Global Automotive Paints Market Analysis By type (Solvent-borne, Water-borne, Powder coatings, UV-cured, Others), By technology (Electrocoat, Primer, Basecoat, Clearcoat, Others), By texture (Metallic, Solid, Pearlescent, Others), By coat (Monocoat, Bicocoat, Tricoat), By vehicle type (Passenger vehicles, Commercial vehicles) & Forecast
- PUBLISHED ON
- 4/3/2023
- NO OF PAGES
- 278
- CATEGORY
- Automotive & Transportation
The global automotive paints market size was valued at around USD 20.8 billion in 2022 and expected to grow at a CAGR of 4.3% during the forecast period.
Report Scope
Report Attributes | Description |
Market Size in 2022 | USD 20.8 Billion |
Market Forecast in 2032 | USD 24.32 Billion |
CAGR % 2023-2031 | 4.3% |
Base Year | 2022 |
Historic Data | 2019-2021 |
Forecast Period | 2023-2031 |
Report USP | Production, Consumption, company share, company heatmap, company production capacity, growth factors and more |
Segments Covered | By Type, By Technology, By Texture, By Coat, By Vehicle Type |
Regional Scope | North America, Europe, APAC, South America and Middle East and Africa |
Country Scope | U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
Key Companies | Akzo Nobel N.V., BASF SE, Axalta Coating Systems, LLC, PPG Industries, Inc., Kansai Paint Co., Ltd., Nippon Paint Holdings Co., Ltd., Sherwin-Williams Company, Valspar Corporation, Jotun Group, Berger Paints India Limited |
Covid-19 Impact:
The COVID-19 pandemic has had a significant impact on the global automotive paints market. The pandemic has led to a decline in the production of automobiles, which has subsequently led to a decrease in demand for automotive paints. As a result, the market has witnessed a decline in revenue during the pandemic.
The pandemic has also disrupted supply chains, leading to a shortage of raw materials used in the manufacturing of automotive paints. This has resulted in price fluctuations and supply chain disruptions, leading to further challenges for manufacturers and suppliers in the market.
On the other hand, the pandemic has also led to an increased demand for personal vehicles due to concerns about public transportation and the need for social distancing. This has led to an increased demand for automotive paints for personalization and customization of vehicles.
Furthermore, the pandemic has led to a shift in consumer preferences towards eco-friendly and sustainable products, including automotive paints. This has led to an increased focus on the development of low-VOC and water-based automotive paints that are environmentally friendly.
Overall, while the COVID-19 pandemic has had a negative impact on the global automotive paints market, the market is expected to recover in the post-pandemic period as automotive production resumes and consumer demand for personal vehicles continues to rise.
Market Dynamics:
Drivers:
Growing demand for automobiles: The increasing demand for automobiles, particularly in emerging economies, is driving the growth of the automotive paints market. The rising income levels and changing lifestyles of consumers are fuelling the demand for automobiles, which in turn is driving the demand for automotive paints.
Growing trend of customizing cars: Consumers are increasingly looking to customize their vehicles to make them unique and stand out. This trend is driving the demand for automotive paints that can be customized to meet the needs of individual customers.
Need for protection against harsh weather conditions: Automotive paints provide protection against harsh weather conditions such as rain, snow, and UV radiation. The need for protection against these elements is driving the demand for automotive paints.
Advancements in technology: The development of new and advanced technologies in the automotive paints industry is driving the growth of the market. Advancements in nanotechnology, for instance, have led to the development of automotive paints with superior properties such as scratch resistance, self-healing, and hydrophobicity.
Increasing focus on sustainability: There is an increasing focus on sustainability and the development of eco-friendly products in the automotive industry. This has led to the development of low-VOC and water-based automotive paints that are environmentally friendly and safe for both consumers and the environment.
Restraints:
Environmental regulations: The automotive paints industry is subject to strict environmental regulations due to the hazardous nature of some of the chemicals used in paints. Compliance with these regulations can increase the cost of production and limit the use of certain chemicals.
