Automotive Paints Market Analysis Research Report: Growing Demand Bolster Market Growth 2031

Automotive paint is used on automobiles for both protective and decorative purposes, automotive paint is sprayed on automobile surfaces with assistance of a spray gun. These paints consist of polyurethane-based enamel, which protects surface from environmental damage, thus enhancing aesthetics of motor vehicles. The process of automobile painting comprises defined steps to ensure application of protective and efficient coating. Parts and body panels of automobiles are arranged into a temporary assembly known as body-in-white (BIW). Subsequently, automotive paint is applied in a temperature-controlled environment to accelerate the drying process. Multiple stages of application are done to ensure integrity of the paintwork for an extended period.

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According to a new report published by Allied Market Research, titled, "Automotive Paints Market," The automotive paints market was valued at $20.5 billion in 2021, and is estimated to reach $29.7 billion by 2031, growing at a CAGR of 4.1% from 2022 to 2031.

Drivers, restraints, and opportunities

Considerable upsurge in automobile production and rise in demand in eco-friendly and innovative automotive paints drive the global automotive paints market. However, significant increase in prices of raw materials hinder the market growth. On the other hand, manufacturing of eco-friendly and cheaper automotive paints would create new opportunities in the market.

The clear coat segment to maintain its dominance throughout the forecast period

Based on coating, the clear coat segment held the largest market share in the global automotive paints market, contributing to nearly two-fifths of the total market share in 2018, and is estimated to maintain its dominance throughout the forecast period. This is due to its ability to provide easy adherence to the flexible components such as plastic bumper. However, the base coat segment is estimated to register the fastest CAGR of 5.9% from 2019 to 2026, owing to rise in preferences of consumers for innovative automotive paints.

The solvent borne coatings segment to maintain its leadership status by 2026

Based on technology, the solvent borne coatings segment contributed to nearly three-fourths of the total share of the global automotive paints market in 2018, and is estimated to maintain its leadership status during the forecast period. This is attributed to its less susceptibility to the environment conditions including temperature and humidity during the curing phase. However, the powder coatings segment is expected to grow at the fastest CAGR of 7.4% from 2019 to 2026, owing to its ability to be durable, environment friendly, and pose less health hazards.

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Leading market players

BASF SE
PPG
Akzo Nobel N.V.
Axalta Coating Systems, LLC
The Sherwin-Williams
Kansai Paint Co., Ltd.
Nippon Paint Holdings Co., Ltd.
DuPont
Clariant
Solvay

LAMEA to grow at the fastest rate, North America to follow

Based on region, LAMEA is expected to portray the largest CAGR of 8.2% from 2019 to 2026. However, North America would register the second-highest growth rate, with a CAGR of 7.3% during the forecast period. On the other hand, Asia-Pacific held the highest market share in 2018, contributing for more than half of the global automotive paints market, and will maintain its dominant position in terms of revenue during the forecast period. This is due to surge in production of automobiles and rise of automotive industry.

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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.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. 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. 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.

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