Automotive Paint Market Trends, Growth, Future Demand, Analysis and Forecast by 2030
Automotive Paint Market to Cross US$ 14 Bn in 2030; Sluggish Vehicle Sales Due to COVID-19 Pandemic Leading to Reduced Demand. The above-mentioned factors are expected to drive the growth of the global automotive paint market in the coming years, at a CAGR of around 5% through 2030.
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The arrival of enhanced paints and coating varieties is supporting the global sales of automotive paint. Apart from improving the external appearance of a vehicle, automotive paints also help in increasing the durability of the materials they are applied on. Clearcoat, basecoat, and primer paint are some of the common coating layers. Carmakers are utilizing automotive paint to increase the resistance of aluminium and metal components of vehicles. Automotive paints offer resistance against UV radiation, heat, dust particles, and acid rain. In addition, manufacturers are actively focusing of developing more advanced and efficient painting and coating technologies.
Automotive Paint Market: Competition Landscape
Some of the top companies operating in the global automotive paint market landscape include The Valspar Corporation, Axalta Coating Systems Ltd., Clariant AG, Kansai Paint Co., Ltd, The Sherwin Williams Company, Akzo Nobel NV, BASF SE, DuPont Coatings & Color Technologies Group, and Nippon Paint Holdings Co Ltd.
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Key Takeaways from Automotive Paint Market Study
North America is expected to remain the largest market for automotive paint during the forecast period. This is primarily due to presence of leading market players and automotive manufacturers in the region.
On the basis of coating, demand for electrocoat will remain significantly high throughout the projection period.
Based on vehicle, the use of automotive paint will be relatively higher in compact passenger cars during the forecast period. This is mainly due to increasing global demand for such cars.
On the basis of finish, preference for metallic paint finishing will be significantly high, with a market share of 40% in 2020.
By paint base, solvent-borne paint base will outsell the water-borne variant during the assessment period.
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Key Questions Answered in PMR's Automotive Paint Market Report
Which region is anticipated to hold a prominent market share in the global automotive paint market over the forecast period?
What will be the key driving factors propelling the demand for automotive paint during the forecast period?
How will current trends impact the automotive paint market?
Who are the significant market participants in the automotive paint market?
What are the crucial strategies of prominent players in the automotive paint market to upscale their positions in this landscape?
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