Volatility in raw material prices: Raw materials used in automotive paints such as pigments, resins, and solvents are subject to price fluctuations due to changes in supply and demand. This can increase the cost of production and affect the profitability of manufacturers.
High competition: The global automotive paints market is highly competitive, with many established players competing for market share. This can lead to pricing pressures and reduced profit margins for manufacturers.
Regional Analysis:
North America: The North American region is a significant market for automotive paints due to the presence of a large automotive industry in the region, particularly in the United States. The growth of the market in North America can also be attributed to the increasing demand for advanced automotive paints with enhanced durability, resistance, and color effects.
Europe: The European market is also a significant market for automotive paints, driven by the presence of several major automotive manufacturers in the region, particularly in Germany. The growth of the market in Europe can also be attributed to the increasing focus on reducing the environmental impact of automotive paints and improving their performance.
Asia Pacific: The Asia Pacific region is expected to be the fastest-growing market for automotive paints, driven by the growing demand for vehicles in countries such as China, India, and Japan. The growth of the market in Asia Pacific can also be attributed to the increasing investments by automotive manufacturers in the region and the growing demand for eco-friendly and advanced automotive paints.
Middle East and Africa: The Middle East and Africa market for automotive paints is expected to witness steady growth, driven by the increasing demand for vehicles in the region, particularly in countries such as Saudi Arabia, UAE, and South Africa.
Latin America: The Latin America market for automotive paints is also expected to witness steady growth, driven by the growing demand for vehicles in countries such as Brazil and Mexico, and the increasing investments by automotive manufacturers in the region.
Market Segmentation:
By type, the market can be segmented into:
• Solvent-borne
• Water-borne
• Powder coatings
• UV-cured
• Others
By technology, the market can be segmented into:
• Electrocoat
• Primer
• Basecoat
• Clearcoat
• Others
By texture, the market can be segmented into:
• Metallic
• Solid
• Pearlescent
• Others
By coat, the market can be segmented into:
• Monocoat
• Bicocoat
• Tricoat
By vehicle type, the market can be segmented into:
• Passenger vehicles
• Commercial vehicles
By region, the market can be segmented into:
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Competitive Landscape:
The global automotive paints market is highly competitive, with several large and small players operating in the market.
Akzo Nobel N.V.
BASF SE
Axalta Coating Systems, LLC
PPG Industries, Inc.
Kansai Paint Co., Ltd.
Nippon Paint Holdings Co., Ltd.
Sherwin-Williams Company
Valspar Corporation
Jotun Group
Berger Paints India Limited
These players are focusing on strategies such as mergers and acquisitions, partnerships and collaborations, and new product launches to expand their market share and increase their customer base. They are also investing heavily in research and development activities to develop innovative and eco-friendly automotive paints that meet the changing customer demands and stringent environmental regulations. Additionally, the players are adopting various marketing and promotional activities to create brand awareness and increase their visibility in the market.
Why to buy this Report?
The report provides quantitative and qualitative aspect for the market in terms of value and volume, along with supporting market trends, challenges, restraints.
The report provides an in depth analysis from both production and consumption point of view at the regional and country level. Key Factors considered within the report scope are Production capacity by countries/regions, average price, consumption ratio, revenue earned and gross margin.
The report provides competitive analysis of around 30-50 companies operated in the market, these companies are bifurcated into niche players, the leaders and major contenders.
• Business Model
• Production Capacity, Revenue, Sales, Gross Margin
• Key Business Strategy
• SWOT Analysis
In terms of competitive landscape, the report provides distinctive factors that would help the end user in taking a key decision within the business:
• Company Share Analysis from 2018-2022
• Company Analysis by Revenue and Sales
• Company Production Capacity, Gross Margin
• Company Share Analysis by Application/End Use
• Company Share Analysis by Product/Specification
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
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