
Global Automotive Paints Market, By Technology
- Solvent Borne
- Waterborne
- Powder Coating
- Others
Global Automotive Paints Market, Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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